First look at IVZ’s ‘String of Pearls’

This morning our 2020 Energy Pick Of The Year Invictus Energy (ASX: IVZ) gave us a first look at its basin margin ‘String of Pearls’ play.

Using the 2D seismic data that IVZ acquired in 2021, the company has managed to map out several high priority prospects all along the basin margin.

The key highlight from today’s announcement was that all of these new prospects come in addition to the single Mukuyu prospect where IVZ’s gross unrisked 20 trillion cubic feet + 845 million barrels of gas condensate prospective resource sits.

IVZ confirmed today that an updated prospective resource is being prepared to include the potential in these prospects. We think the market is underappreciating just how important this could be.

We expect to see this be the next major share price catalyst (outside of the Mukuyu-1 drilling program).

Below is an image of these prospects:

Another highlight from today’s announcement was the comparison made to the East Africa Rift “String of Pearls” play that resulted in material discoveries in the Lokichar Basin in Kenya.

This was the same basin where one of our first ever oil and gas picks Africa Oil made its discovery and re-rated by over 1,200%.

There is no guarantee IVZ will experience the same success Africa Oil did but after today’s announcement, we like that IVZ has multiple shots to open up an entirely new basin in East Africa, first at Mukuyu-1 and then again across the “String of Pearls” prospects.