Ann: AGM Address Managing Director, page-16

I was also at the AGM and agree with M Watts!
There was about 10 minutes of formalities and then we spent the next hour going over the project and answering any questions we had. It was pretty in depth and I was happy with the responses.

My key takeaways are as follows (Feel free to add Mwatts):

• OTC Listing - Ann should be out tomorrow. They have had constant enquiries from investors in America who were in on Recon and 88E and were requesting listing so they can buy shares and build a position in IVZ.
• PSA - With new legislation the Zim Goverment has been very cautious getting this right and Invictus don't want to be seen as railroading them into a deal. The PSA has been independently assessed by x2 parties and if I recall one was a private firm in the UK and the other is Africa Legal, with both being complete. The Africa Legal review can take months to commence and is a drawn out process which explains the lack of news, but believe they have both concluded the legislation is fair and Invictus are hopeful it can be signed off by the Government in one of the sittings this year, or early next year. Potential farm in companies have a copy of the proposed PSA for their information and have not raised concerns.
• Drilling - Still on track with timeline to be released in the next few days with x2 wells planned.
• Seismic - Scott took us through the early processing images shown in the Africa Oil Week presentation and explained why they are excited. The brightening in the Dande looks to indicate hydrocarbons and they were excited this only looks to be 800m below surface level. Also the amplitude against the basin margin fault is a potential drill target. They are currently working their way to lower levels but he said he's getting emails from the Geos excited by what they are uncovering. They have shot 2D as its more cost effective over the size of the area, but will shoot 3D if a discovery is made.
• New Area - They have seen something which has caught their eye, have made the application for the additional acreage and its going through some red tape at the moment and we should know more shortly. It would have cost too much to get Polaris to remobilise again next year for this area.
• Joe Mutiza - They said it has been of the best decisions they have made bringing him onto the board. He has been very good on the ground with many contacts and resources. Was noted Mangwana Capital would be ready to invest again should we need funds.
• Stuart Lake - Was noted he has been doing a mountain of work analysing the seismic data coming through.
• Barnaby - Was on x6 boards and was going to step down at this AGM in any case. His skillset is primarily bringing in the projects and getting them up and running. It was noted he was still in the top 20 and hasn't sold his shares.

Cheers!