Ann: Invictus Energy Total Prospective Resource Update 9.25 Tcf, page-19

88E is capped at $107m and PRL from memory was a dog and ran to a very high MC also.

IVZ is not a dog by any stretch and this project looks very real to me.

There is always risk for sure. If there wasn't we'd be capped in the hundreds of millions of doallrs.

But where do you find anywhere in the world a project of this scale that is not already part of a large gas field owned by countries or oil and gas majors?

I haven't been able to find a sing well target as big. Lot's of evidence from old Mobil data that points to a very high % of a discovery. Far from a bet imo.

It is the shear scale of this project that is not owned by a 100b MC company and that already has a strong off-take agrrement in place and infrastructure that make it very cheap at a $15m MC imo.