Ann: Invictus Energy 2019 Annual Report, page-47

I completely disagree that you won't see green on IVZ by 2020 at this current sp. Mid 2020 with no farm out would see a whole whack of options evaporate.......I don't think that will happen.
Any decent farm in for a free carry well or 2, with the target size we have with multiple stacked targets will see significant sp rises IMO.
I also believe the partner for the farm in will have an effect. Me personally the bigger the better even if we lose a few extra %.
The big oilers or even mid tier are difficult even for governments to push around.
I expect any farm in will come probably next year....I'd hope this but am being conservative.
I expect them to raise once the farm in is done and dusted and a drilling program is being worked up. They will only require enough money to keep the lights on as their target is free carry.

Lets make a discovery first then worry about the spoils.