ZIMBABWE: Invictus Raising $5.5m to Support the Development of the Cabora Bassa Project

Invictus Energy has announced a Placement of $3.5m and Share Purchase Plan (SPP) of up to $2m to raise a total aggregate amount of up to $5.5m (Capital Raising).

Invictus Managing Director Scott Macmillan commented:
“We are pleased to offer our long-term and loyal shareholders the right to participate in a SPP alongside the placement participants. As announced on 9 December 2021, we are positioning Invictus to undertake a 2-well exploration campaign commencing 1H 2022 including the drilling of Muzarabani-1 well targeting prospective# resources of 8.2 Tcf + 247 million barrels conventional gas condensate1. The placement & SPP follows on from recent announcements securing the Exalo #202 Rig and a farm in option agreement with Cluff Energy Africa Limited.

We have a busy 1st half of 2022 planned with finalisation of our data processing for our seismic survey, update of our prospect and lead inventory, conclusion of our farm-out process and securing long lead items as we embark on our planned 2-well drilling campaign of our world class asset including the Muzarabani-1 well which will be one of the largest conventional targets drilled globally in 2022.”

Use of Funds
The proceeds from the Placement will be used to fund a range of initiatives to further develop Invictus’s flagship Cabora Bassa Project, these include:
• Payment of the rig mobilisation fee
• Purchase of long lead items for the planned 2-well drilling programme
• Finalisation of the data processing of CB21 Seismic Surve