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5.33%

7.1¢ invictus energy ltd

Ann: Farm in Option Agreement for a 2-well Campaign, page-86

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justinmetals

7,852 Posts.

1523

09/12/21

13:21

Post #: 58188467
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Originally posted by Iuvenesco ↑

Read the summary very carefully. This is not bad news at all:

Non-Binding Option Agreement: CEA and Invictus have entered into a non-binding option agreement for CEA to participate directly or indirectly in the Cabora Bassa Project.

The agreement is non-exclusive and may be terminated by either party before the option expiry date.

Option Expiry: CEA must exercise the option by no later than 31 March 2022 to enter into a binding Farm in Agreement and Joint Operating Agreement by 30 April 2022.

Equity: CEA will acquire a 25% interest in the project for funding 33.33% of the 2 well exploration drilling campaign including:

1. Muzarabani-1 well to a planned minimum depth of 3,000m or basement
2. 2nd well to be identified following completion of seismic interpretation to a planned minimum depthof 1,500m or basement.

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Main point being no later than March so we can execute a CR in a timely manner and go it alone in H1. I’m sure a deal will be done by 28 Feb.

I just saw Scotts texts to otp… gold. Thanks otp

Last edited by justinmetals: 09/12/21

IVZ Price at posting: 12.8¢ Sentiment: Buy Disclosure: Held
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