Invictus raises funds for oil and gas hunt in Muzarabani
Invictus Energy has secured A$12.75 million in funding from sophisticated and institutional investors to finance further oil and gas exploration in Muzarabani Mashonaland Central province in Zimbabwe.
The company will issue 106.25 million shares at 12 cents each in two tranches, with the first tranche already sold under Invictus Energy’s existing capacity, while the second tranche placement is still subject to shareholder approval. The funds raised will be used to increase the exploration of Invictus Energy’s Cabora Bassa gas-condensate project in Zimbabwe, which spanned over 250,000 acres of the Muzarabani Prospect.
“Invictus has been overwhelmed by the support of investors in recent months as we prepare to embark on the next phase of our potentially country-changing exploration and appraisal programme that could provide Zimbabwe with future energy security,” said MD Scott Macmillan.
“Combined with our previous private placement in April and the recently completed share purchase plan, Invictus has now raised a total of A$35.4-million which sees the company’s upcoming Mukuyu-2 appraisal well funded for our next phase of operations in the Cabora Bassa basin.
“The company is in a strong financial position as we prepare to drill the Mukuyu-2 appraisal well, which is a follow-up to the play opening Mukuyu-1/ST1, which proved the presence of light oil, gas and helium with the very first well drilled in the basin.
“The appraisal well data acquisition programme has been upsized to include additional tools to enhance the evaluation and acquire high-quality open-hole wireline log data and fluid samples, with the aim of formally declaring a discovery and placing the company on a pathway to development,” said Macmillan.
“We remain on track to spud Mukuyu-2 in the third quarter of 2023, and I look forward to providing further updates as we finalise the well location and award well services contracts.”
The successful placement and the company’s optimistic outlook for exploration activity will undoubtedly improve prospects for Zimbabwe’s energy sector and further cement the country’s growing reputation as an attractive destination for oil and gas investment.