Ann: Invictus Secures Drilling Rig for Muzarabani-1 Well, page-55

Just re reading the drill announcement and noticed the second well needs to be ticked off by 15 February 2022 that IMO means that they will have to have had the new seismic completed before then to make sure they have a good enough target for well 2.
That then means that we will likely have the new seismic done by end of January.


I personally believe the new seismic will likely follow pretty closely with the CR, Scott eluded to this being a trigger event.
We had 7.3 million in the bank end of September and according to the last quarterly the seismic has been paid for it looks like we could have 4-5 million in cash after long lead items ect...maybe more.
So ~27 million USD for 2 wells ~ 39 million AU at .70 forex.
If CEA pay for 9 USD [ 12.8 AU ] + 33% of back costs { 4 million USD, ~ 6 Au } ~ 19 million AU total or pretty much 50% uncapped.
I think with some contingency money built in for drilling problems, we will need to raise ~ 20 million. Will be a doddle IMO.

One thing I think shareholders should do is email Scott with the amount in $$ terms you would be prepared to take in any CR.
It will give him some idea of the appetite but may also influence the decision on the amounts that are placed via insto's.
I still think it will be split raise.
Underwritten rights issue and placement....what the split would be I'd say 60/40 so maybe 8 million to shareholders 12 in placement....just a guess.
Need about 54 million shares at 15c to raise 8 million that would be about a 10 to 1 split.

I also expect there to be a flood of those freebie options converted pre drill, strike 17c, which will be worthless if its a duster, clearly I'm expecting the sp to be lots higher running up to spud. Could raise another 6 million there.

I think the first 2 months of next year are going to set the scene for IVZ.