Ann: Trading Halt, page-406

Oil and gas time table is a bit different to mining, it takes a long time from discovery to mine with a long wait in between as due diligence is done on the resource and the economics of projects.

a) We need a discovery now for IVZ to progress smoothly.
b) Boabab is yet to be drilled.
c) Farmin - will this happen before either testing (probably not but you never know) or appraisal wells, after, or will IVZ continue to fund, on discovery Invictus can pick and choose strategies and really puts them in the box seat.
d) Buy out, always a possibility given the way they have set IVZ up, it’s an attractive package if the resource is there and extractable.
e) Options converted, $$$ for the testing and appraisals, some, if in the money will need to be converted mid 2023, I wouldn’t be surprised to see quite a few of the others converted either, sell the heads in good profit and load up again cheaper strategy.
f) Offtake infrastructure, pipeline, energy, who knows, but IVZ may have a look in here to complete the package.

Probably doesn’t answer your question but a lot to be considered fundamentally depending on your strategy.