INVICTUS Energy Limited has requested for a trading break of the company’s securities until tomorrow, when the group releases a capital raising update to the market.
BY MISHMA CHAKANYUKA
“In accordance with the requirements of Listing Rule 17.1, Invictus Energy Ltd hereby requests a trading halt of the company’s securities (IVZ). The company will be providing an update in relation to a capital raising,” Invictus said in a statement.
“We are expecting to announce an update to the market on or prior to the commencement of trading on Tuesday 12 November 2019. The company is not aware of any reason why the trading halt should not be granted.”
Invictus is currently exploring for oil and gas in Muzarabani district in northern Zimbabwe.
In the half year ended December 31, 2018, Invictus widened its losses to AUD481 313 (US$340 160) from AUD210 782 (US$148 939) in the previous year, as exploration activities added to the company’s costs.
As at December 31, 2018, the carrying value of the capitalised exploration and evaluation properties of the consolidated entity stood at $5,15 million, an increase from the June 2018 figure of $4,58 million.
The group’s IEL’s assets declined to AUD8,39 million (US$5,93 million) from the end of year results ended June 30, 2018 figure of AUD9,61 million (US$6,78 million).
In May, 2019, Invictus and its Cabora Bassa project partner, One-Gas Resources Private Limited signed a memorandum of understanding with Sable Chemical Industries Limited to develop gas supply from the Cabora Bassa project subject to a commercial gas discovery being made from SG 4571. The terms of the memorandum included that Sable would be contracted to take 370 million cubic metres of gas per year with an option to increase to 700 million cubic metres.
The Cabora Bassa project encompasses the Muzarabani Prospect; a multi-TCF conventional gas-condensate target which is potentially the largest, undrilled seismically-defined structure onshore Africa.
Invictus Energy is an independent oil and gas exploration company focused on high impact energy resources in Sub-Saharan Africa.