Invictus Raises $25 Million to Fund Mukuyu-1 and Baobab-1 Drilling Campaign

Wednesday, August 31, 2022

Invictus Energy announced a private placement to raise $25 million at $0.23 per share following the Company’s decision to sole fund the initial drilling campaign in Zimbabwe’s Cabora Bassa Basin.

Following the assessment of a range of options, including farm-in bids from multiple interested parties, Invictus’ Board and Management elected to sole fund the initial stages of the Company’s high-impact drilling campaign, which will target the Mukuyu and Baobab (Basin Margin) prospects.

This decision was made with careful consideration of several factors, including:

• The significant increase in the prospectivity of the Caborra Bassa project following the gazettal of additional exploration tenure and consequential de-risking of the campaign
• Maintaining a material ownership of the expanded acreage encompassing the new Basin Margin play, plus additional prospects and leads, providing shareholders with the largest exposure to drilling success
• Consideration of sole funding via the Company’s own equity capital in comparison to the dilutive impact shareholders would absorb at the project level via any potential farm-in agreements
• The avoidance of time delays and costs associated with executing and undertaking a (or multiple) farm-in partnership(s)

The Company remains open to strategic partnering opportunities in the future that could add value for shareholders as it continues to progress development of the Cabora Bassa project.

Proceeds from the Placement will be used to fund the drilling program for the Mukuyu-1 well, testing the Central Fairway play, and Baobab-1, which will test the Basin Margin play. Mukuyu-1 is expected to spud in early September with the Exalo Rig 202 in place and final preparations underway to commence drilling. The well will target an estimated 20 trillion cubic feet and 845 million barrels of gas condensate, with drilling across all seven stacked targets anticipated to take 45 – 60 days to complete.

Following the completion of the Mukuyu-1 well, the rig will be moved to the Baobab-1 wellsite. Baobab-1 will test the new Basin Margin play, a shallower and potentially more liquid prone target, which displays similarities to the prolific East Africa Rift “String of Pearls” play.

Baobab is a direct structural analogue to successful accumulations drilled during early exploration efforts in the prolific Lake Albert graben of Uganda and Lokichar Basin in Kenya. The Baobab-1 well will target stacked Cretaceous and younger sandstones, within four-way and three-way dip closures, against the southern basin bounding rift fault.

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