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Monday, May 23, 2022
Invictus Energy Limited announced a private placement to raise $12 million at $0.20 per share. The funds will go towards drilling of the Mukuyu-1 well on the company’s Cabora Bassa Project in Zimbabwe, to be undertaken in July – August.
The first well in the campaign will target the Mukuyu prospect, which has been independently estimated to contain 8.2 Tcf + 247 million barrels of conventional gas-condensate (gross mean unrisked).
The Placement saw participation from multiple new and existing institutional investors ahead of the Company’s upcoming drilling campaign at the 80 percent owned and operated Cabora Bassa Project and was strongly supported with demand significantly exceeding shares available.
The Company is continuing to progress multiple bids from potential farm-in partners. As part of a final farm-in agreement the Company anticipates having a significant portion of the drilling program funded by a farm-in partner(s).
Managing Director Scott Macmillan commented “We are pleased to welcome new institutional investors onto our share register at an exciting time for the Company as we prepare to embark on our maiden drilling campaign in Zimbabwe.
“I would also like to thank existing shareholders that participated in the Placement for their continued support, including the Mangwana Opportunities Fund who add to their significant local-ownership of the company, and multiple Australian and international institutional investors who continue to show support for our Cabora Bassa project.
“Through the completion of this capital raise, in conjunction with our existing cash balance and additional funds delivered via the exercise of in-the-money options, the Company is well funded for the Mukuyu-1 well.
“We also continue to progress bids received from multiple potential farm-in partners and will provide a further update on the farm-in process in due course. “We have a number of catalysts in the lead up to the basin opening drilling campaign including an update to the prospect and lead inventory encompassing the expanded SG 4571 license area, selection of the 2nd well location to follow on from Mukuyu-1, and the mobilization of the Exalo 202 drilling rig.
“Drilling of the Mukuyu-1 well, which will test Africa’s largest undrilled onshore oil and gas prospect, remains on track to commence in July.”
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