JRI 19: Invictus Energy. Scott clarifies Mukuyu-1 results and IVZ’s evolution into an oil developer

Junior Resource Investing

Time Stamps below.

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Invictus is opening one of the last untested large frontier rift basins in onshore Africa - the Cabora Bassa Basin – in northern Zimbabwe. The first high impact well, Mukuyu-1, came back agonisingly close to a discovery announcement and the company is now preparing its next move in this highly prospective basin. MD Scott MacMillan is here today to hopefully shed some light on the recent past as well as the near future of Invictus.

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02:30: New Board Member John Bentley

06:15: Sneak Peek at new board member 12:00: Scott recaps the drilling of Mukuyu-1

19:50: “I think we’ve got something here”

25:30: Background gas

33:00 “The Discovery Perspective… but we had to stop because it wasn’t working”

35:15: Price of the Rig

40:30: Lessons to take from M-1

41:30: Timelines

42:00: LWD tool 46:30: Budget costs for M-1/ST-1 and paying for failed services

47:20: Market Response (and discrepancy) “I think there has been a fundamental misunderstanding of what we found”

49:30: It’s not a geological issue, it is a tool issue”

49:45: Chance of Success

53:30: Net Pay from samples (samples in the lab)

59:40: Geologist Questions

61:00: Depositional Environment

63:00: Source Rocks

64:40: Upper Angwa as primary target 67:00: Oil Samples Found Within the Sidewall Core

70:10: Seal “We saw a lot of seal in this basin and very effective” “You don’t get these sort of opportunities very often to join a company in this sort of phase”

71:50: Next steps. Seismic vs. Spud “We’ve got a big portfolio of prospects and leads”

74:50: Why not twin a drill hole just for a fluid sample just to gain a discovery

75:50: Stepping out

76:30: Resource Estimate

80:50: Rainy season and surface conditions 82:50: Long lead items and how much they’re ordering

84:30: Rig Upgrades and Repairs

87:00: Warm-stacking the rig

88:30: Schedule for the next 0-12 months

90:00: Thought process behind the decision-making on the next move

95:00: Farm-in and JV Interest

97:30: “The hard part is knowing where we should be” “It is something that has been missed by the market, and mispriced”

102:00: Upper Angwa Reservoir Quality

105:50: Financing

113:40: Parting Thoughts

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