Ann: Invictus Energy Investor Briefing Webinar, page-174

Somehow it does not fit together.

on the one hand Ivz is compared to the 1.000 million $ MC of Recon as peer.

on the other hand the 20 million $ Cluff/Ivz farm in is explained as attractive for 60 million MC Ivz for a world class undrilled structure, reconfirmed with a brand new seismic , a tremendous prospect, that could contain a conventional elephant field with 8 tcf + 250 million bbl condensate in an energy starving area and with low drilling, development costs.

for me this is a logical objection for both pipe dreams (because Recon and Ivz , both do not have any proof for a commercial production in their sediment basins) But I do not know if Recon is wrong, or if Ivz is wrong or both ...