Invictus Energy (IVZ) H2 2024 earnings summary

Executive summary

• Achieved a transformational year, advancing from explorer to developer with major milestones at the Cabora Bassa asset, including the Mukuyu-2 gas-condensate discovery, which is among the largest in Sub-Saharan Africa for 2023.

• Secured multiple Gas Sale MOUs with key Zimbabwean entities, providing a clear commercialisation pathway and supporting local industry.

• Completed a secondary listing on the Victoria Falls Stock Exchange, enhancing local investor participation and liquidity.

• Raised over $32 million through private placements and rights issues to fund drilling and exploration activities.

• Advanced negotiations for a Petroleum Production Sharing Agreement (PPSA) with the Zimbabwean government, ensuring a stable legal and fiscal framework.

Financial highlights

• Net loss after tax for FY24 was $5,318,445, compared to a $4,951,928 loss in FY23.

• Basic and diluted loss per share was $0.38, improved from $0.53 in FY23.

• Cash and cash equivalents at year-end were $3,256,044, down from $22,931,927 at the end of FY23.

• Exploration and evaluation expenditure capitalised increased to $122,097,259 from $74,256,799 year-over-year.

• Raised $32.1 million from share issues, offset by $2.1 million in issuance costs.

Outlook and guidance

• Plans to further appraise the Mukuyu field, drill new prospects in the East and Basin Margin plays, and pursue inorganic growth opportunities.

• Intends to develop the Cabora Bassa Gas Condensate project, potentially funded by debt, equity, or a senior farm-in partner.

• Aims to advance the Ngamo-Gwaai-Sikumi REDD+ project for potential carbon offset credits.