Invictus Energy Limited has disclosed that Institutional Placement has raised $12.75m at an issue price of $0.12 per share to support the Company’s upcoming Phase 2 exploration and appraisal campaign in Zimbabwe’s Cabora Bassa Basin.

 “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 program that could provide Zimbabwe with future energy security. “Combined with our previous private placement in April and the recently completed Share Purchase Plan, Invictus has now raised a total of $35.4 million to which sees the Company’s upcoming Mukuyu-2 appraisal well funded for our next phase of operations in the Cabora Bassa Basin.

 “The Company 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 program 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.

“We remain on track to spud Mukuyu-2 in the third quarter of CY2023, and I look forward to providing further updates as we finalise the well location and award well services contracts. I would like to thank existing and new shareholders that participated in our recent capital raises and look forward to providing more updates on the exciting journey ahead as we work to unlock the significant resource potential of the Cabora Bassa Project,” Managing Director, Scott Macmillan said.