IVZ capital raise complete in preparation for Mukuyu-2 Drill

Our 2020 Energy Pick of the Year, Invictus Energy (ASX: IVZ) just completed its third capital raise in the first half of this year.

IVZ raised another $12.75M in an oversubscribed placement at 12c per share.

Identically to the two previous capital raisings the shares come with free options on a one-for-two basis, with an exercise price of $0.20 and expiry date of 7 June 2026.

The shares are expected to be issued on the 14th of June.

That brings the total raised for the year to $35.4M.

With drilling now only a few months away a large part of the funding risk is mitigated going into the company’s drill program in Q3.

What’s next for IVZ?

1) Preparation for drilling Mukuyu-2 in Q3 this year.

IVZ has the Exalo 202 rig warm stacked meaning it can mobilise the rig to site relatively quickly.

At the moment the drilling contractor is completing maintenance and upgrade works, preparing the drill rig for Mukuyu-2.

Upgrades started in April and IVZ expects the rig move to start soon after.

2) 2D Seismic programs across eastern part of project.

IVZ now has the 2D seismic contractor locked in for a ~400km^2 program.

IVZ has already started mobilising seismic equipment and personnel so we shouldn't have to wait for this program to start.

We expect the program to be run in the background while IVZ drills its Mukuyu-2 well.