ZIMBABWE: Exalo Bags Muzabarani-1 Drilling Contract

Invictus Energy has confirmed that it has executed a MOU with EXALO Drilling SA to drill the Muzarabani-1 exploration well and an
option for an additional exploration well for the basin opening drilling campaign scheduled to commence in May 2022.

“Following extensive evaluation, a number of suitable rig options on both a technical and commercial basis the Company has selected
the Exalo #202 Rig for the upcoming drilling program,” Exalo said in a statement.

A binding rig agreement is anticipated to be signed in the new year. Exalo personnel recently completed a visit to Zimbabwe to review the
potential drilling locations and logistics options. The #202 Rig is currently engaged in drilling operations in Tanzania and will be mobilised to the project once that program has been completed.

The Company is currently processing and interpreting the recently acquired seismic data from the CB21 Seismic Survey campaign
which concluded in early November with the aim of refining the Muzarabani-1 well location and design as well as maturing
additional prospects to enable a 2 well back-to-back drilling program.

Under the MOU the Company must exercise the option for the additional well by 15 February 2022.

Invictus adds that the encouraging early results of the seismic processing the Cabora Bassa partners are confident of identifying and maturing an additional prospect to commit to a 2 well drilling program.”

Invictus Managing Director Scott Macmillan commented:
“Securing the Exalo #202 Rig is another clear point of progression towards our maiden drilling campaign commencing in May 2022. We will now proceed to secure the remaining long lead items and services required to commence drilling operations. We will benefit immensely from inheriting an active drilling rig and crew and a modest mobilisation from Tanzania to the project area. The Company plans to announce the final drilling location(s) and further details of the exploration program in the new year.”

Following the farm-in earlier this week Invictus is fully carried through the next two wells by Cluff Energy.

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