ASX:IVZ

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Invictus Energy Executes Deed of Variation for Zimbabwe Well Drilling; Shares Up 12%

Invictus Energy (ASX:IVZ) executed a deed of variation to its drilling contract with Exalo Drilling for Exalo Rig 202 to drill the Musuma-1 exploration well at the Cabora Bassa project in Zimbabwe, according to a Friday filing with the Australian bourse.The company confirmed that the well is slated to spud in November, with procurement of remaining well services in progress and contracts being prepared for award, the filing said.Construction of the well pad and civil works will start after customary cultural ceremonies with traditional leaders and local communities are completed, per the filing.Shares rose nearly 12% in morning trade Friday.

ASX:IVZ

Asia57d ago

Invictus Energy Says It Disclosed Information Related to Zimbabwe Petroleum Production Sharing Agreement When It Was 'Sufficiently Definite'

Invictus Energy (ASX:IVZ) said it did not make a statement about the petroleum production sharing agreement in Zimbabwe before May 28 because it "was not in possession of information that was sufficiently definite to warrant disclosure at an earlier time," according to a Wednesday ASX filing.The firm was responding to an ASX Aware Letter dated June 4. The firm said it had not received confirmation that signing would proceed until the evening of May 26. Before that date, the execution of the agreement remained uncertain and subject to further governmental approvals and processes that were outside the firm's control.Geo Associates, the 80%-Invictus-owned operator and holder of special grant 4571, and the Zimbabwe government executed a petroleum production sharing agreement for the Cabora Bassa project in the African country.Invictus received notification from the Zimbabwe government on the evening of May 26 regarding its intention to sign the agreement after the close of trading. The firm said it requested a trading halt, effective from the commencement of trading on May 27, and a market announcement regarding the execution of the agreement was released on May 28.

ASX:IVZ

Asia71d ago

Invictus Energy Signs Petroleum Production Sharing Agreement With Zimbabwe Government; Shares Surge 42%

Invictus Energy (ASX:IVZ) said its majority-owned Geo Associates subsidiary signed a petroleum production sharing agreement with the Zimbabwe government, according to a Thursday filing with the Australian bourse.The agreement creates a legal and operational framework governing the Cabora Bassa oil and gas project through exploration, appraisal, development, and production, including incentives such as national project status and special economic zone status.The agreement also formally enshrines the participation of Zimbabwe's sovereign wealth fund, while providing investment protection and development support pathways to cut the project's development costs, the company said.Invictus Energy shares surged 42% in recent Thursday trade.

ASX:IVZ

Asia108d ago

Invictus Energy Secures Binding Commitments for AU$10 Million Placement; Shares Down 18%

Invictus Energy (ASX:IVZ) said it has secured binding commitments for a AU$10 million placement of about 166.7 million shares at an issue price of AU$0.06 each, according to a Tuesday filing with the Australian bourse.Settlement of the placement is expected on April 28, and the company plans to use the proceeds to finance further works at its 80%-owned Cabora Bassa oil and gas exploration project in northern Zimbabwe, per the filing.Shares of Invictus Energy were down 18% in recent Tuesday trade.

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