It's been a big year so far for the Invictus Energy Ltd (ASX: IVZ) share price, which has doubled since the beginning of 2021.
In the independent oil and gas exploration company's final announcement for 2020, its managing director, Scott Macmillion, stated it was on "a positive path for a transformational 2021".
The question now is: What has it been doing to make this wild prediction come true?
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What has Invictus Energy been up to since the new year?
Just 3 trading days before the ASX closed for 2020, Invictus Energy announced it had received a farm-in offer to Geo Associates' Cabora Bassa Project.
A farm-in offer is a conditional grant of ownership to a project. In this case, Invictus Energy has an 80% stake in the Cabora Bassa Project.
The Carbora Bassa Project encompasses the Mzarabani Prospect, which is potentially the largest undrilled onshore structure in Africa. It is estimated to be able to produce over 1 billion barrels of oil equivalent.
Geo Associates had already signed a petroleum exploration development and production agreement (PEDPA) with the Republic of Zimbabwe, allowing the project to progress.
Invictus Energy has since undertaken detailed traversing and mapping across the area, identifying the optimal acquisition routes. It stated it was planning to carry out more testing at the end of the rainy season (October to April).
The company has not yet announced when it plans to begin drilling on the Cabora Bassa Project.
Commentary from management
Managing Director of Invictus Energy, Scott Macmillian, commented on the project's timeline in December: "The Company is working to complete the various agreements as soon as possible in order to conclude a transaction, commence the seismic acquisition and basin opening high impact drilling campaign."
Invictus Energy share price snapshot
The Invictus Energy share price is soaring today. At the time of writing, it is 13% up from yesterday's closing price. Though impressive, the company is no stranger to huge gains.
Year to date, the Invictus Energy share price is up 100%. Having started the year at 5 cents, it's currently sitting at 10 cents.
The company has a market capitalisation of $41.75 million with approximately 474 million shares outstanding.
