Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Aug 2021drilling progress report▲ Good
Seismic recording is due to start in the first week of September after 400 km of line clearing was completed. Seismic processing was awarded to Earth Signal Processing; drilling long-lead items tender is complete awaiting award and rig selection is nearing finalisation.
2 Aug 2021admin correction● Neutral
Administrative notice: registered office and principal place of business moved to Level 1, 10 Outram Street, West Perth. No effect on operations.
28 July 2021quarterly activities report● Neutral
June 2021 quarter report restates the Polaris award, Mutizwa appointment, Aztech appointment and tenure renewal to 2024. Line clearing began mid July, recording is scheduled for August, and local crew roles are filled. No new results.
9 July 2021material agreement termination▼ BadMajor
The non-binding farm-in offer received in December 2020 has ended because Invictus could not satisfactorily complete due diligence on the counterparty. The company says it continues talking to other interested parties; seismic acquisition is expected to finish around end of Q3.
25 June 2021joint venture update▲ Good
Polaris crews are mobilising for the 2D seismic campaign, expected to start in July. Aztech Well Construction appointed drilling project manager, and the SG 4571 tenure renewal was gazetted for 3 years to June 2024, extending the earlier August 2023 date.
19 May 2021director officer appointment▲ GoodMajor
Joe Mutizwa appointed Non-Executive Director and Deputy Chairman. He chairs Mangwana Capital, a major shareholder, and already sat on the Zimbabwe subsidiary board; he is also on the Presidential Advisory Council and was a former Delta Corporation chief executive.
29 Apr 2021quarterly activities report● Neutral
March 2021 quarter report restates the PEDPA signing on 26 March, the A$8m placement at $0.11 and the Polaris seismic award, with acquisition due to start in Q2 CY2021. Related party payments were $77,000. Nothing new beyond earlier releases.
21 Apr 2021contract award▲ GoodMajor
Seismic acquisition contract awarded to Canadian contractor Polaris Natural Resources for the first 2D survey in the Cabora Bassa Basin, minimum 400 line km, to refine the Mzarabani-1 drilling location. Follows the March PEDPA and placement; equipment mobilising to Harare in coming weeks.
29 Mar 2021material agreement▲ GoodMajor
The Petroleum Exploration Development and Production Agreement was signed with Zimbabwe on 26 March 2021, giving the right to a 25-year production licence after exploration and Special Economic Zone status. This resolves the long-running approval thread; the separate fiscal PPSA remains outstanding.
26 Mar 2021other● Neutral
ASX paused trading in Invictus securities pending a further announcement. The notice gives no reason; it follows the $8m placement and precedes the 29 March announcement of the signed production agreement.
24 Mar 2021capital raising announcement▲ GoodMajor
Raises A$8.0m through a placement of 72,727,273 shares at $0.11, a 21.4% discount to the last trade, with one free option per two shares (exercise $0.17, 3 years). Funds go to the 2D seismic campaign, long-lead items for Mzarabani-1 and rig tender preparation; drilling is anticipated late 2021 or early 2022.
What it means for a shareholder
72.7m new shares at A$0.110 to raise about A$8.0m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (9,091 at the issue price), your slice goes from 0.00123% to 0.00112% of the company. To keep it you'd need 894 more shares - about A$98 at the issue price.
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24 Mar 2021investor presentation● Neutral
March 2021 investor presentation shows a $60.5m market capitalisation at $0.11 and about $9.0m net cash including the placement. It restates the 8.2 Tcf + 247 mmbbl Mzarabani estimate and the 9.25 Tcf + 294 mmbbl total; nothing new.
23 Mar 2021investor presentation● Neutral
Invitation to an investor webinar on 24 March 2021 with the Managing Director presenting an updated presentation and Q&A. Event notice only; no new results.
15 Mar 2021price query● Neutral
ASX queried a share price rise from $0.088 to an intraday $0.145 within days. The company said it knew of no undisclosed information, pointing to a 12 March press report that the Zimbabwe production agreement would be signed before month-end, and confirmed it is complying with listing rules.
12 Mar 2021half year report● Neutral
Half-year to 31 December 2020 shows a net loss of $993,755, against $915,878 a year earlier. The report restates the tenure extension to August 2023, the EIA approval, field work and the non-binding farm-in offer. Balance sheet not in the extract.
29 Jan 2021quarterly activities report● Neutral
December 2020 quarter report restates the non-binding farm-in offer, field reconnaissance findings and the Mangwana second tranche (A$222k at $0.066). Update: the PEDPA is now described as approved by the Inter-Ministerial Committee and awaiting execution. Cash not in extract.
29 Dec 2020agm notice● Neutral
Following an ASX query, the company reconfirms all 2020 AGM resolutions passed on a poll and attaches the vote breakdown. Results are unchanged from the 1 December release; the Macmillan and Lake performance rights were among those carried.
22 Dec 2020farm in farm out agreement▲ GoodMajor
Company received a non-binding farm-in offer for the Cabora Bassa Project, subject to due diligence, government approvals and binding agreements; the offeror and terms are not disclosed. The Zimbabwe PEDPA review was recommended for approval, and a preferred seismic contractor (minimum 400 line km 2D) was selected.
22 Dec 2020investor presentation● Neutral
Updated investor presentation for the 22 December webinar, restating the 8.2 Tcf + 249 mmbbl Mzarabani estimate, the Sable and Tatanga gas MOUs and the non-binding farm-in offer. Resource estimate is unchanged since July 2019; no new results.
17 Dec 2020investor presentation● Neutral
Invitation to an investor webinar on 22 December 2020 with the Managing Director and Chairman presenting an updated presentation and Q&A. Event notice only; no new results.
2 Dec 2020regulatory community update▲ Good
Field reconnaissance finished; the company reports more mudrock than expected in younger rock layers, which it says could improve gas seal potential. Seismic acquisition is planned for 2021 after the rains, and Production Sharing Agreements are now in the approval process.
1 Dec 2020agm notice● Neutral
All resolutions at the 2020 AGM passed on a poll. Routine meeting outcome; the extract does not show the individual vote figures.
27 Nov 2020director officer appointment● Neutral
Non-executive director Eric de Mori retired from the board at the AGM; his re-election resolution was withdrawn. He joined in December 2017 and helped manage the 2018 acquisition. The board is now four directors.
30 Oct 2020quarterly activities report● Neutral
September 2020 quarter report recaps the tenure renewal to August 2023, EIA approval, investment licence and the Mangwana second tranche. Says Production Sharing Agreement drafts are finalised and under inter-ministerial review, and the farm-out is advancing. Mostly known items; cash not in the extract.
23 Oct 2020agm notice● Neutral
Shareholder letter says the AGM will be held in person at the West Perth office on 27 November 2020, with the notice available online only. Administrative; no business information.
12 Oct 2020capital raising announcement▲ GoodMajor
Second tranche of the Mangwana placement completed: 3,404,186 shares at $0.066 raising about A$222k, a 9% premium. Also announces a roughly 30-day field reconnaissance of proposed seismic lines, ahead of 2021 seismic acquisition. Small raise, but field work begins.
5 Oct 2020other● Neutral
Annual corporate governance statement and Appendix 4G for FY20 released. Compliance paperwork with no new business or project information.
5 Oct 2020agm notice● Neutral
Notice that the next annual general meeting will be held on 28 November 2020, with director nominations closing 12 October 2020. Administrative only.
25 Sept 2020annual report● Neutral
Annual report for the year to 30 June 2020. The chair's letter restates the three-year tenure extension to August 2023, the Sable and Tatanga gas MOUs, and that farm-out clarity is expected before year-end. Financial figures are not in the extract.
19 Aug 2020remuneration report● Neutral
Proposes up to 11.8m performance rights for Managing Director Macmillan (6.8m) and Chairman Lake (5.0m), subject to shareholder approval. Vesting needs a farm-in deal or tenure extension plus a 20-day average price of $0.045 by 31 December 2020. Macmillan also gets possible cash bonuses.
