Invictus Energy Ltd (ASX:IVZ) Quarterly Report Highlights
Operational Achievements
Invictus Energy Ltd has completed a final review of its Petroleum Production Sharing Agreement (PPSA), moving towards execution. This agreement will establish a fair value-sharing framework for the Cabora Bassa Project, benefiting both the company and the Zimbabwean government. The next exploration drilling campaign will target the Musuma prospect, aimed at testing the Dande play in eastern Cabora Bassa.
A significant activity in the quarter announced eight new high-potential prospects, indicating an estimated recoverable prospective resource of over 1 Tcf and 73 million barrels of condensate at the Musuma prospect. Further 3D seismic and well testing at the Mukuyu gas field is also scheduled in preparation for early commercialisation.
Corporate Developments
The company successfully completed Tranche 2 of a US$10 million capital raise, achieving AU$0.10 per share with oversubscriptions amounting to an additional US$2 million accepted. This strategic investment marks a significant step for both Invictus and its investors, facilitating securities trading through its secondary listing on the Victoria Falls Stock Exchange.
Invictus also convened its Annual General Meeting (AGM), where all proposed resolutions were passed successfully, further solidifying company governance.
Financial Overview
In the recent quarter, Invictus Energy reported significant expenditures of AUD$3.93 million on exploration and evaluation activities, with payments for the Mukuyu 2 well being a notable contribution. The company finished the quarter with a cash balance of AUD$13.52 million.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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