Ann: Invictus Energy Shareholder Briefing, page-337

Finally listened to the presentation, and…I’m significantly encouraged. I’m pretty much a “show me” type of investor who doesn’t take kindly to fact-less ramping or silly cheerleading, of which there is too much on here. And I’ve been disappointed by Scott’s happy talk in the past. But I was encouraged by the range of planning, coordination and development that has been going on.

It will be interesting to see what % of ownership Invictus will have to give up to all its partners for their financial assistance. But I’m also intrigued that Invictus is not going to wait to fully develop its lease before bringing gas to market. Looks like a number of small gas to power projects will be implemented as things progress to start bringing in revenue and pay off creditors. I don’t think many of us fully have appreciated how hard it is to secure loans when you’re a fly by night junior with no history and you’re operating in virgin territory and in a country like Zimbabwe. These small plants that can be brought online on an incremental basis apparently will go a long way to satisfying lenders that their loans can start to be paid off on an early basis.

Personally, I’ve decided to add 10% to my share holdings based on my comfort with the presentation.