Author: TSA Press

QUARTERLY
HIGHLIGHTS

Operational

• Final
  Petroleum
  Production
  Sharing
  Agreement
  (PPSA)
  review
  completed,
  and
  finalisation
  in
  progress
  in
  preparation
  for
  execution.
• 3D
  seismic
  and
  additional
  appraisal
  drilling
  and
  testing
  at
  Mukuyu
  gas
  field
  planned.
• Next
  exploration
  drilling
  campaign
  to
  focus
  on
  the
  Musuma
  prospect
  to
  test
  the
  Dande
  play
  in
  eastern
  Cabora
  Bassa.
• Farm
  out
  process
  progressing,
  with
  discussions
  advancing
  with
  a
  number
  of
  prospective
  partners.

Corporate

• Tranche
  2
  of
  US$10
  million
  Zimbabwe
  strategic
  capital
  raise
  completed
  at
  AU$0.10
  per
  share
  with
  additional
  US$2
  million
  of
  oversubscriptions
  accepted.
• Company’s
  AGM
  held,
  with
  all
  resolutions
  passed.

Operational
update

Petroleum
Production
Sharing
Agreement
(PPSA)

During
the
quarter,
a
final
independent
review
of
the
Petroleum
Production
Sharing
Agreement
(PPSA)
was
completed
by
external
European
legal
counsel,
marking
a
significant
milestone
in
the
development
of
the
Company’s
exploration
and
production
activities
(refer
ASX
announcement
29
November
2024).

The
PPSA
is
designed
to
ensure
equitable
sharing
of
value
generated
from
the
Cabora
Bassa
Project
between
the
Government,
Invictus
and
its
partners
and
will
also
provide
a
robust
governing
framework
for
Zimbabwe’s
oil
and
gas
sector.

The
Mutapa
Investment
Fund
of
Zimbabwe
(“Mutapa”)
–
which
committed
to
underwriting
US$5
million
of
a
$10
million
capital
raise
in
mid-2024
–
has
been
assigned
the
beneficiary
of
the
PPSA
product/profit
share
and
equity
holder,
on
behalf
of
the
Republic
of
Zimbabwe.

Finalisation
of
the
PPSA
is
in
progress
in
preparation
for
execution.

Farmout
and
strategic
partner
options
progressing

During
the
quarter,
Invictus
continued
discussions
with
a
range
of
potential
farm
out
and
strategic
partners
to
provide
funding
and
support
for
the
Cabora
Bassa
Project
and
forward
work
programs.

Exploration
and
Appraisal
Program

In
Q3
2024,
eight
new
high
potential
prospects
were
defined
in
the
eastern
Cabora
Bassa
basin
totalling
2.9
Tcf
gas
and
184
MMbbl
condensate,
highlighting
significant
upside
potential
for
the
Project
(refer
ASX
announcement
on
3
September
2024).

The
Company’s
next
drilling
campaign
will
focus
on
exploring
the
Musuma
prospect
to
test
the
Dande
play
in
eastern
Cabora
Bassa.
This
prospect
has
interpreted
seismic
amplitude
support
and
is
estimated
to
have
a
recoverable
prospective
resource
of
more
than
1
Tcf
and
73
million
barrels
of
condensate.

Further
3D
seismic
and
appraisal
drilling
and
well
testing
at
the
Mukuyu
Gas
Field
is
planned
to
determine
future
development
well
locations
and
prepare
for
the
early
commercialisation
pilot
gas-topower
project
for
the
Eureka
Gold
Mine
(refer
ASX
announcement
on
23
April
2024).

The
Company
continues
to
conduct
further
evaluation
of
the
oil-prone
Basin
Margin
play
to
select
additional
prospects
for
future
drilling.

Tranche
2
of
strategic
Zimbabwe
investment
completed

During
the
quarter,
the
second
tranche
of
the
US$10
million
Institutional
Placement
managed
by
Mangwana
Capital
(Private)
Limited
was
completed
(refer
ASX
announcement
on
31
December
2024).

Due
to
strong
demand,
the
Company
also
accepted
an
additional
US$2
million
in
oversubscriptions
on
the
same
terms.

Tranche
one
of
the
Placement
was
partially
underwritten
by
Mutapa,
which
was
completed
in
August
2024
(refer
ASX
Announcement
on
1
August
2024).

This
strategic
investment
is
historic
for
both
Invictus
and
investors
in
Zimbabwe,
who
can
now
hold
and
trade
securities
in
the
Company
through
its
secondary
listing
on
the
Victoria
Falls
Stock
Exchange.

AGM
meeting
and
results

On
29
November
2024
the
Company
held
its
Annual
General
Meeting
(AGM)
in
Perth,
Western
Australia.
All
resolutions
put
to
the
AGM
were
approved.

Original
announcement
link

Source:
Invictus
Energy

Post
published
in:

Business

Cybercriminals
remain
a
major
threat
in
the
healthcare
sector
—
with
the
vast
majority
of
healthcare
organizations
reporting
spotted
a
cyberattack
and
suffered
financial
consequences
within
the
past
12
months,
according
to
recent
research.

A

report
released
this
month
by
cybersecurity
firm

Netwrix
showed
that
84%
of
healthcare
organizations
had
faced
a
cyberattack
within
the
past
year.
The
research
is
based
on
a
survey
of
more
than
1,300
IT
and
security
professionals
across
various
industries.

The
report
also
found
that
nearly
70%
of
healthcare
organizations
were
forced
to
deal
with
financial
damages
as
a
result
of
their
cyberattack.

Additionally,
21%
of
organizations
reported
a
change
in
leadership
as
a
consequence
of
an
attack,
and
19%
reported
being
hit
with
lawsuits.
Both
of
these
rates
were
higher
compared
to
other
sectors
that
were
surveyed.

Phishing
was
the
most
common
attack
method
used
in
healthcare
cyberattacks,
which
was
in
alignment
with
other
industries.

“Healthcare
workers
regularly
communicate
with
many
people
they
do
not
know
—
patients,
laboratory
assistants,
external
auditors
and
more
—
so
properly
vetting
every
message
is
a
huge
burden.
Plus,
they
do
not
realize
how
critical
it
is
to
be
cautious,
since
security
awareness
training
often
takes
a
back
seat
to
the
urgent
work
of
taking
care
of
patients.
Combined,
these
factors
can
lead
to
a
higher
rate
of
security
incidents,”
Dirk
Schrader,
Netwrix’s
field
CISO
and
vice
president
of
security
research,
said
in
a
statement.

The
increasing
severity
of
cyberattacks
in
the
healthcare
sector
was
further
underscored
this
month
by

research
released
by
cybersecurity
vendor

Black
Kite. 

The
company’s
report
showed
that
certain
ransomware
gangs
are
disproportionately
targeting
organizations
in
the
healthcare
industry.
Leading
the
charge
are
ransomware
groups
Everest,
Monti
and
INC
Ransom
—
roughly
quarter
of
their
victims
are
in
the
healthcare
sector,
according
to
Black
Kite’s
research.

Cybercriminals’
war
on
healthcare
data
shows
no
signs
of
slowing
down,
either.
The
report
revealed
that
overall
cyberattacks
on
healthcare
organizations
rose
by
32%
year-over-year.

“The
fallout
from
Change
Healthcare
fundamentally
altered
how
ransomware
groups
operate,
making
healthcare
organizations
prime
targets,”
said
Ferhat
Dikbiyik,
Black
Kite’s
chief
research
and
intelligence
officer,
said
in
a
statement.
“Threat
actors
have
refined
their
tactics
to
maximize
efficiency,
evade
law
enforcement,
and
increase
their
chances
of
securing
ransoms.
These
shifts
in
both
tactics
and
target
criteria
have
made
ransomware
attacks
more
frequent,
unpredictable,
and
strategically
devastating,
especially
in
the
healthcare
industry.”

Photo:
WhataWin,
Getty
Images

Ed.
Note:
Welcome
to
our
daily
feature

Trivia
Question
of
the
Day!

Which
federal
agency
could
be
particularly
harmed
if
forced
to
adhere
to
the
Trump
administration’s
return
to
the
office
mandate
(along
with
the
federal
government
hiring
freeze),
as
96%
of
its
workforce
is
permanently
remote?

Hint:
Thanks
to
telework,
which
the
agency
pioneered
starting
in
1997,
the
agency
has
employees
in
all
50
states,
Washington,
D.C.,
and
Puerto
Rico
who
work
remotely.

See
the
answer
on
the
next
page.

Former
Solicitor
General
Elizabeth
Prelogar
is
a
noted
appellate
attorney
who
ended
her
SG
reign
when
Joe
Biden
left
the
White
House.
Given
the

questionable
Republican
tactics
that
resulted
in
a
conservatively
stacked
High
Court,
Prelogar’s
job
was
particularly
challenging.
But,
by

all
accounts, 
she
shined
in
the
role. 
After
four
years
arguing
in
front
of
the
Supreme
Court,
it
looks
like
she’s
after
something
a
little
different.

As

reported
by
Law360,
she’ll
be
teaching
“Changing
Paradigms
in
the
Supreme
Court,”
something
she’s
uniquely
qualified
to
opine
on:

As
a
visiting
professor,
she
will
teach
a
first-year
course
on
the
Supreme
Court’s
recent
focus
on
text,
history
and
tradition,
as
well
as
its
move
away
from
stare
decisis,
the
principle
that
prior
judicial
rulings
should
be
respected,
according
to
the
class’
website.
Michael
Dreeben,
another
solicitor
general’s
office
veteran,
is
listed
as
Prelogar’s
co-instructor.

Prelogar
will
teach
the
class
for
at
least
the
spring
2025
semester,
her
faculty
assistant,
Laura
Zeng,
told
Law360.

One
class
is
all
that’s
currently
on
Prelogar’s
schedule.
That
means
the
door
is
still
open
for
Biglaw
firms
that
might
be
interested
in
locking
down
the
elite
appellate
litigator.

Kathryn
Rubino
is
a
Senior
Editor
at
Above
the
Law,
host
of

The
Jabot
podcast,
and
co-host
of

Thinking
Like
A
Lawyer.
AtL
tipsters
are
the
best,
so
please
connect
with
her.
Feel
free
to
email

her
with
any
tips,
questions,
or
comments
and
follow
her
on
Twitter

@Kathryn1 or
Mastodon

@[email protected].

What
is
it
that
they
say
about
criminals
returning
to
the
scene
of
the
crime?

That
would
be
Stewart
Rhodes,
the
white
supremacist
Oath
Keepers
militia
leader
who
led
an
attack
on
the
Capitol
four
years
ago
scarfing
doughnuts
inside
the
Longworth
House
Office
Building.
He’s
the
one
with
the
eye
patch,
since
he

dropped
a
loaded
handgun
while
teaching
a
gun
safety
course
and

shot
out
his
eye
in
1993.
The
other
dude
is
Ivan
Raiklin,
the

self-styled
“Secretary
of
Retribution”
for
Trump,
who
flogged
nonsensical
theories
about
Mike
Pence’s
ability
to
discard
electoral
votes
at
will.

Within
hours
of
taking
the
oath
of
office
Monday,
President
Trump
had
already

pardoned
almost
1,600
participants
in
the
Capitol
Riot,
many
of
whom
assaulted
police
officers.
Among
those
were
members
of
the
white
supremacist
Proud
Boys
gang,
several
of
whom
were
convicted
of
seditious
conspiracy.
But
Rhodes
and
his
fellow
Oath
Keepers
only
received
a
commutation.

Perhaps
this
is
because
the
Oath
Keepers

stashed
a
huge
cache
of
weapons
at
a
Comfort
Inn
in
Arlington
and
hoped
that
Trump
would
invoke
the
Insurrection
Act
as
they
marched
in
military
formation
on
the
Capitol.
Perhaps
it
was
because
they
were

uniquely
careless
about
their
communications.

At
his
trial
in
2022,
prosecutors

played
a
recording
of
Rhodes
saying,
“My
only
regret
is
they
should
have
brought
rifles.
We
should
have
brought
rifles.
We
could
have
fixed
it
right
then
and
there.
I’d
hang
fucking
Pelosi
from
the
lamppost.”

Rhodes
got
18
years,
but
walked
out
of
jail
on
Tuesday
and
made
a
beeline
for
Congress. According
to

The
Hill’s
Emily
Brooks,
Rhodes
and
Raiklin
were
there
to
lobby
Republican
Rep.
Gus
Bilirakis
for
a
pardon
for
Jeremy
Brown,
an
Oath
Keeper
from
Florida
currently
serving
an

87-month
sentence
for
possession
of
unregistered
guns
and
explosive
and
retention
of
a
government
document.
(He
seems
nice.)

Rhodes’s
presence
at
the
scene
of
the
crime
did
not
go
unnoticed.
One
unnamed
staffer
called
it
“disrespectful”
and
urged
him
to
“please
tell
your
story
elsewhere.”
And
it
did
not
amuse
Judge
Amit
Mehta,
who
sentence
Rhodes
and
his
co-conspirators
and
previously

described
the
prospect
of
a
pardon
for
them
“frightening
to
anyone
who
cares
about
democracy
in
this
country.”

This
morning,
Judge
Mehta
issued
an

order
sua
sponte
amending
the
conditions
of
release
for
Rhodes
and
his
fellow
Oath
Keepers
Kelly
Meggs,
Kenneth
Harrelson,
Jessica
Watkins,
Roberto
Minuta,
Edward
Vallejo,
David
Moerchel,
and
Joseph
Hacket.
Because
their
sentences
were
commuted,
rather
than
pardoned,
they
remain
under
supervision
of
the
court.
And
so
Judge
Mehta
is
able
to
bar
them
from
entering
the
Capitol
complex
or
surrounding
area
without
permission
of
the
court.
Presumably
Trump
will
remedy
this
oversight
shortly.

In
the
meantime,
former
Capitol
Cop
Michael
Fanone
put
it
more
succinctly.

And,
lo!
Even
as
we
were
typing,
the
Justice
Department
was
hopping
to
the
defense
of
these
saintly
patriots.
In
a

motion
to
dismiss
the
terms
of
supervised
release,
the
government
demands
that
Judge
Mehta
rescind
his
order.

As
the
terms
of
supervised
release
and
probation
are
included
in
the
“sentences”
of
the
defendants,
the
Court
may
not
modify
the
terms
of
supervised
release;
the
term
is
no
longer
active
by
effect
of
the
Executive
Order.
See
United
States
v.
Haymond,
588
U.S.
634,
648
(2019)
(Supreme
Court
has
acknowledged
“that
an
accused’s
final
sentence
includes
any
supervised
release
sentence
he
may
receive”
and
therefore
“supervised
release
punishments
arise
from
and
are
treat[ed]
as
part
of
the
penalty
for
the
initial
offense”)
(cleaned
up)).

The
motion
was
signed
by
Ed
Martin,
the
interim
US
Attorney
for
DC.
Martin
is
a

conservative
activist
and
a
a
prominent
member
of
the
“Stop
the
Steal”
movement
who
gave
a
speech
at
the
Ellipse
on
January
6
and

tweeted
“Like
Mardi
Gras
in
DC
today:
love,
faith
and
joy.
Ignore

#FakeNews”
at
2:57
p.m.,
after
rioters
had
breached
both
the
House
and
Senate
Chambers.

Liz
Dye lives
in
Baltimore
where
she
produces
the
Law
and
Chaos substack and podcast.