Invictus ready to start much anticipated exploration program at Cabora

By Trevor Hoey. Published at Oct 12, 2020, in Energy

Invictus Energy Limited (ASX:IVZ) is set to commence a field reconnaissance program in the Cabora Bassa Basin in the next fortnight, and the company has completed a further placement for the equivalent of A$220,000 at a share price of $0.066 with the Mangwana Opportunities Fund under a second tranche of the equity funding agreement as announced on April 30, 2020.

The Cabora Bassa Project encompasses the Mzarabani Prospect, a multi-TCF and liquids rich conventional gas condensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa.

The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.

Following the approval of the Environmental Management Plan, easing of COVID-19 related restrictions and the completion of the final cultural ceremonies in the Muzarabani and Mbire Districts, the company will commence field operations in the Cabora Bassa Basin.

The licence area (SG 4571) covering 250,000 acres was granted in August 2017.

Commenting on significance of the upcoming exploration program and the encouraging premium implied in terms of the placement price, managing director Scott Macmillan said, “We are extremely pleased to commence our activity on the ground in the Cabora Bassa Project having now received all of the necessary approvals and restrictions in the country being eased.

‘’The company has a window of opportunity to carry out a reconnaissance program prior to the onset of the rainy season so that we can map out the routes for the planned seismic acquisition campaign next year.

‘’This exercise will enable us to map out the optimal route ahead of the survey which will reduce the acquisition time and maximise efficiency of the survey.

‘’The company is also pleased to have completed a second tranche of funding from the Mangwana Opportunities Fund at a premium of 10% to the previous closing share price.

‘’The funds will be used for the upcoming field program and general working capital.”

Shares surge ahead of exploration program

As the much anticipated exploration program has drawn closer, shares in Invictus have surged, more than doubling in the last two months.

The reconnaissance program and baseline survey consist of the traversing of the proposed infill seismic lines for a planned acquisition campaign in the 2021 dry season.

The program will capture details such as topography, existing access roads, drainage, vegetation cover, soil types, rock exposures, sampling of any natural oil and gas seeps, areas of development (constructions and cultivation), plus any sites of cultural, religious or historic importance.

The duration of the program is expected to be approximately 30 days and is in the final stages of planning and will be completed before the wet season.

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.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X