ZIMBABWE: Mukuyu-2 Appraisal Well Location Selected Ahead of Spudding in Q3 2023

Invictus Energy Limited has provided an update on the Mukuyu-2 appraisal well, a follow up to the successful, play-opening Mukuyu-1 well in the Cabora Bassa Basin in Zimbabwe.

Comments from Managing Director Scott Macmillan:
“Selection of the Mukuyu-2 appraisal well location, refinement of the well trajectory and drilling
plans have been completed as we prepare to follow up from our highly successful basin opening
Mukuyu-1/ST-1 well.

The Mukuyu-2 well will be located approximately 6.8km north-east from Mukuyu-1 and over
400m updip at the primary Upper Angwa target, which provides the potential to prove up a
material discovery upon success.

Mukuyu-2 will be a near vertical well with a planned total depth of approximately 3,700m, which
will also enable us to penetrate the untested Lower Angwa reservoirs in this location.
Preparations for the drilling of Mukuyu-2 are well underway and focused on leveraging the
insights from our previous campaign. The wellpad construction is progressing well and we remain
on schedule to spud in the third quarter of CY23.

“Mukuyu-1/ST1 has already confirmed the presence of light oil, gas and helium, de-risking
drilling in the frontier Cabora Bassa Basin.
Success at Mukuyu-2 and confirmation of a significant discovery will further unlock the value of
our material portfolio and basin master position in the Cabora Bassa Basin.”

Mukuyu-2 appraisal well location selected

Following completion of the refined seismic interpretation, incorporating results from the
Mukuyu-1/ST-1 well, the Mukuyu-2 subsurface targets and appraisal well location have been
selected.

Mukuyu-2 will be located approximately 6.8km to the north-east of Mukuyu-1,
targeting a prominent horst block within the greater Mukuyu structural closure.

The primary target interval, the Triassic Upper Angwa Formation, sits approximately 400m
shallower at Mukuyu-2 than at Mukuyu-1. This location will provide excellent information on
the distribution and reservoir quality of Upper Angwa sands.

The Mukuyu-2 well trajectory is planned to be near vertical from the surface
location (maximum inclination of 12°) to provide optimal penetration of several stratigraphic
intervals within the same structural horst block, while minimising operational complexity for
both drilling and formation evaluation activities.

The well will also penetrate multiple additional targets including the Dande (JurassicCretaceous), Forest and Pebbly Arkose (both Triassic) Formations within the Mukuyu anticline in the central horst structure.

The well will be drilled to a planned total depth of approximately 3,700m to penetrate seismic
reflectors interpreted to be the Lower Angwa sequence. The Lower Angwa has reservoir
potential demonstrated from the outcrops of massive sandstones in the basin, but was not
penetrated by Mukuyu-1 as the Upper Angwa Formation was thicker than pre-drill prognosis.

At the Mukuyu-2 location, the Lower Angwa reservoirs are interpreted to be juxtaposed
against the Upper Angwa Formation, containing multiple mature source rock intervals
potentially in the light-oil / gas-condensate generation window and within the fetch area of
the basin depocenter to the north of Mukuyu.

Given the early-stage exploration of the hydrocarbon habitat in the Cabora Bassa Basin, a
comprehensive formation evaluation program is planned which, in addition to the formation
pressure testing and fluid sampling, includes wireline logs, sidewall cores and a vertical
seismic profile (VSP).

This will provide critical information on the Mukuyu structure and contribute to the characterisation of the wider basin prospectivity where the Company has already mapped an extensive portfolio of prospects and leads. A number of these are expected to be matured into drill ready prospects as a result of the ongoing CB23 seismic survey.

In the event of a successful appraisal result, the drilling program will allow for the suspension
of Mukuyu-2 for a future well test to confirm reservoir productivity.

Mukuyu-2 wellpad construction commenced
Preparations for the drilling of Mukuyu-2 are well underway and are focused on leveraging
lessons and insights from Mukuyu-1 to improve the logistics, drilling efficiency and operational
risk profile of Mukuyu-2.

Civil engineering works have begun to prepare the wellsite for the arrival of the Exalo 202 Rig
(from its current location at the Mukuyu-1 wellsite) during July and August with drilling at Mukuyu-2 expected to begin later in Q3 CY23.

The drilling and logging operations, to a planned total depth of around 3,700m, are expected
to take 50-60 days.