IVZ (ASX) Ann: Share Purchase Plan Oversubscribed

Originally posted by adamjt89: ↑

Hey mate, yep all resolutions passed with approx. 94-95% approval.
Robin and John kicking in about $50k each, **riel $25k and Paul Chimbodza approx. $400k of own funds.
There were x3 gents in the AGM with geo back grounds, so they could provide some better detailed info on the technical aspects, but for me the important points:
Partner vs sole risking – They need a partner with a sizeable balance sheet to assist with becoming a producer. With some of the larger firms interested now, although their teams would add value, progress and timelines would be restricted as we don’t have the ability to make decisions and act quickly. Some of the smaller firms looking to farm in now can provide funding now, but would be of no use later once we look to become a producer. They will reassess post Mukuyu 2 where we are expecting success.
Monetization – Following a successful drilling campaign, we would be looking to commence monetizing the asset (Potentially as early as next year) In terms of oil, they would look to begin extracting barrels and trucking them out locally and to Mozambique to get some cash flow going. For the gas, they are looking at gas to power to feed into local and SA infrastructure. It was noted the gas looks high quality and wouldn’t require much in terms of processing / refinement for the market.
Seismic – Currently clearing lines and should be kicking off next week. They will be getting live data again and the shallower targets look to be more oil prone. Then will then make the call if one of the shallower targets in the plane will be drilled next or if they will drill one of the basin margin targets
Drilling – August is the target pending confirmation of the drilling services contractors, who need approx. 60 days to mobilise. He said they anticipate drilling will take approx. 45-55 days.
Hole deterioration and differential sticking – Scott wasn’t too concerned about this for Mukuyu 2. First time around then went in significantly overbalanced which led to a number of issues. This time around they will tweak the mud design to suit the appropriate conditions, although I don’t believe they will utilise synthetic based mud (SBM).
Testing – They would be looking to suspend the well and design the appropriate test. Believe the test will happen next year, they may run liner then perforate.
Baker – They have reached a settlement with them on the final numbers. Had an absolute nightmare with them, lying to their faces about what tools were onsite, QA checks non-existent, equipment damage during transport etc. Scott mentioned one of the tools had been in a box since 2015 and hadn’t been tested or checked before arriving onsite.
I had to leave early and didn’t get to ask about the PSA or carbon project, apologies!

Expand

The other little matter of the expected/overdue lab results? Anything mentioned? Nothing in the pipeline? SM they aren't going away...break open those results!

No.	Vol.	Price($)
3	50725	6.7¢

No.

Vol.

Price($)

50725

6.7¢

Price($)	Vol.	No.
6.8¢	68393	1

Price($)

Vol.

No.

6.8¢

68393

No.	Vol.	Price($)
3	50725	0.067
8	258024	0.066
3	783384	0.065
3	129202	0.064
5	960900	0.063

No.

Vol.

Price($)

50725

0.067

258024

0.066

783384

0.065

129202

0.064

960900

0.063

Price($)	Vol.	No.
0.068	68393	1
0.069	82736	2
0.070	74981	1
0.071	99434	1
0.072	180000	2

Price($)

Vol.

No.

0.068

68393

0.069

82736

0.070

74981

0.071

99434

0.072

180000

(20min delay)
Last 6.8¢		Change 0.000(0.00%)		Mkt cap ! $96.41M

Open	High	Low	Value	Volume
6.9¢	7.0¢	6.7¢	$110.9K	1.634M

Ann: Share Purchase Plan Oversubscribed, page-234

Legacy shares jump on discovery of multiple epithermal veins at Bauloora JV

American West does it again at Storm with visually identified thick copper hits at Cyclone, Lightning Ridge

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

Greentech finds lithium trend across 5.5 km at WA's Kobe South

PYC commences new study on drug for eye condition Retinitis Pigmentosa type 11

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Share Purchase Plan Oversubscribed, page-234

Top Stories

Legacy shares jump on discovery of multiple epithermal veins at Bauloora JV

American West does it again at Storm with visually identified thick copper hits at Cyclone, Lightning Ridge

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

Greentech finds lithium trend across 5.5 km at WA's Kobe South

PYC commences new study on drug for eye condition Retinitis Pigmentosa type 11

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News