Farm in Option Agreement with Cluff Energy Africa for 2 Well Campaign

Source: 12/9/2021, Location: Africa

• Invictus executes a farm in option agreement with Cluff Energy Africa
• 2 well exploration campaign commencing 1H 2022 including the drilling of Muzarabani-1
• Cluff Energy Africa to fund 33.33% of the well costs for 25% interest in Cabora Bassa Project
• Invictus to remain as operator of Cabora Bassa Project

Invictus Energy Limited, is pleased to provide an update on the activities of its 80% owned and operated Cabora Bassa Project in Zimbabwe. Farm in Option Agreement Executed with Cluff Energy Africa for a 2 Well Campaign.

Invictus is pleased to advise that it has executed a farm in option agreement with Cluff Energy Africa Limited (“CEA”) for a 2 well exploration drilling campaign in the Cabora Bassa Project. CEA will fund 33.33% of the costs for a 25% interest in the Cabora Bassa Project and Invictus will remain as operator.

Cluff Energy Africa is currently assembling a portfolio of African oil and gas exploration assets with the intent of raising further capital during early 2022 to fund their exploration programs. The Cluff group has previously raised and invested over half a billion dollars for natural resources projects.

Under the terms of the non-binding agreement, CEA must exercise the option by 31 March 2022 to enter into a binding Farm in Agreement and a Joint Operating Agreement and obtain the necessary funding to meet the Farm in Commitment for 2 wells.

Invictus and CEA will also investigate the options for mitigating carbon emissions from the project including Carbon Capture and Storage (CCS) or similar solutions to align with Zimbabwe’s strategic objectives.

Invictus Managing Director and CEO, Mr Scott Macmillan, said:
“Invictus is pleased to enter into the option agreement with Cluff Energy Africa and work towards formalising our relationship in the Cabora Bassa joint venture over the coming months. CEA is a like-minded partner and a close cultural fit, and their team has an outstanding track record of making and monetising discoveries in Africa.

We look forward to CEA completing their capital raise activities and participating in the exciting basin opening 2 well drilling campaign including drilling the world class Muzarabani-1 well in the first half of next year.

Invictus is incredibly well placed to achieve significant accretive milestones during 2022 with a number of key catalysts ahead of us.”

Cluff Energy Africa Chairman and CEO, Mr Algy Cluff OBE said:
“Cluff Energy Africa is delighted to be joining Invictus in the Cabora Bassa project and we view this asset as a rare highquality but low-cost opportunity that has world class scale. We believe it will form a key pillar in the portfolio of assets that we are currently assembling.

I am also excited to be bringing the Cluff group back to Zimbabwe having enjoyed previous success in the resources sector in the country with the discovery and development of the largest gold mine in the country at Freda Rebecca.

We look forward to working closely with Invictus over the coming months to finalize our partnership agreements and move forward with the exploration programme.”

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