IVZ Valuation, page-14

He mentioned a while back that if an offer is made, he is obliged to bring it to the shareholders to vote on. Scott is keeping all his options open, we can get a partner, we can go it alone, maybe someone will buy us out, champagne problems I always expected Dr Lake to exit early, maybe not as soon as now, but I see him more as an explorer and not interested to go to production.

The data they've gathered has an intrinsic value. They had to pay Mobil $30mil for the data from Mobil's 30 year old seismic survey? And how much has Invictus added to that now, the data alone is worth $millions.

I have the same impression as you, they will continue proving up the size of the prize, and sell off to a big player for multiples. Bcos of the high oil and gas prices last few years, the big oil companies are sitting flush with cash, paying out record dividends. Yesterday I saw another story of activists protesting TotalEnergies exploration bid for the west coast (just below Namibia along the coast). It would save them endless headaches if they bought Invictus sitting on an elephant size resource.

https://www.iol.co.za/news/south-africa/western-cape/activists-oppose-totalenergies-oil-exploration-bid-for-west-coast-b9031ec7-4336-4dc1-9d4d-4353c092ca8e