Excellent outcome here to raise at a very decent premium (~25%) as a few of us here had predicted.
Seems the PPSA will come good very soon - on Africa time.
We are very well funded now for the next small chapter and I think the JV deal / farm-out won't take too long now to mature also. I have had a feeling that it is contingent to the PPSA signing.
So it seems after this raise we have the funding in place for the continuation of the various studies and business activities, 3D seismic, well test + deepening and testing. And I guess completion of the well in a way that will allow it to be part of the early production pilot.
Then I am guessing the next big chunk of funds will come from our future JV partner and I expect the amount to be enough to pay for at least 3 additional wells (1 in the basin margin, 1 to the east and 1 either additional east or additional Mukuyu on a sweet spot that they see from the pending 3D seismic).
Seems we are ticking boxes and the patient may be very well rewarded in the coming years.
IVZ Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held
