2025 works program

This is how I foresee 2025 playing out although I hope it happens sooner...

PPSA hopefully soon but I doubt it will get finalised until end of this quarter. (I pray that i'm wrong as this is whats holding everything up)

Farm in I don't see being finalised until end of financial year as the PPSA isn't even done yet and no company in their right mind would sign or agree to anything until they know the fiscal and legal terms. Once they know said terms they will then and only then commence with further due diligence (site visits etc). After this takes place we then need to wait for the competitive process to unfold between the multiple parties. Further talks with final parties then need to take place and then the signing and farm out. This all takes far longer than most here have planned for so my gut says its going to be a depressing 6 months before we get any movement.

Post farm in. I believe we will drill and flow three wells plus 3D; and the farm in may even see a staggered investment that has us open up more funding if certain criteria are met.

The critical piece moving forward that tells us what is really going on is how much our future partner values us at. The ASX has failed to do that and will continue to do so as we just cant price African risk (people whinging about net pay this and flow rates that are so far out of their depth they don't even know whats important or of priority at present). The farm in price will give us an indicator for the prevailing sentiment regarding African oil and gas and where said company originates will determine the future investor sentiment for Zimbabwe. If its a local company I don't see the market reacting the way we all dream of. If its an international then we are very lucky and we should see an excellent response moving forward. If we can get a lucrative deal then we are off to the races. If however we cant, then Invictus will continue to underperform even if we get positive future announcements (we will still do ok, just not as well). This would see us taking 2-3 years from now before there is appreciable return (if we get a poor farm in). We have everything riding on who we choose to go with that will determine whether we get outsized returns or mediocre ones.

***I really hope i'm wrong and everything advances rapidly along with our share price appreciation, but Zims history along with Invictus' to date doesn't have me thinking that.