JRI 37: Invictus Energy. ”Shooting Fish in a Barrel.” MD Scott Macmillan explains the future of IVZ.

Junior Resource Investing

Time stamps below

I have a Substack! https://juniorresourceinvesting.subst... Scott Macmillan of Invictus Energy (IVZ.AX, IVCTF) joins me and independent consultant Jamie Vinnels for another "fireside chat" update built around investor questions. In this wide-ranging conversation, Scott discusses the past, present, and future of Invictus, and makes his case as to why things are looking up for the company. With their Mukuyu-2 well due to spud by the end of September, all eyes are on Invictus to see if they can finally achieve the transformative results they teased the market with this time last year. Make sure to use the time stamps below!

Time Stamps:

Mukuyu-1 Chat

08:30: Update on rock and fluid analysis

15:15: Timeline of core analysis news release?

18:15: How was Mukuyu-1 left? P and A? Re-enter?

22:20: Root causes on time dependent hole stability issues

24:30: Mud chat sidebar conversation Mukuyu-2 Chat

28:20: What went into changing the position for Mukuyu-2?

35:15: Different HCs in different parts of the land block – different source rock? Different maturity window?

39:10: Concerns surrounding monitoring of next well – appropriate specialists etc. – what are you adding to ensure success

45:30: What is the “goal” of Mukuyu-2? What does success look like? (4 separate discoveries?)

51:30: Will you use MDT to confirm pay while drilling or TD first then wireline?

55:15: Pebbly Arkose (inc. Net-to-gross percentage, trapping mechanisms)

57:00: Upper Angwa

60:30: Mud chat

61:00: WBM? Bringing on Lokichar Mudman

63:15: Spudding of the Well – on track to spud in September?

63:30: Confirmation of wet season

67:20: Mid-September spud

67:20: How long do we have the rig booked for?

69:00: Sidetracking Mukuyu-2? What do you do after success at Mukuyu-2? (drill new well or flow test)

74:00: Favourite zone of interest?

77:20: How much fluid needs to be brought to surface to declare a discovery?

79:20: How fast to booking reserves

82:00: Using up production time limits prematurely

83:15: Can you justify philosophically why to delay flow testing a bit. (feasibility of aggressive timeframe) Post Mukuyu-2

89:15: Updated Resource Estimate?

94:15: Getting closer to P10 or P90?

96:20: Farm-in/JV process

96:45: How much does a sample to surface impact potential partners? How much work is needed to begin to extract fair value?

101:15: Is a formal JV process underway?

102:45: When does Scott feel the basin is understood well enough to prompt serious outside interest?

106:30: PPSA – risks and concerns? Merited or not?

109:00: What is the hold-up? Jurisdictional risk?

116:15: Is there risk to announce a discovery without PPSA?

118:15: What happens if the opposition is elected?

122:00: Helium

128:30: When does this work program accelerate to a more meaningful scale? Where do you go next?

139:45: Final thoughts and good byes

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