Australia-listed oil and gas explorer Invictus Energy Ltd has secured binding commitments for a US$10 million capital raising to finance forward exploration works at its 80-percent-owned Cabora Bassa Project in northern Zimbabwe, as the company prepares to drill a new high-impact exploration well.

The company confirmed the placement received strong backing from institutional and sophisticated investors, with 166,666,667 fully paid ordinary shares to be issued at A$0.060 per share.

Proceeds from the capital raise will fund pre-drilling activities, well site preparation, logistics and the drilling of the Musuma-1 exploration well, alongside new venture development and general working capital requirements.

Managing Director Scott Macmillan said investor support comes as Invictus moves to build on its Mukuyu gas discovery.

“We’re pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu gas discovery with a new exploration campaign targeting the high-impact Musuma prospect,” Macmillan said.

He described Musuma-1 as a carefully designed exploration target intended to expand the company’s resource base while managing operational risk.

“The well has been designed as a low-cost, low-risk vertical well to test a shallow target with significant upside,” he said.

According to Invictus Energy, success at the Musuma prospect could mark a major step toward commercial development within the Cabora Bassa Basin.

“Success at Musuma would unlock a new play fairway, significantly advancing our forward development plans, expand our resource base and accelerate the transition from exploration to commercial development,” Macmillan added.

Musuma-1 will be the first high-impact exploration well drilled outside the Mukuyu gas-condensate discovery area, targeting a new play type identified through interpretation of the CB23 seismic survey across the eastern margin of the licence area.

The company said the prospect is supported by multiple seismic indicators pointing to the presence of hydrocarbons.

“Musuma is a technically compelling prospect, underpinned by multiple lines of seismic evidence, including consistent flat spots across different seismic surveys which are indicative of hydrocarbons,” Macmillan said.

He added that combined results from Mukuyu and future drilling could establish the basin as a significant hydrocarbon province.

“Together with our Mukuyu discovery, it further underpins the basin’s potential to emerge as a significant new hydrocarbon province,” he said.

The Musuma prospect is targeting an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate on a gross mean unrisked basis, although the company cautioned that these volumes relate to undiscovered accumulations requiring further exploration and appraisal.

Invictus Energy noted that data from the Mukuyu-2 appraisal well confirmed hydrocarbon migration into shallower reservoirs within the Dande Formation, demonstrating an active petroleum system across the basin.

While Mukuyu-2 did not encounter a trapped accumulation at that specific interval due to a likely trap breach, the findings increased confidence that hydrocarbons could accumulate in structurally intact prospects such as Musuma.

Seismic data at Musuma shows strong direct hydrocarbon indicators, including up-dip amplitude brightening and a persistent “flat spot” interpreted as a gas-water contact — features commonly associated with hydrocarbon presence.

The Musuma-1 well will be drilled within the fully permitted EPO 1848 licence area, with environmental approvals, health and safety management plans and an updated Environmental Impact Assessment already in place following renewal of the project’s ESIA earlier this month.

Site construction for the well pad is expected to begin ahead of drilling preparations scheduled for the second half of 2026.

Invictus Energy said it is finalising drilling rig selection, service contracts and long-lead equipment procurement as part of preparations for the campaign.

Should a discovery be made, the company said it could accelerate pilot commercialisation plans linked to early gas monetisation initiatives, including a gas-to-power pilot production project at Eureka Gold Mine.

Settlement of the placement is expected on April 28, 2026. Investors participating in the capital raise will receive one attaching option for every two shares issued, exercisable at A$0.10 with a two-year expiry period.

Advisory firm Alpine Capital Pty Limited acted as sole lead manager and bookrunner to the placement.

Invictus Energy said results from Musuma-1 will be logged and evaluated after drilling, with well testing to follow if hydrocarbons are encountered in commercial quantities. The testing programme may be coordinated with future Mukuyu drilling to achieve operational efficiencies.

The Cabora Bassa Project remains one of Africa’s last underexplored onshore basins and is widely viewed as a potential cornerstone for Zimbabwe’s entry into oil and gas production if commercial discoveries are confirmed.