Australia's Invictus Energy gains on Cabora Bassa project update

Invictus Energy

06/10/2022 03:42

** Shares of Invictus Energy Ltd  IVZ.AX  rise as much as
10% to A$0.220, their highest intraday pct gain since Aug 5
    ** Co receives updated independent technical report from Oil
and Gas Reservoir Evaluation (ERCE) estimating "substantial"
additional resource potential at Cabora Bassa project in
Zimbabwe https://bit.ly/3V3pKMG
    ** Says ERCE estimates gross mean recoverable conventional
potential of Basin Margin Area of project at 1.17 billion
barrels of conventional oil on a gross mean unrisked basis
    ** Says total Cabora Bassa Prospective Resource is greater
than 5.5 billion barrels of oil equivalent
    ** Invictus owns 80% share in the Cabora Bassa project
    ** Shares at their highest since Sept 20 
    ** About 12.1 mln shares exchange hands vs the 30-day
average of 6.4 mln shares 
    ** Invictus stock up 60% this year, as of last close 
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))