{"id":11696,"date":"2022-01-25T06:19:23","date_gmt":"2022-01-25T06:19:23","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11696"},"modified":"2022-01-25T06:19:23","modified_gmt":"2022-01-25T06:19:23","slug":"zimbabwe-funding-completed-for-rig-mobilisation-in-cabora-bassa-basin","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-funding-completed-for-rig-mobilisation-in-cabora-bassa-basin\/","title":{"rendered":"ZIMBABWE: Funding Completed for Rig Mobilisation in Cabora Bassa Basin"},"content":{"rendered":"<p><strong>HIGHLIGHTS<\/strong><br \/>\n\u2022 Placement and SPP funding raises $8m<br \/>\n\u2022 $4m SPP oversubscribed and has closed<br \/>\n\u2022 2-well drilling program planned for May 2022, with proceeds to be used to fund the mobilization of the Exalo #202 drilling rig and long lead items<br \/>\n\u2022 Muzarabani-1 well targeting prospective resources of 8.2 Tcf+ 247m barrels conventional gas condensate<\/p>\n<p>Invictus Energy\u00a0 has confirmed that further to its announcement on 29 December 2021, and together with the Securities Purchase Plan (SPP) closing on 18 January 2022, it has completed its capital raising programme. A total of $8m was raised comprising of $4m via a placement and $4m via a SPP.<\/p>\n<p>Due to overwhelming demand and to accommodate as many eligible shareholders as possible, the SPP was doubled from $2m to $4m. The SPP was supported and oversubscribed by Invictus shareholders raising $4m.<\/p>\n<p><strong>Use of funds<\/strong><br \/>\nProceeds from the SPP and placement will be used to fund a range of initiatives to develop Invictus\u2019s flagship Cabora Bassa Project.<br \/>\nThese include:<br \/>\n\u2022 Payment of the rig mobilisation fee<br \/>\n\u2022 Purchase of long lead items for the planned 2-well drilling programme<br \/>\n\u2022 Finalisation of CB21 Seismic Survey data processing<br \/>\n\u2022 General working capital<\/p>\n<p>Further, Mangwana Opportunities Fund has agreed to increase its investment in Invictus by way of a placement for $500,000. Mangwana is an<br \/>\ninvestor owned, closed end investment company which is managed by Mangwana Capital. The placement to Mangwana is strategic for Invictus as it increases Zimbabwean ownership in the Company. The fund comprises a broad range of Zimbabwe\u2019s institutional investors including state-owned and major pension funds and invests primarily in the fields of agriculture, natural resources and tourism. The Fund has prescribed asset status and has been granted tax exempt status by the Zimbabwean Ministry of Finance.The Mangwana shares issued under the placement will be escrowed for a<br \/>\nperiod of three months from date of issue.<\/p>\n<p>Invictus Managing Director Scott Macmillan said:<br \/>\n<em>\u201cInvictus is in a strong position ahead of its planned May drilling campaign thanks to an excellent show of support from retail investors and recent SPP participants, which allowed the Company to double its targeted raise ahead of launching key pre-drilling initiatives in coming weeks. Mangwana\u2019s increased stake in Invictus adds significant local ownership weight to the Company and aligns well with the Company\u2019s commitment to in-country investor, community and government stakeholders, among others.<\/em><\/p>\n<p><em>Freshly processed data from the CB21 Seismic Survey evidenced a target-rich hydrocarbon environment and identified multiple anomalies of interest.<\/em><br \/>\n<em>\u201cThe Company will now turn its attention to preparation for drilling at our Cabora Bassa Project, namely the world-class Muzarabani prospect, with further updates regarding pre-drilling activity to be released in the<\/em><br \/>\n<em>near future.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HIGHLIGHTS \u2022 Placement and SPP funding raises $8m \u2022 $4m SPP oversubscribed and has closed \u2022 2-well drilling program planned for May 2022, with proceeds to be used to fund &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-funding-completed-for-rig-mobilisation-in-cabora-bassa-basin\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[7808,637,7812,9731,2272,2767],"class_list":["post-11696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-cabora-bassa","tag-drilling","tag-invictus-energy","tag-muzarabani-1-well","tag-seismic","tag-zimbabwe","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-32E","jetpack-related-posts":[{"id":11470,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-raising-5-5m-to-support-the-development-of-the-cabora-bassa-project\/","url_meta":{"origin":11696,"position":0},"title":"ZIMBABWE: Invictus Raising $5.5m to Support the Development of the Cabora Bassa Project","author":"","date":"December 30, 2021","format":false,"excerpt":"Invictus Energy has announced 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 (Capital Raising). Invictus Managing Director Scott Macmillan commented: \u201cWe are pleased to offer our long-term and loyal shareholders the right to participate in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11621,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-cabora-bassa-securities-purchase-plan-increased-to-4m\/","url_meta":{"origin":11696,"position":1},"title":"ZIMBABWE: Invictus Energy Cabora Bassa Securities Purchase Plan increased to $4m","author":"","date":"January 17, 2022","format":false,"excerpt":"Invictus Energy has provide an update on the capital raising activities to assist with the funding of its 80 per cent owned and operated Cabora Bassa Project in Zimbabwe. Securities Purchase Plan increased target of $3m reached On 10 January 2022 Invictus launched its Securities Purchase Plan (SPP) by lodgement\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12288,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-signs-integrated-well-services-contract-with-baker-hughes\/","url_meta":{"origin":11696,"position":2},"title":"ZIMBABWE: Invictus Energy Signs Integrated Well Services Contract with Baker Hughes","author":"","date":"May 26, 2022","format":false,"excerpt":"Invictus is pleased to confirm it has executed a binding well services contract with Baker Hughes\u00a0 for its basin opening drilling campaign in the Muzarabani-Mbire area of Zimbabwe, scheduled to commence end of July 2022. The contract comes after Invictus signed a letter of intent with Baker Hughes in February\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13715,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-raises-12-7-million-for-high-impact-exploration-appraisal-program\/","url_meta":{"origin":11696,"position":3},"title":"ZIMBABWE: Invictus Raises $12.7 million for High Impact Exploration &#038; Appraisal Program","author":"","date":"June 1, 2023","format":false,"excerpt":"Invictus Energy has announced that its Share Purchase Plan (SPP) offer announced on 6 April 2023 has closed oversubscribed, with valid applications received from eligible shareholders amounting to$12.7 million. Due to the overwhelming support received by shareholders, the Board has exercised its discretion to increase the size of the SPP\u2026","rel":"","context":"In \"Cabora Bassa Basin\"","block_context":{"text":"Cabora Bassa Basin","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/cabora-bassa-basin\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11998,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-appoints-new-country-manager-signs-rig-contract\/","url_meta":{"origin":11696,"position":4},"title":"ZIMBABWE: Invictus Energy Appoints New Country Manager, Signs Rig Contract","author":"","date":"March 10, 2022","format":false,"excerpt":"Invictus Energy has announced the appointment of Barry Meikle as Country Manager of the Company an elevation after serving as the company for the CB21 Seismic Survey and lead the execution of the seismic survey which was delivered within budget and on schedule with 147,000 hours of LTI free operations.\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11568,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-spp-total-increased-to-3-0m\/","url_meta":{"origin":11696,"position":5},"title":"ZIMBABWE: Invictus SPP total Increased to $3.0m","author":"","date":"January 12, 2022","format":false,"excerpt":"Invictus Energy has provided an update on the capital raising activities to assist with the funding of its 80% owned and operated Cabora Bassa Project in Zimbabwe. Securities Purchase Plan (SPP) $2m target reached on 10 January 2022 Invictus launched its SPP by lodgement with the ASX and ASIC of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=11696"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11696\/revisions"}],"predecessor-version":[{"id":11697,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11696\/revisions\/11697"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8566"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=11696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=11696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=11696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}