ZIMBABWE: Mukuyu-2 Appraisal and Phase 2 Exploration Commences

During the quarter, Invictus commenced preparations for the Mukuyu-2 appraisal well and
Phase 2 exploration campaign at its 80 per cent owned and operated Cabora Bassa project in
Zimbabwe.
The tendering process commenced during the quarter for minor additional long leads and well services for the Mukuyu-2 well, which is anticipated to spud in early Q3 CY2023.
The well will target multiple hydrocarbon (gas-condensate and potentially light oil) bearing intervals encountered in the Mukuyu-1/ST1 well in the Upper Angwa and Pebbly Arkose formations, with the aim of confirming a gas-condensate discovery.
Mukuyu-2 will also test additional prospectivity in the deeper Upper Angwa and undrilled Lower Angwa, which were not penetrated in the Mukuyu-1/ST1 campaign, providing further upside potential. It will also aim to test the Post Dande horizon away from the major eastwest fault on the southern flank.
The design of Mukuyu-2 will allow for flow testing to confirm reservoir deliverability and connectivity following a successful discovery.

As announced in the ASX release on 3 January, Invictus and Exalo Drilling S.A executed a contract amendment for Rig 202 to remain in the Cabora Bassa basin for up to 12 months.
The rig will undergo planned upgrades and maintenance prior to mobilisation to the Mukuyu-2 wellsite to commence drilling.
Seismic campaign set to start
Invictus commenced preparations during the quarter for a 2D seismic campaign, which is anticipated to commenced in May pending the award of the seismic contract.
The 2D seismic program will focus on multiple leads along the proven play on trend and to the east of Mukuyu, as well as additional leads along the highly prospective Basin Margin play.
The acquisition of modern 2D seismic is anticipated to allow the Company to mature a number of these leads, previously identified on vintage seismic data, to drillable prospects.
The appraisal well will be drilled using the Exalo Rig 202, which remained warm stacked at the Mukuyu-1 wellsite following the completion of operations at the start of the quarter.