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Invictus shares soar upon Cabora Bassa developments, OTCQB listing expected soon

Highlights

  • Invictus Energy Limited (ASX:IVZ) has commenced the seismic data QC and processing at the Cabora Bassa Project in Zimbabwe.
  • The HSE performance has been exceptional, and the project has exceeded 87,000 hours without a Lost Time Injury (LTI).
  • Invictus is finalising its US-based OTCQB listing after significant investor interest from North America.

80 per cent owner and operator of SG 4571 Cabora Bassa asset and independent oil, gas exploration company Invictus Energy Limited (ASX:IVZ) has been operating exceptionally well amidst the COVID-19 pandemic. The asset is currently in the second period of a high-impact work program.

Mid-day on 7 October 2021, Invictus’ shares of were trading up by over 3 per cent at AUD 0.165 with a trading volume of over 1 million shares. The positive investing sentiment seemed to have been catalysed by a significant market update- revealing that the Company’s seismic data acquisition at its 80 per cent owned and operated Cabora Bassa Project in Zimbabwe is progressing well. Additionally, Invictus is finalising its US based OTCQB listing- a significant milestone that is in progress and expected to be finalised in the coming weeks.

Invictus shares trading in the green zone on the ASX

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Seismic campaign progress

The Cabora Bassa 2021 seismic survey campaign is progressing well. To date, 220 km of data recording and 240 km of layout has been completed. Notably, the data quality and density being acquired from the seismic survey is excellent. It is a step change from the previous Mobil survey that was conducted in 1990.

An AUD 30 million seismic, gravity aeromagnetic and geochemical dataset was generated by Mobil who eventually moved away from the asset due to focus on oil (not gas). Now, Invictus’ seismic infill acquisition campaign is likely to refine Muzarabani (Independent Prospective Resource 8.2 Tcf + 247 million bbls gas condensate) drilling targets and identify additional prospectivity.

Invictus further notified that the HSE performance (which pertains to health and safety) has been “exceptional”. The project has now exceeded 87,000 hours without a Lost Time Injury (LTI).

Subsequently, seismic data QC and processing has commenced and is ongoing. Results of the Cabora Bassa 2021 seismic survey campaign are expected at the end of CY 2021.

Cabora Bassa Project overview

Copyright © 2021 Kalkine Media

OTCQB listing soon!

Besides seismic data QC and processing, Invictus has been involved in finalising its US-based OTCQB listing. The Company has received significant investor interest from North America.

Once listed, Invictus will trade on the OTCQB market under the ticker IVCTF. It is also in the process of seeking DTC eligibility from The Depository Trust and Clearing Corporation. Notably, DTC eligibility will ensure a more liquid and transparent market for Invictus’ common shares and enhance its visibility within North America.

MUST WATCH: In an exclusive conversation with Scott Macmillan, MD of Invictus energy limited | Expert Talks

All in all, Invictus is well advancing the current exploration program with the acquisition of infill seismic data for a planned 1H 2022 basin opening drilling campaign. A North American listing will only enhance its overall stance. Indeed, the Company holds a clear pathway to continue towards development of the SG 4571 asset.

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