Ann: Invictus Energy Entitlement Rights Offer Opens, page-386

Interesting and considered post but IMO not 100% accurate:

“How can you possibly claim that IVZ can chose NOT to sign the PPSA because they have the PEDPA? As far as this project is concerned, not one BOE will be sold on the PEDPA and even if it was sold there's no way of determining your cut.”
Firstly, IVZ have already signed the PPSA. It’s the government and the update of the Petroleum Amendment Act that is delaying the enactment of the PPSA. Secondly, our cut would be 100% of production after expenses if there is no PSA. Zim would then get tax receipts and royalties.

“Unfortunately, it appears potential farmees won't touch it until the documents are in hand.”
Correct, and this is what people are getting confused about. It’s the potential partners that want to see the agreed split. IVZ can still go it alone with the PEDPA, it’s just the capital raising that is becoming an issue for some.

“Rumour is that govt is targeting up to 60% if video that surfaced a year or two ago was anything to go by.”
In line with other PSAs in the region. I’ve posted them a few times before.

I would remind you that plenty of countries, including Australia, operate on tax laws and not PSAs. Companies here are subject to 30% company tax after allowable deductions. How many pay no tax? The ATO is just getting around to fixing this.