Yes the clock starts ticking on the field for Invictus once it is declared commercial, which is why bigger Companies spend ten Years or so developing a field before commercialising it.
The plus side is Mukuyu is one of many, so early production is beneficial for income, a JV with a larger player for Mukuyu would expedite field development faster, while allowing M2 to run on an extended test until somewhere after 3D is completed and they can sink more wells. I wouldn’t expect Mukuyu to be commercialised until they had a few more wells sunk at the least.
This is why I think OTP is right, sell a large chunk of Mukuyu and get on with exploring the basin while 3D is completed, they may even bring in a second rig for Mukuyu depending on how the rest plays out.
IVZ Price at posting:
7.4¢ Sentiment: Buy Disclosure: Held
