Invictus Energy has successfully raised A$15.0 million through an Institutional Placement to continue funding operations at its 80% owned and operated Cabora Bassa Project in Zimbabwe.
The capital will ensure the Company is well funded for a range of activities to roll out at it’s Cabora Bassa project in Northern Zimbabwe.
Earlier this month Invictus declared two gas discoveries in the Upper and Lower Angwa formations through the Mukuyu-2 well.
Funding will be utilised for a well test on gas discoveries in the Upper and Lower Angwa formations in Mukuyu-2 well, preparation for 3D seismic over the Mukuyu gas field and long lead items for a planned high impact exploration well from the Company’s extensive portfolio in the Basin Margin or Central Fairway prospects.
Use of funds
Proceeds from the capital raise will be used to fund a range of immediate and near-term activity including:
- Mukuyu-2 well test
- Preparation for 3D seismic over Mukuyu gas field
- Long lead items and planning and preparation for a new high impact exploration well which will be determined following completion of interpretation of recently acquired CB23 infill seismic survey
“We are pleased to welcome funds from institutional and sophisticated investors that will assist ongoing operations at our Cabora Bassa project.
“These funds will be invested into extending the recent success of our dual gas discoveries in the Upper and Lower Angwa formations and completion of a highly successful Mukuyu-2 drill campaign.
“Ongoing operations across the Mukuyu field will include a well test on Mukuyu-2 and preparation for a 3D seismic survey over the Mukuyu gas field.
“We are currently maturing additional drill ready prospects from our recently completed CB23 infill seismic survey, and excitingly planning for our next well location within our commanding 360,000 hectare project area.
“I thank those who continue to support Invictus Energy’s operations as we enter a much-anticipated phase of project activity at Cabora Bassa,” Managing Director Scott Macmillan commented.
