ZIMBABWE: Invictus Energy Appoints New Country Manager, Signs Rig Contract

Invictus Energy has announced the appointment of Barry Meikle as Country Manager of the Company an elevation after serving as the company for the CB21 Seismic Survey and lead the execution of the seismic survey which was delivered within budget and on schedule with
147,000 hours of LTI free operations.

Meikle has previously been involved in a range of onshore geophysical, operational and camp project management in mining and oil and gas in Africa including in Kenya with the successful Lokichar Basin drilling campaign and Papua New Guinea with InterOil and Total Energies.

The company has also confirmed it has executed a binding drilling rig contract with Exalo Drilling SA to drill the Muzarabani-1 exploration
well and an option for an additional exploration well for the basin opening drilling campaign, scheduled to commence in June 2022.

The contract comes after Invictus entered an MOU with the company last December and involves the Exalo #202 rig, which has
a drilling range of 5000m. The #202 Rig is currently engaged in operations in Tanzania and is expected to commence mobilization
to the Cabora Bassa project in May.

Invictus Managing Director Scott Macmillan commented:
“The maiden drilling program to test the world-class Muzarabani prospect is coming together very well, having secured Exalo’s #202 rig, global well services provider Baker Hughes and long lead items. Invictus welcomes Country Manager Barry Meikle to the team at this critical time as the Company ramps up activity in the Cabora Bossa basin. Having strong local leadership that continues to engage widely with stakeholders as we mature additional potential within our acreage and build our prospective resource inventory is crucial. I am looking forward to spending time on the ground in Zimbabwe over the next month to ensure our campaign remains focussed as momentum builds.”

Last week the Company finalized the processing of its 2021 Cabora Bassa 2D Seismic Survey, with the interpretation of the data now underway. Early interpretation has revealed multiple trapping geometries and a target-rich hydrocarbon environment. The Company has identified a number of potential well locations for the Muzarabani-1 well and is maturing additional prospects identified from the CB21 Survey for a second well to be drilled in the upcoming campaign.