Funds raised for exploration in Zimbabwe

Zimbabwe

HARARE, April 7, 2023 – Invictus Energy has raised USD 10 million to begin exploration for hydrocarbons at the Cabora Bassa basin in Zimbabwe, the Australian independent announced on Thursday.

A second phase of 2D seismic surveying is expected to begin in May 2023.

Additionally, drilling at the Mukuyu-2 well by the Exalo Rig 202 is expected to commence in Q3 2023. The company is targeting gas condensate and light oil in the Upper Angwa, Pebbly Arkose and Post Dande formations.

The rig will undergo maintenance and upgrades beginning in April 2023.

“I am pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu-1 exploration campaign,” said Scott Macmillan, managing director of Invictus Energy.

In January 2023, the company identified 13 potential hydrocarbons bearing zones at its nearby Mukuyu-1 exploration well.