Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2019capital raising announcement● NeutralMajor
Placement raising $1.5 million by issuing 57,692,310 shares at $0.026, a 13.3% discount to the 10-day VWAP, to institutional and sophisticated investors. Funds support the farm-out phase, exploration preparation and community programs. Adds to the A$2.2m June cash and dilutes existing holders.
What it means for a shareholder
57.7m new shares at A$0.026 to raise about A$1.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00984% to 0.00857% of the company. To keep it you'd need 5,675 more shares - about A$148 at the issue price.
Africa Oil Week 'Wells to Watch' presentation repeating the 9.25 Tcf estimate, Sable MOU and the farm-out, now framed as seeking a partner for the basin-opening well. No new results.
Company says it updated its Corporate Governance Plan and attaches extracts of its securities trading and anti-bribery policies. Administrative; no operational or financial news.
Annual report for year to 30 June 2019: year-end cash A$2.2 million, which the chairman says fully funds commitments. Recaps the 9.25 Tcf upgrade, Sable MOU and EIA, with EIA data expected public around November. Mentions screening for other assets; no new drilling timing.
Zimbabwe's environmental agency approved the environmental impact assessment prospectus for SG 4571, allowing the full study, baseline surveys and community consultation to begin. Completion would satisfy environmental approvals needed for future drilling. Mines Minister voiced government support. Continues the EIA started in July.
Good Oil Conference presentation in Perth repeating the 9.25 Tcf Getech estimate (Mzarabani 8.2 Tcf), the Sable gas MOU and the ongoing farm-out with a data room open. Company confirms no material change since 1 July 2019. No new results.
31 July 2019director officer appointment▲ GoodMajor
Dr Stuart Lake appointed Non-Executive Chairman from 1 August 2019. He has 34 years in the industry, ex-Hess, Shell and African Petroleum, and has concluded farm-outs in Africa. Adds a chair as the company seeks a farm-out partner.
Getech's independent update lifts total gross mean prospective resource to 9.25 Tcf plus 294 million barrels condensate across Mzarabani (8.2 Tcf) and the new Msasa prospect (1.05 Tcf), up from 3.9 Tcf. Still undiscovered. ENVOI hired to run the farm-out; environmental impact assessment started.
Paris Africa Assembly presentation largely repeating the earlier summit deck: 3.9 Tcf, Sable gas deal, farm-out search. Adds that an updated NSAI and Getech resource estimate is in progress. No new results.
19 June 2019security holder rights change● Neutral
Notice that the 12-month voluntary escrow on 72.78 million vendor shares from the 2018 acquisition lapses on 25 June 2019, so those shares become freely tradable. Administrative.
Africa E&P Summit presentation in London repeating the 3.9 Tcf estimate, reprocessed seismic, the Sable gas deal and the search for a farm-out partner. Notes an updated production sharing contract is being drafted for government. No new results.
Non-binding MOU with Sable Chemicals, Zimbabwe's sole ammonium nitrate fertiliser maker, for up to 70 mmscf/d (about 26 Bcf a year) for 20 years. It depends on a commercial discovery and a gas sales agreement by 30 June 2021. First gas offtake interest for the project.
Final reprocessed 2D seismic received, with the company reporting excellent quality and new basin-margin 'string of pearls' trap opportunities. Interpretation comes next, then a final independent resource report covering all of SG4571; the company expects to add materially to the 3.9 Tcf estimate. No new figure yet.
The 25.26 million Class A performance shares vested and were converted to ordinary shares, because the November 2018 maiden estimate (3.9 Tcf) cleared the 1.5 Tcf / 250 mmboe hurdle. This resolves the open expiry question; it adds shares to the register.
Half-year report to 31 December 2018 shows a net loss of $481,313, up from $210,782 a year earlier. It repeats the maiden resource estimate and reprocessing progress. Auditor-reviewed; no new developments reported after period end.
March 2019 investor presentation repeating the 3.9 Tcf and 181 million barrel estimate and the reprocessed seismic, with final data due in April and an upgraded estimate to follow. Farm-out is still targeted for 2019. No new facts.
Notice that Managing Director Macmillan will speak at the Executive Insights Virtual Conference on 7 March 2019. Event notice only, no new information.
Fast-track reprocessed data for two key lines over Mzarabani arrived, with the company reporting a significant improvement in image quality. The full dataset is due in April. The company expects to add to the 3.9 Tcf estimate afterwards; no new resource figure yet.
Amended December quarter report re-released after an ASX request, adding the BOE conversion factor, moving the cautionary statement beside the resource table and confirming the assumptions are unchanged. No new business information.
AGM presentation repeating the Mzarabani maiden estimate, basin modelling and farm-out plans for 2019, with a final resource report expected early 2019. Content matches the earlier presentation; nothing new.
Managing Director's AGM address repeating the 3.9 Tcf and 181 million barrel estimate and saying the coming year is about farm-out and preparing for the first exploration well. Thanks partner One Gas Resources. No new information.
Africa Oil Week presentation repeating the 3.9 Tcf and 181 million barrel maiden estimate, basin modelling and the plan to target regional players for farm-out in 2019. States a 2-year budget is secured. No new results.
ASX lifts the trading suspension from the start of trading on 5 November 2018, following the release of the resource estimate. Administrative; ends the suspension that began on 31 October.
Maiden independent estimate (NSAI) for the Mzarabani prospect's Upper Angwa target: 3.9 Tcf gas and 181 million barrels condensate gross mean unrisked, 850 mmboe; 680 mmboe net to Invictus's 80%. It is undiscovered prospective resource, not a discovery. Further upside awaits reprocessing.
2 Nov 2018regulatory community update● NeutralMajor
Invictus clarifies press reports of an oil discovery in Zimbabwe after the President's 1 November press conference: no discovery has been made, and the resource estimate covers undiscovered accumulations. The President backed the work and said a well is planned by mid-2020.
Shares were suspended at the company's request, following a 30 October trading halt, pending a maiden prospective resource estimate for Cabora Bassa. The company expects to announce the estimate within 24 hours.
Annual report to 30 June 2018 describes the year's shift from the small Gallatin stake to 80% of the Zimbabwe Cabora Bassa project, funded by the A$4.5m raise. The company had one full-time employee, the Managing Director. It repeats known events.
Corporate governance statement for FY2018 setting out the board's approach against ASX recommendations. It notes there is no separate nomination committee and that Macmillan's performance has not yet been evaluated. Administrative, no new business information.
Appendix 4G, the checklist accompanying the annual report, confirming the corporate governance statement is current at 21 September 2018 and where disclosures can be found. Administrative only.
Basin modelling and geochemical work confirms oil potential in the Cabora Bassa Basin, and says the charge timing risk Mobil identified is reduced for the Mzarabani prospect. Preliminary gravity reprocessing identifies further leads. These are desktop studies, not drilling results.
