Ann: MOBILISATION OF EQUIPMENT COMMENCED FOR DRILLING SASANOF-1, page-12

Someone on Reddit made the following post comparing the hype on IVZ, to the potential of PRM/GLV.

Really makes this look incredibly cheap. Should be double the price or more from here if IVZ is fetching 28-30c, it's crazy this is not at 2c.

Higher COS, better partners, ready made infrastructure close by, Many Majors in close operations (Santos/BHP/Chevron), proven source kitchen, Mentorc filled to spill!

GLV, PRM and IVZ all have pretty interesting value propositions, IVZ hype i think is helped by it retaining a larger share 36% (i've updated my assumption for calculating this above) vs 25% vs 12.5%, and I think them having a fall back drill helps them too.

That said, it's still surprising to see PRM <30M, and GLV under 60M, while IVZ is already at 190M. If anything the COS at Sasanof is much higher, and the source kitchen is proven, with Mentorc filled to spill, but that's the game sometimes.

Comparing the 3:

PRM - 0.5 TCF and 12.5 MMbbl condensate @ 32% COS - $26M MCAP

GLV - 1 TCF and 25 MMbbl condensate @ 32% COS - $55M MCAP

IVZ - 2 TCF and 50 MMbbl condensate @ 10% COS - $190 M MCAP

Sources:

https://newswire.iguana2.com/af5f4d73c1a54a33/prm.asx/6A1067330/PRM_PRM_to_acquire_interest_in_multi-TCF_Sasanof_Prospect

COS for Sasanof from above

https://newswire.iguana2.com/af5f4d73c1a54a33/ivz.asx/6A935205/IVZ_Invictus_Energy_Total_Prospective_Resource_Update_9.25_Tcf

COS for IVZ from above.