When one reads this Quarterly report IVZ management must be...

When one reads this Quarterly report IVZ management must be scratching their heads saying what the hell is going on here and why is the price stuck at these levels.

How is it possible that after a quarter that included:

"During the quarter, Invictus declared two material discoveries after recovering a total of 15 downhole gas-condensate samples from both the Upper and Lower Angwa targets from the Mukuyu-2 drilling campaign, with a combined preliminary net pay of 34.9m."

And

"Recent independent analysis from Wood Mackenzie classifies Mukuyu as the 2nd largest discovery made in Sub-Saharan Africa in 2023 behind Shell’s Jonker-1 discovery in the Orange Basin in Namibia."

The mind boggles; particularly when the share price was well over 30c a share during the M1 campaign; yes, there has been some dilution since then but not to the extent to trap the share below 11c when a discovery has been declared.

At the significant risk of quoting Roch, surely the market cap should be well over A$1bn...

Is it the market pricing in significant Sovereign risk?

Management needs to work hard to get the market to appreciate the extent of the asset and the opportunity. One thing I believe we can all agree on is that the market is there to take-up as much product as can be produced.

Or am I missing something here? IMO