Invictus to list shares in US





AUSTRALIA Stock Exchange (ASX) listed Invictus Energy, which is searching for oil and gas in Zimbabwe’s Muzarabani area, is finalising plans for a second listing of its shares in the United States’ middle tier stock market, the OTCQB market.

The company said the decision to pursue another listing in the US was motivated by increased interest and demand for its stock in North America, a move that will enhance its visibility.

Invictus has made encouraging progress in efforts to discover oil or gas in Zimbabwe after acquiring and reprocessing a US$30 million data set first gathered by Mobil in the early 1990s, after the data indicated good prospects for hydrocarbons in Muzarabani.

Invictus, which has made significant traction in its exploration of hydrocarbons in Zimbabwe, said this in an update on the seismic exercise in Muzarabani, which started last month, but has already posted notable milestones.

Generally, a seismic exercise is a process in oil and gas exploration, which entails gathering subsurface vibrations to identify more accurate locations that may indicate underground liquids.

The  process is being undertaken to map sites on which the Australian company may sink oil/gas exploration wells, the first time this will be done in Zimbabwe.

The OTCQB, also called “The Venture Market”, is the middle tier of the over-the-counter (OTC) market for US stocks.

It was created in 2010 and consists mainly of early-stage and developing US and international companies that are not yet able to qualify for the OTCQX, more stringent platforms like NYSE and Nasdaq, but are not as speculative as the lowest-tier Pink Sheets.

The OTCQB, also called “The Venture Market”, is the middle tier of the over-the-counter (OTC) market for US stocks.

It was created in 2010 and consists mainly of early-stage and developing US and international companies that are not yet able to qualify for the OTCQX, but are not as speculative as the lowest-tier Pink Sheets.

The OTCQB replaced the Financial Industry Regulatory Authority (FINRA)-operated OTC Bulletin Board (OTCBB) as the main market for trading OTC securities that report to a US regulator.

The company is finalising its US-based OTCQB listing following significant investor interest from North America. The company will trade on the OTCQB market under the ticker IVCTF.

The company is also in the process of seeking DTC eligibility from The Depository Trust and Clearing Corporation (“DTC”).

DTC eligibility will ensure a more liquid and transparent market for the company’s common shares and enhance our visibility within North America,” the company said yesterday.

The first half of 2022

Providing an update on the Muzarabani project, Invictus Energy said it was pleased with progress on the activities of its 80 percent owned and operated Cabora Bassa Project in Zimbabwe’s Muzarabani area, Mashonaland Province.

The Cahora Bassa 2021 seismic survey campaign, the company said, was progressing well with 220 kilometres of data recording and 240km of layout completed to date.

“The data quality and density being acquired from the CB21 Survey is excellent and a step change from the previous Mobil survey conducted in 1990.

“The HSE (Health Safety Environment) performance has been exceptional, and the project has now exceeded 87 000 hours without a Lost Time Injury (LTI). The seismic data QC (Quality Control) and processing has commenced and ongoing,” the company said.

Invictus appointed Canadian firm Polaris Natural Resources to undertake the seismic survey, which entails gathering sub-surface vibrations of locations which could indicate locations more likely to host domes of oil and or gas.

The work programme will require the acquisition of a minimum of 300 line kilometre 2D seismic, which will enable the drilling of one exploration well to test the potential existence of commercially viable oil and gas deposits.

Polaris has carried out over 1 000 seismic projects globally since 1996 and over 15 projects in East Africa, including introducing the first low impact seismic survey into Africa in 2008.

The Canadian company will acquire a minimum of 400-line kilometres 2D infill seismic of the former French oil giant Mobil seismic programme to identify the best drill location.

In April this year, Invictus signed a Petroleum Exploration Development and Production Agreement (PEDPA) with the Government of Zimbabwe, which forms the basis for accelerated development of the projects, the rights and obligations of each party.

The PEDPA also provides the licence holder the right to enter into a 25-year production licence following the exploration periods and the PEDPA provides for Special Economic Zone Status for the Cahora Bassa Project.

The Muzarabani prospect is a multi-trillion cubic feet (TCF)conventional gas-condensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. It is estimated to host 9,25TCF and 247 million barrels of gas condensate. – Business Weekly