Ann: 2D Seismic commences at the Cabora Bassa Project, page-68

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Davy Boy

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15/06/23

13:09

Post #: 68302173
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Originally posted by petere: ↑

In relation to a farm-in, I believe that is deferred post MK-2.

Some observations.
1. Recent CR is good for MK-2, 2D seismic, misc and working capital... but no more
2. 2D seismic will help mature leads in the east.
3. MK-2 will help declare a discovery, and also further prove the potential of the Mukuyu structure.
4. Post MK-2 and 2D seismic, IVZ will be in a position to update the Prospective Resource for the Block.
- Original Prospective Resource was based upon a lot of guess work from surface outcrops. MK-1 & MK-2 will provide a lot of useful data.
- A revised Prospective Resource will likely have a tighter control.
- The current Mukuyu Prospective Resource is <1TCF to >20TCF with a mean of 4TCF (Pebbly and below only)
- Very difficult for a farm-in partner to fully value the potential.
5. IVZ have now twice passed up the opportunity to farm-in pre-spud and have indicated that a junior partner would not have the capacity to develop the field and are looking for a partner with the capacity to develop the field.
6. For reference about deferred developments which the current board have experience with.... Uganda | Tullow Oil plc (LSE: TLW)
7. To accelerate development will require a major investment, from a major oil company. This field will require billions of dollars of "equity" investment.
8. The drilling of MK-2 and the new seismic is prettying up IVZ for a possible sale or farm-in from a major.
9. If the up-and-coming Zimbabwe elections go off without too many problems, it reduces the geographical risk, and puts the lipstick on any deal.
10. In any major farm-in it is likely that IVZ will take a minority stake as well as the existing partners will be diluted as well.

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Yes farm in after this well for almost certain but personally I’d like to se 2 more first but being Bakered has probably killed that now.
Bb1 and out East 1, both with booked discoveries and the lease price quadruples.
Had we not been Bakered we probably could have raised a 100 million with less dilution than Mk2 funding and be drilling and flow testing them all…..

Personally IF they farm in to tier 1 I’ll be looking to exit.
Id much rather they took us out completely…..
Big co run on go slow and gold plating.

IVZ Price at posting: 11.5¢ Sentiment: Buy Disclosure: Held
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Ann: 2D Seismic commences at the Cabora Bassa Project, page-68

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Ann: 2D Seismic commences at the Cabora Bassa Project, page-68

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