QUARTERLY HIGHLIGHTS
Operational
• Eight high potential prospects defined in eastern Cabora Bassa totalling 2.9 Tcf gas and 184 MMbbl
condensate (gross mean unrisked basis)
• Narrowed focus to next exploration drilling at Musuma prospect to test eastern Cabora Bassa gas
prospectivity
• Petroleum Production Sharing Agreement (PPSA) to be implemented by Mutapa Investment Fund on
behalf of the Republic of Zimbabwe
• Exploration licence for SG 4571, which contains the Mukuyu Gas Field, extended for three years by the
Mining Affairs Board of Zimbabwe
• Planning for 3D seismic and additional appraisal drilling and testing advances at Mukuyu
• Farm out process progresses with significant options on the table for future work programs
Corporate
• Successful Institutional Placement completed raising US$10 million, partially underwritten by US$5
million strategic investment from Mutapa Investment Fund
• Invictus lists on Victoria Falls Stock Exchange (VFEX) under ticker code INV.
• New Chief Financial Officer Victoria (Vicky) McLellan appointed
• Fresh website launched to better reflect Company’s transition from explorer to developer
• Company’s 2024 Annual Report published
OPERATIONAL UPDATE
New prospects defined in eastern Cabora Bassa
During the quarter Invictus announced it had completed interpretation of CB23 Seismic Survey data and
reviewed prospectivity of the eastern Cabora Bassa basin (refer ASX announcement 3 September 2024)
A total of eight key prospects were defined in the Company’s Exclusive Prospecting Orders (EPOs) 1848
and 1849, totalling 2.9 Tcf gas and184 MMbbl condensate#
(gross mean unrisked basis).
The Central Fairway prospects stretch across the Dande, Pebbly Arkose, and Angwa formations at
relatively shallow depth and have high potential gas volumes at multiple stratigraphic levels.
This, coupled with stacked prospective intervals, indicates the targets can be tested with simple vertical
wells.
Musuma strengthens as preferred candidate to test Dande
The Musuma prospect has emerged as the favoured candidate to drill test the Dande play in eastern
Cabora Bassa next year.
The prospect has interpreted seismic amplitude support and is estimated to have a recoverable
prospective resource of 1,170 Bcf and 73 million barrels of condensate#
(gross mean unrisked basis).
Exalo 202 rig remains onsite at the Mukuyu-2 location and is available for a 2025 exploration drilling
campaign.
Meanwhile the Company continues to conduct further evaluation of the Basin Margin play to select
additional prospects for a future drilling campaign.
Mutapa Investment Fund nominated as PPSA participant
As part of Invictus Energy’s Institutional Placement completed in August 2024, Mutapa Investment Fund
has been nominated to participate in the Petroleum Production Sharing Agreement (PPSA) formalities
on behalf of the Republic of Zimbabwe.
It will also be assigned as the beneficiary of the product/profit share and equity holder on behalf of the
Republic of Zimbabwe (refer ASX announcement 29 July 2024)
This reinforces the importance of Mutapa’s US$5 million equity holding in the Cabora Bassa Project as
well as the finalisation of the PPSA, which aims to ensure fair and equitable sharing of the project's
revenue between the Government, Invictus and its partners.
Exploration licence extended
During the quarter Invictus announced the Mining Affairs Board had approved a three-year extension of
the exploration licence covering SG 4571 to June 2027 (refer ASX announcement 18 July 2024)
The Company plans to undertake a comprehensive work program for the third three-year exploration
period including 3D seismic acquisition and additional exploration/appraisal drilling.
Mukuyu Gas Field
As reported in the last quarterly activities report on 30 June 2024, Invictus has completed its planning
for well testing in Mukuyu-2 and preparation for the acquisition of 3D seismic data across the Mukuyu
Gas Field.
This work, once undertaken, will assist the evaluation of the Mukuyu Gas Field resources and
preparation for the early commercialisation pilot scheme for a gas to power project for the Eureka Gold
Mine (refer ASX announcement on 23 April 2024).
Results from the work program will aim to determine future appraisal and development well locations,
characterise the core development area in the greater Mukuyu structure (which has over 200km2 under
closure) and support future commercialisation from a fast-track full field development.
Farm out options progressing
During the quarter Invictus continued engagements with a range of potential farm out partners for the
Cabora Bassa Project and the forward work programs.
Towards the end of the quarter later stage discussions progressed with several parties, and the
Company is now in a position to assess where it can optimise operational and corporate outcomes.
CORPORATE UPDATE
Strategic Zimbabwean investment and VFEX listing
As announced on 1 August 2024, Invictus successfully completed a fully subscribed US$10 million
institutional placement underwritten by US$5 million from Mutapa Investment Fund and managed by
Mangwana Capital (Private) Limited.
The offer placed US$10 million through the issuance of 151,515,152 shares at a share price of AU$0.10
at an AUD/USD FX rate of US$0.66.
Under the Placement, participants will receive an option to subscribe for one share for every four shares
subscribed for, exercisable at AUD$0.30 with a two year option period.
The placement was carried out in two tranches, with shareholders approving Tranche Two at an
Extraordinary General Meeting subsequent to quarter’s end on 21 October 2024. Tranche Two funds
totalling approximately US$3.5 million will be received during the December quarter.
In addition, securities issued facilitated a listing on the VFEX through issuance of Zimbabwe Depository
Receipts (ZDRs) to support local liquidity and trading.
The official listing occurred on 2 August 2024 at a ceremony in the town of Victoria Falls, with trading
commencing on 5 August 2024 under the ticker INV.
New CFO appointed
Victoria (Vicky) McLellan was appointed to the Invictus executive team on 19 August 2024 as the
company’s new Chief Financial Officer.
Vicky is an experienced oil and gas professional, having held a range of commercial and financial roles
in oil and gas companies and top tier accounting firms over the past 20 years.
Corporate changes
During the quarter Invictus launched a new-look website to better reflect its transition from explorer to
developer/producer.
Meanwhile BDO Audit Pty Ltd was appointed following the resignation of BDO Audit (WA) Pty Ltd.
