This article offers some clarity straight from the horses mouth (Scott) regarding termination of non-binding farm out. Key takeaways:
“Invictus is in a much better position than we were last year when we received the farm in offer,” said the company’s managing director Scott Macmillan.
“Whilst it was a good offer at the time it doesn’t really make sense for us to complete the deal at present as it substantially undervalues the asset given our market cap, the support that we have had from our shareholders and our ability to raise money, particularly for a relatively low cost onshore program.
“Our previous capital raise in March to fund the seismic program and drilling long leads was overbid by 5 times in the space of 3 hours.”
The company plans to drill a well early next year, Macmillan continued. This does not rely on bringing in a partner, he said.
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