Invictus Energy (IVZ) Q1 2025 TU earnings summary

Executive summary

• Defined eight high-potential prospects in eastern Cabora Bassa totaling 2.9 Tcf gas and 184 MMbbl condensate (gross mean unrisked).

• Focused next exploration drilling at Musuma prospect, targeting Dande play with 1,170 Bcf gas and 73 MMbbl condensate potential.

• Mukuyu Gas Field exploration license extended for three years to June 2027.

• Transitioning from explorer to developer after significant Mukuyu gas discovery.

• Farm-out process for Cabora Bassa Project advanced with multiple options under consideration.

Financial highlights

• Raised US$10 million via institutional placement, including US$5 million strategic investment from Mutapa Investment Fund.

• Cash and cash equivalents at quarter end: AUD $9.85 million, up from AUD $3.26 million previous quarter.

• Net cash used in operating activities: AUD $994,000 for the quarter.

• Exploration and evaluation spend: AUD $1.24 million for the quarter.

• No borrowings or credit facilities drawn at quarter end.

Outlook and guidance

• Planning 3D seismic acquisition and additional appraisal drilling at Mukuyu Gas Field.

• Early commercialisation pilot for gas-to-power project in preparation.

• Estimated 4.4 quarters of funding available based on current cash and outgoings.