Invictus Provides Project and Drilling Update

Source: 2/15/2022, Location: Africa

• Rig being contract finalized, mobilization to commence in May
• 2 Well Exploration Program Expected to Commence June
• Muzarabani-1 well confirmed
• Planning of 2nd exploration well location and extended license area discussions under way
• Geo Associates (80% owned by Invictus) working with Republic of Zimbabwe to conclude the gazettal of extended area and Production Sharing Agreement

Invictus Energy Limited, is pleased to provide an update on the activities of its 80% owned and operated Cabora Bassa project in Zimbabwe.

Rig contract being finalized, mobilization to commence in May Exalo has revised the mobilization date for Rig 202 to May to enable additional inspections and maintenance to be performed once the current program is concluded. Accordingly, the spud date for the first well is now anticipated in June. Invictus and Exalo have also agreed to extend the commitment date for the second well option to allow for the formal gazettal of the extended license area.

2 well exploration program expected to commence June 2022 Following Invictus’s recent updates confirming the securing of the Exalo Rig 202 and Exalo as the drilling contractor and Baker Hughes to provide integrated well services, Invictusis pleased to advise that it is progressing engagements with the Republic of Zimbabwe on a licence area extension to culminate in a 2 well exploration program for the upcoming drilling campaign in June 2022.

As per the announcement lodged with the ASX on 3 November 2021, the Company received permission to acquire additional data during the CB21 Seismic Survey in an existing application area and has provided a commitment to the Republic of Zimbabwe to drill a second well within the area. The Company has commenced preparations for the second well including securing long leads and consumables for a 2 well campaign.

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