Invictus ends 2022 with US$9m surplus on drilling ...

Invictus ends 2022 with US$9m surplus on drilling investments

AUSTRALIAN energy firm Invictus Energy Limited (IEL) ended the fourth quarter of last year with a surplus of AUD12,62 million (US$8,95 million) following a period of exploration in Zimbabwe’s Cabora Bassa Basin

The announcement was made in IEL’s company results for Q4 2022 showed the company was down nearly 56% from the previous quarter’s cash holdings of AUD28,49 million (US$20,23 million).

In its annual report for the period ended June 30, 2022, IEL revealed that it had raised an equivalent of US$32 million in capital funding mostly through stock raising initiatives using its shares buttressed with external funding.

In the quarter under review, IEL invested AUD16,62 million (US$11,77 million) in its exploration and evaluation activities, down from AUD27,1 million (US$19,21 million) in the previous quarter.

These investments were supported by IEL realising AUD1,87 million (US$1,32 million) from share raising schemes to bolster its capital spending.

According to its cash flow statement for the period under review, IEL managed to reduce its staff costs by 62,32% to AUD107 000 (US$75 953,92) while administrative and corporate costs were down 58,41% to AUD650 000 (US$461 227,39).

The company has reported that while it has not yet brought liquid oil to the surface, prospects are highly positive.

https://zimbabwenow.co.zw/articles/2216/hydrocarbon-zones-brighten-invictus-muzarabani-prospects

“Subsequent to quarter end, as announced in the ASX release on 23 January, a total of 13 potential hydrocarbon bearing zones (Table 1) were interpreted in the Pebbly Arkose and Upper Angwa formations following completion of operations of the Mukuyu-1 ST1 well,” IEL said.

“Of note is the primary target Upper Angwa formation, with 11 identified potential hydrocarbon bearing zones totalling a combined 225 metres.”

Prior to drilling, IEL received a report identifying a gross mean recoverable conventional potential of the Basin Margin Area of 1,17 billion barrels of conventional oil.

This week the local corporation in which Invictus is an 80 percent shareholder announced the temporary halt of operations at Muzarabani.

https://zimbabwenow.co.zw/articles/2235/invictus-temporarily-stops-operations-takes-down-rig-mast-in-muzarabani

The statement issues said the company is taking advantage of the rainy conditions to give the crew a break while also carrying out equipment-related procurement.