Invictus Energy (ASX:IVZ) jumped around +70%, to nine cents per share, per Cboe live pricing, heading into the second hour of trades as the company’s true believers have been vindicated after a long, long wait.
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Or rather, luck has come to them in the form of Qatar’s royal family, which is now proving Africa for the next big gasfield. And Invictus was in the right place at the right time.
That’s truly what’s happened here, rather than acumen from Invictus itself, but that doesn’t really matter because now a lot of shareholders will be finally brought back to life after the stock has sat in the doldrums for some time.
Qatar’s royal family, through a vehicle it owns, has inked a JV deal with Invictus that sees the former acquire 19.9% of IVZ for around 9.5cps at a deal worth just under A$40M. But, should they like what they see, made conditionally available to the oil and gas explorer is a whopping US$500M in funding to get the project to production status.
Unsurprisingly, Invictus has seen a surge of revived liquidity in Wednesday trades, which may or may not lead to a speeding ticket.
Obviously, a lot can happen from here, and it’s worth noting that IVZ will, according to its disclosure, manage the operations as part of the JV with Qatar’s royal family.
But in the meantime, it’s a good news day for holders. The news also confirms rumours from Tuesday that, indeed, the strategic alliance partner was Qatar – showing that sometimes, HotCopper gets it right.
IVZ last traded at 9cps this morning.
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