ZIMBABWE: Invictus Energy Selects Musuma-1 High-impact Well Location Set to Spud in H2 2025

Invictus Energy has provided an update on the Musuma-1 well location following a highly productive in-country visit by the Invictus Energy Board of Directors. Musuma-1 has been confirmed as the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate discovery area, targeting a new play type in the Cabora Bassa Basin.

Musuma is one of eight high potential prospects identified from the CB23 Seismic Survey. Should drilling at Musuma be successful, it could unlock a substantial new resource base in addition to the already proven Mukuyu gas field.

The Musuma prospect was selected based on strong direct hydrocarbon indicators (DHIs) identified in seismic data, including updip brightening and a consistent “flat spot” – a horizontal reflector indicative
of gas-water contact – observed across multiple seismic lines and survey vintages. These amplitude
anomalies significantly enhance confidence in the presence of hydrocarbons at Musuma.

Musuma-1 presents one of the strongest technical cases observed outside of Mukuyu and will be crucial
in understanding the resource potential in the eastern portion of Invictus’s dominant acreage position.
Invictus is currently undertaking the necessary preparatory steps to spud the well in H2 2025, with Exalo
completing maintenance and upgrades on Rig 202 which is stacked at the Mukuyu-2 wellsite.

The Company is also working with the Zimbabwean Government to progress the amalgamation of the
Petroleum Exploration Development and Production Agreement (PEDPA) and Petroleum Production
Sharing Agreement (PPSA) into a single streamlined agreement.

The merging of the agreements is designed to simplify the administrative processes and strengthen the
governance as the Cabora Bassa Project progresses toward development.

Invictus Energy Managing Director Scott Macmillan commented:
“Our recent site visit to Zimbabwe, marks another important milestone in the development of the Cabora Bassa Project and reinforces the strong support from all levels of Government and the broader Zimbabwean community.
The selection of Musuma-1 as the next high-impact exploration well beyond the Mukuyu discovery is a major achievement for Invictus. Musuma is a technically compelling prospect, underpinned by multiple
lines of seismic evidence, including consistent flat spots across different surveys which are indicative of
hydrocarbons.
The well has been designed as a low-cost, low-risk vertical well to test a shallow target with significant
upside. Success at Musuma would unlock a new play fairway, significantly advancing our forward development plans, expand our resource base and accelerate the transition from exploration to
commercial development.
Separately, the consolidation of the Petroleum Exploration Development and Production Agreement and
the Petroleum Production Sharing Agreement provides a clearer path forward and reflects the shared commitment to enabling a successful development.
This is an exciting time for Invictus, I look forward to executing the amended agreement and updating
shareholders as we commence spudding the well in H2 2025.”

Musuma-1 exploration well location selected – spud planned for H2 2025
Musuma-1 has been confirmed as the first high-impact exploration well to be drilled outside the Mukuyu
gas-condensate discovery area, targeting a new play type in the Cabora Bassa Basin. The well has the
potential to unlock a substantial new resource base in the eastern portion of the licence area where a
number of high potential prospects have been identified from the CB23 seismic survey.

The Musuma prospect hosts significant resource potential, targeting 1.2 Tcf of gas and 73 million barrels
of condensate (gross mean unrisked). These estimates were defined following interpretation of the CB23
Seismic Survey which matured the Eastern Margin area of the Company’s Cabora Bassa acreage position.
Musuma-1 is designed as a simple vertical well to a planned total depth of ~1,500 metres, targeting the
relatively shallow reservoir in the Dande Formation.

Notably, during the drilling of Mukuyu-2 (an appraisal well on the Mukuyu discovery), the Dande Formation at that location exhibited good reservoir quality and residual hydrocarbons, indicating that
hydrocarbons had migrated into that shallower horizon.

This suggests an active petroleum system capable of charging the Dande Formation is present. Although
Mukuyu-2’s Dande interval did not contain a trapped accumulation (likely due to local trap breach), it
confirmed hydrocarbons have migrated through and can accumulate in Dande reservoirs elsewhere.

Musuma’s structure, by contrast, displays seismic characteristics indicative of an intact trap, including
the “flat spot” and brightening, suggesting hydrocarbons could be contained within the structure

Figure 1: Seismic section through Musuma

Musuma-1 will be drilled in the EPO 1848 license area aiming to unlock additional gas resources in one of Africa’s last underexplored onshore basins. Musuma is one of eight high potential prospects identified from the CB23 Seismic Survey. Should drilling at Musuma be successful, it could unlock a substantial new resource base in addition to the already proven Mukuyu gas field.

In the event of a discovery, this will provide additional optionality to Mukuyu, enabling the fast-tracking
of the pilot production project at Eureka Gold Mine (proof-of-concept) and laying the foundation for full
field development in the Cabora Bassa Basin, in line with Invictus’ early gas monetisation strategy.

Figure 2 – Musuma-1 proposed well location and vertical trajectory to test Direct Hydrocarbon Indicators (DHIs)

Health, Safety, Environment (HSE) management plans and an updated Environmental Impact Assessment (EIA) are in place, covering the EPO 1848 area. The site construction for the well pad will commence in due course, timed for completion ahead of drilling preparations in H2 2025.

Invictus is securing the necessary drilling rig and service contracts for the Musuma-1 well following the
receipt of proposals from major services providers. The Company will also obtain the balance of
outstanding long lead items and consumables following the execution of the PPSA with the Republic of
Zimbabwe.

Following the drilling of Musuma-1, the well will be logged and evaluated. In the case that hydrocarbons are encountered in significant quantities, comprehensive well testing will be the Company’s next priority. A well testing program (involving flow tests of the reservoir intervals) is designed to measure flow rates, reservoir pressure, and fluid characteristics and will be coordinated with a Mukuyu drilling/testing
campaign to realise cost and operational efficiencies.

Figure 3 – Cabora Bassa Prospect and Lead Portfolio

Petroleum Production Sharing Agreement unification
At the end of March, the Invictus Energy Board of Directors completed a productive in-country visit to Zimbabwe. The delegation met with a broad range of key stakeholders including senior Government representatives, the Mutapa Investment Fund, traditional leaders, local investors, potential offtake
partners, and strategic project partners.

A major focus of the visit was to advance the finalisation of the PPSA. Following a detailed review of the
draft agreement by Invictus, external legal counsel to the Republic of Zimbabwe, and relevant line ministries, it was agreed to amalgamate the PPSA and the existing Petroleum Exploration Development
and Production Agreement (PEDPA) into a single, streamlined agreement.

This unification represents a significant enhancement to the regulatory and commercial framework of the Cabora Bassa Project. While this strategic decision has resulted in an adjustment to the original timeline, it will deliver substantial long-term benefits over the project life by simplifying the administrative processes and strengthening governance as the project progresses toward the development phase.

The updated agreement is now in its final stages of preparation and, under the direction of the Zimbabwe President, is being fast-tracked for execution as soon as possible. This decisive action underscores the Zimbabwean Government’s commitment to enabling the timely and successful development of the Cabora Bassa Project.