Invictus Energy reports acquisitions, $4M cash in Q4

Published at Jul 30, 2018, in Energy

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.

S3 Consortium Pty Ltd (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 only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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