Invictus raises US$10.2m for continued exploration

Zim Now Writer

Invictus Energy has announced that it raised US$10,2 million, through private placement to fund ongoing oil and gas explorations in Muzarabani.

“We are pleased to welcome funds from institutional and sophisticated investors that will assist ongoing operations at our Cabora Bassa,” said Invictus managing director Mr Scott Macmillan.

“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,” he said.

Invictus recently announced further gas discovery at Mukuyu-2 exploration well and has updated a gas offtake agreement with local Mbuyu Energy for a 500MW gas to power project.

https://zimbabwenow.co.zw/articles/7426/invictus-updates-muzarabani-gas-sale-mou-with-local-company

“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,” Macmillan said.