Ann: Trading Halt, page-260

flow test occurring Q2 (April-June), unlikely that we will drill MK-3 in 2024 due to seismic acquisition, processing and interpretation will take many many months. Unless it occurs at the start of the year. Yes they could sink a well without this data but highly unlikely. The basin margin seismic campaign concluded on the 7th of August and is likely to be released in January. That is a 6 month turn around on 2D seismic. We are capturing 3D seismic with much tighter line spacing than the basin margin so it will take significantly longer to capture and IVZ will have much more data. Hence longer to process and interpret the data.

The basin margin/string of pearls well will be post-June as no long-lead items or anything has been ordered and there is a long lead time for these items, plus they are yet to interpret the results of the seismic as they’ve been so focused on MK2. This could leave time for a November/December MK-3 well but depends on how long it will take to interpret.

It would be great to see one well on the basin margin and one well on the string of pearls. This would be my ideal scenario for 2024. So then IVZ can declare these plays as discoveries and opening up that whole region. Then 2025 completely focusing on the Mukuyu structure (optimal prospects, oil, flow) and moving away from prospective resources and booking in contingent resources.

IMO this is what buy-out company would want to see:
- Basin Margin and string of pearls as active plays
- Large Mukuyu dataset including flow test, oil, 3D seismic, wireline etc… everything that IVZ has
- Signficant Contingent resource base
- commitment from external party to bring this resource online (MOUs, government/corporate commitment for regional power hub)

This is why I see 2026 as the year of sale for IVZ. I would want at minimum US$5 per share

additionally Scott mentioned they are going to sit down early next year with completely fresh eyes and go over every single prospect in their inventory. So it sounds like while yes they have prospects they can drill they aren’t certain which one yet. This could take a few months to complete before they commit to a well site location and start to order long lead items. So IMO no well before flow test