ZIMBABWE: Invictus Energy Provides Operational & Corporate Update

OPERATIONAL UPDATE
Petroleum Production Sharing Agreement (PPSA)

During the quarter,Invictus reports that 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.

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 – 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.

Farm out 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 & 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.

The Company says its 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.

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

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