InvictusEnergy has disclosed a Placement of $3.5m and Share Purchase Plan SPP of up to $2m to raise a total aggregate amount of up to $5.5m . The Placement & SPP participants are to receive attaching option on a 1-for-2 basis, exercise price of $0.14 & 3-year term,

The company also disclosed a 2-Well Drilling Program planned for 1HCY22, with proceeds to be used to fund the mobilisation of the Exalo #202 drilling rig and long lead items and Muzarabani-1 well targeting prospective resources of 8.2 Tcf + 247 million barrels conventional gas condensate plan target.

“We are pleased to offer our long-term and loyal shareholders the right to participate in a SPP alongside the placement participants. As announced on 9 December 2021, we are positioning Invictus to undertake a 2-well exploration campaign commencing 1H 2022 including the drilling of Muzarabani-1 well targeting prospective resources of 8.2 Tcf + 247 million barrels conventional gas condensate. The placement & SPP follows on from recent announcements securing the Exalo #202 Rig and a farm in option agreement with Cluff Energy Africa Limited.

We have a busy 1st half of 2022 planned with finalisation of our data processing for our seismic survey, update of our prospect and lead inventory, conclusion of our farm-out process and securing long lead items as we embark on our planned 2-well drilling campaign of our world class asset including the Muzarabani-1 well which will be one of the largest conventional targets drilled globally in 2022,”Invictus Managing Director Scott Macmillan commented.