Invictus Energy reports acquisitions, $4M cash in Q4
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
This product is classified as ‘very high risk’ in nature due to its location and geopolitical situation of the region. Finfeed advises that extra caution should be taken when deciding whether to engage in this product, however if you are not sure whether it is suitable for you we suggest you seek independent financial advice.
Invictus Energy Limited (ASX:IVZ) has released its quarterly activities report, for the quarter ending June 2018.
SG 4571: Zimbabwe Gas-Condensate Exploration Project
In the quarter, the company announced it had entered into a binding sale and purchase agreement to acquire 100% interest in Invictus Energy Resources Pty Ltd giving it an 80% interest and operatorship in the SG4571 Permit (Cabora Bassa Project) located in Zimbabwe.
The Cabora Bassa Project includes the Mzarabani Prospect, a TCF+ (trillion cubic feet) conventional gas-condensate target.
The Mzarabani prospect is defined by data acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.
IVZ also successfully completed a heavily oversubscribed A$4.5 million capital raising led by Ashanti Capital to fund the SG 4571 exploration program, with the company’s own directors participating in the capital raise, which was finalised and announced in June. IVZ reported having A$4,302,000 in cash (and cash equivalents) as at the end of the quarter.
It should be noted that IVZ is an early stage play and anything can happen, so seek professional financial advice if considering this stock for your portfolio.
Progress on Zimbabwe project
During the quarter IVZ received the necessary Zimbabwe in-country approvals, from the Reserve Bank of Zimbabwe Exchange Control Authority and Zimbabwe Investment Authority (ZIA) to subscribe for new shares representing 80% of Geo Associates (Private) Limited which holds 100% of SG 4571.
The receipt of the Zimbabwe Investment Licence formalises the approval of IVZ’s entry into Zimbabwe as a foreign investor.
Geo Associates and IVZ also received letters supporting the Cabora Bassa Project transaction from the Ministry of Mines and Mining Development and the Ministry of Energy and Power Development.
The company held an Extraordinary General Meeting (EGM) on 15 June 2018 to obtain shareholder approvals for the transaction, associated capital raise and issue of new securities — with all resolutions being approved.
Change of company name & new board appointment
During the quarter, following the shareholder meeting on 15 June 2018, the company changed its name from Interpose Holdings Limited to Invictus Energy Limited, while also changing its ASX ticker code from IHS to IVZ on 21 June 2018.
Following the shareholder meeting on 15 June 2018, Scott Macmillan was appointed Managing Director on 21 June 2018.
Macmillan is a Zimbabwean national and reservoir engineer with over 12 years’ experience in oil and gas. He was previously the Business Advisor in the Global New Ventures group for Woodside Petroleum, which focused on Africa exploration and the Senior Reservoir Engineer for AWE Ltd, responsible for the Waitsia Gas Field development in WA.
Macmillan also has extensive business experience in Zimbabwe allowing IVZ to take advantage of his local relationships within the region.
tagsSTOCK MARKET EXPLORATION
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.