Invictus raises cash for Zim oil and gas hunt
PERTH (miningweekly.com) – ASX-listed Invictus Energy has raised A$12.75-million from a share placement to sophisticated and institutional investors to fund further oil and gas exploration in Zimbabwe.
Under the placement, the company will issue 106.25-million shares at 12c each, in two tranches. The first tranche, which will be placed under the company’s existing placement capacity, will raise A$9.75-million, while the second tranche placement, to raise a further A$3-million, will be subject to shareholder approval.
“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.”
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