ZIMBABWE: Invictus to Commence Field Operations & Completion of Placement with Strategic Investor

Seismic Acquisition & Drilling Plan Advancing
The Company successfully concluded its recent field operations and reconnaissance program in the Cabora Basa Basin. Detailed traversing and mapping across the area has been completed and identified the optimal acquisition routes. The Company is making
significant progress on executing the first seismic acquisition program in the country for 30 years and is working closely with the seismic contractors on a planned acquisition campaign in 2021 to commence once the rainy season has concluded. This will be
followed by a high impact basin opening drilling campaign to test the petroleum potential of the Cabora Bassa Basin.

Field Operations Completed & Additional Seal Potential Identified
The recent reconnaissance field program also revealed additional exposure of the Jurassic-Cretaceous aged Dande Formation and possibly younger sediments approaching the southern Basin edge. A significant sequence of mudrock interbedded with sandstone,
giving rise to typical ‘ridge and furrow’ topography, was observed for several kilometres along a section coincident with the traverse completed along proposed seismic line L35. The conclusion drawn from this observation is that the post-Dande Formation, in this
locality and possibly elsewhere, contains a significantly larger proportion of mudrock than previously recognised.

Such developments could have significant intra-formational seal potential for this sequence and de-risk a key element of the petroleum system for this play. The observation of these significant mudrock sequences within this unit is consistent with the interpretation of better developed seals moving basinward. The interpretation is further supported by the elevated amplitude anomalies which may indicate the presence of
hydrocarbons (Figure 1) on the high side fault trap coincident with the previously identified Lead A (Figure 2) feature in the post Dande formation and could indicate a competent seal and reservoir pair.

Figure 1 – Lead A showing elevated amplitude anomaly on high side fault trap shown on nears

Figure 2 – Lead A in Post Dande location shown on seismic line 13

These younger sequences (Dande and post Dande) were not the focus of previous studies or operators and as a result little information on the potential of this sequence has been gathered until now. The reconnaissance program has also identified additional locations for further geochemical sampling and analysis which is being undertaken.

Production Sharing Agreements progressing through approvals
The Production Sharing Agreements with the Republic of Zimbabwe continue to progress and are now in the approval process. The Company will provide updates to the market regarding progress to the finalisation of the PSA and any associated Government approvals