Why the Invictus Energy (ASX:IVZ) share price is dipping lower today

This oil and gas exploration company is re-focusing its efforts on the 2D seismic program.
The post Why the Invictus Energy (ASX:IVZ) share price is dipping lower today appeared first on The Motley Fool Australia. –

The Invictus Energy Ltd (ASX: IVZ) share price is sinking during early afternoon trade. This comes after the energy producer provided an update to its 80% owned and operated Cabora Bassa Project in Zimbabwe.

When the ASX opened up, the company’s share price fell to an intraday low of 15 cents. However, Invictus shares have slightly rebounded at the time of writing, down 2.86% to 17 cents.

Farm-in agreement terminated

Investors are selling Invictus shares following the latest news to come out of the company.

According to its release, Invictus advised that the farm-in offer received in December last year has been terminated.

The company stated that it was unable to satisfactorily complete the proposed transaction due to diligence on the unnamed counterparty. The offer had been subjected to finalising technical, legal and commercial due diligence by both parties.

As a result, discussions between the pair have stopped. Invictus is continuing to engage with other interested parties at this point in time.

Invictus noted that its near-term focus is now on completing the seismic acquisition program. This is expected to be wrapped up sometime towards the end of the third-quarter of the calendar year.

Seismic contractor, Polaris Natural Resources Inc. has received work permits for its staff to commence 2D seismic operations. Invictus is assisting Polaris with camp construction and the recruitment of 120 field crew ahead of the program start date.

Invictus intends to conduct, process, and interpret a minimum of 400-line kilometres of 2D seismic. The company will use this data to refine the location of the Muzarabani-1 well and identify additional prospects.

Perth-based, Aztech Well Construction has been appointed as the drilling project manager for the upcoming basin opening drilling program.

Invictus Energy share price summary

Despite today’s fall, Invictus shares have accelerated by more than 500% over the past 12 months. In 2021 alone, the company’s share price is up by 200%, reflecting positive investor sentiment.

Invictus presides a market capitalisation of around $99 million, with approximately 585 million shares on its books.

The post Why the Invictus Energy (ASX:IVZ) share price is dipping lower today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Invictus right now?

Before you consider Invictus, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Invictus wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

This is how Alphabet (still) makes most of its money

Why A2 Milk and Bega shares are looking so tasty now: analyst

Why Humm, Premier Investments, Western Areas, & Zip shares are sinking

Why the QBE (ASX:QBE) share price is down today

The Afterpay (ASX:APT) share price is falling on Friday

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!