Zimbabwe: Invictus Energy Mobilises U.S.$10 Million for Zim Projects

INVICTUS Energy has raised a total of US$10 million to fund an appraisal and exploration campaign in Zimbabwe’s Cabora Bassa basin.

According to Scott Macmillan, the company’s managing director, the recent private placement to sophisticated and institutional investors got an enormous reaction from both current and new shareholders.

“I am pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu-1 exploration campaign. The placement was oversubscribed and cornered by long-term investor Mangwana Capital, as well as a number of local Zimbabwe partners and the Board,” he said.

He stated that the company has kept up with preparations for the Phase 2 exploration and appraisal campaign at the Cabora Bassa Project, with the 2D seismic program set to begin in May.

This seismic program will assist in the maturation of many discovered leads in the established fairway to drill ready prospects, both along Mukuyu and in the highly promising Basin Margin play.

“We also remain on track to spud the Mukuyu-2 appraisal well in the third quarter of 2023, targeting multiple hydrocarbon (gas-condensate and potentially light oil) bearing intervals encountered in the Mukuyu-1/ST1 well in the Upper Angwa, Pebbly Arkose and Post Dande formations.

“Again, I would like to thank existing shareholders that participated in the Placement for their continued support and would like to welcome new investors that are joining our journey,” said Macmillan.

The proceeds from the placement will be utilized to support the Mukuyu-2 appraisal well program and the Phase 2 exploration program.

The 2D seismic acquisition program is expected to begin in May, subject to the award of a seismic contract, and will cover the eastern section of EPO 1848 & 1849, using the Company’s expertise from the successful acquisition of the CB21 Seismic Survey.

The new seismic campaign will focus on developing various leads (Mopane, Musuma, Machabel, and Mahogany) along the known trend play to the east of Mukuyu, as well as additional leads along the highly potential Basin Margin play.