ZIMBABWE: Invictus Awards Well Services Contract to Baker Hughes

Invictus has announced that Baker Hughes has been awarded the integrated well services contract for drilling of the Muzabarani-1 well in the Cabora Bassa basin following the completion of the tender and evaluation process. A Letter of Intent has been executed and the contract is expected to be finalized and executed in coming weeks.

The contract is for services including cementing, mudlogging, drilling fluids, tubular running, directional drilling and logging, installation
of wellhead equipment and project management.

As announced on 10 December 2021, Invictus has contracted Exalo Rig 202 to perform the drilling work, with the first well expected to
spud in the first half of 2022.

Invictus has appointed ERC Equipoise Pte Ltd (ERCE) to conduct an independent prospective resource update for the Cabora Bassa
Project. The review will incorporate the newly acquired and processed high resolution 2D seismic data from the CB21 Seismic
Survey completed in November 2021 and the concurrently reprocessed 1990 vintage Mobil 2D seismic survey for the prospects
and leads identified from the seismic interpretation