Ann: Invictus Energy 2019 Annual Report, page-13

I concur with everything you have said there.

There is no reason for this stock to go anywhere before a farm-out is successful. If one never goes ahead, we will all lose from here.

I feel that stale bulls exiting would be mostly done by now, however, there would naturally be some selling on a positive farm out (I would take some profits myself). I do think that upon farmout the share price will be at least a bag from here, the potential of this target once (IF) drilling is actually confirmed needs to command a MC of at least $30m in my opinion.

I don't like the hotcopper advertising. I agree.

I am also happy to wait 9 months if that's what it takes. Being patient in a spec stock with no cashflows is stupid. I am prepared to be stupid here.