Ann: Invictus Energy Farm-in Process Update, page-49

The rig is delayed by over a month due to still being contracted on its existing work. That gives us more than an extra month to sort out financing and get the best deal for IVZ. Add in the fact that a couple of days ago, our acreage increased by 700% and we committed to drill a new confirmed basin for the second well and the fact that the seismic has not been released yet.

So things have changed. And we are talking to other parties. Changed to the point we very likely told Cluff that we are not going ahead with the current deal, and they responded, yep understand that, but can we have a month extension to take it all in and offer something better. Its still non-binding so no skin off our nose in giving the extension and it adds leverage in the discussion with other parties.

The delay of drilling until July also means that when the inevitable pre-drill price increase comes, shareholders will be able to de-risk in accordance with their own approach and delay any capital gains tax payment by a year.

to me all in all, this an the other recent announcements have been very positive and well delivered