During the quarter Invictus announced it had completed the interpretation of CB23 Seismic Survey data and reviewed the prospectivity of the eastern Cabora Bassa basin. A total of eight key prospects were defined in the Company’s Exclusive Prospecting Orders (EPOs) 1848 and 1849, totaling 2.9 Tcf gas and 184 MMbbl condensate (gross mean unrisked basis).

The Central Fairway prospects stretch across the Dande, Pebbly Arkose, and Angwa formations at relatively shallow depths 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) Invictus Energy Ltd

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. Planning for 3D seismic and appraisal drilling and testing at 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. 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.