Invictus raises over US$10 million to fund flow test
Australia Stock Exchange-listed oil and gas exploration company Invictus Energy has raised A$15 million through an Institutional placement to continue funding operations at its Cabora Bassa Project in the Muzarabani Mbire area, the company CEO and Managing Director Scott MacMillan has said.
Rudairo Mapuranga
According to MacMillan, funding will be utilised for a well test on gas discoveries in the Upper and Lower Angwa formations in Mukuyu-2 wel, preparation for 3D seismic over the Mukuyu gas field and long lead items for a planned high impact exploration well from the Company’s extensive portfolio in the Basin Margin or Centra Fairway prospects.
The company will issue 100-million new shares at a price of 15c each, with the issue price representing a 25% discount to Invictus’ last closing price and an 11.2% discount to the company’s 30-day volume weighted average share price.
The share placement will be done in two tranches, with the first tranche of 50-million shares to be issued under the company’s existing placement capacity, raising an initial A$7.5-million.
The second tranche of a further 50-million shares will be subject to shareholder approval.
“We are pleased to welcome funds from institutional and sophisticated investorsthat will assist ongoing operations at our Cabora Bassa project.
“These funds will be invested into extending the recent success of our dual gas discoveries in the Upper and Lower Angwa formations and completion of a highly successful Mukuyu2 drill campaign.
“Ongoing operations across the Mukuyu field will include a well test on Mukuyu2 and preparation for a 3D seismic survey over the Mukuyu gas field.
We are currently maturing additional drill ready prospects from our recently completed CB23 infill seismic survey, and excitingly planning for our next well location within our commanding 360,000 hectare project area.
“I thank those who continue to support Invictus Energy’s operations as we enter a much-anticipated phase of project activity at Cabora Bassa,” MacMillan said.