fbpx

ZIMBABWE: Invictus Raising $5.5m to Support the Development of the Cabora Bassa Project

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:
“We are pleased to offer our long-term and loyal shareholders the right to participate in a SPP alongside the placement participants. As announced on 9 December 2021, we are positioning Invictus to undertake a 2-well exploration campaign commencing 1H 2022 including the drilling of Muzarabani-1 well targeting prospective# resources of 8.2 Tcf + 247 million barrels conventional gas condensate1. The placement & SPP follows on from recent announcements securing the Exalo #202 Rig and a farm in option agreement with Cluff Energy Africa Limited.

We have a busy 1st half of 2022 planned with finalisation of our data processing for our seismic survey, update of our prospect and lead inventory, conclusion of our farm-out process and securing long lead items as we embark on our planned 2-well drilling campaign of our world class asset including the Muzarabani-1 well which will be one of the largest conventional targets drilled globally in 2022.”

Use of Funds
The proceeds from the Placement will be used to fund a range of initiatives to further develop Invictus’s flagship Cabora Bassa Project, these include:
• Payment of the rig mobilisation fee
• Purchase of long lead items for the planned 2-well drilling programme
• Finalisation of the data processing of CB21 Seismic Surve

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Select your currency
USD United States (US) dollar
Need more info? Just Whatsapp me!!
%d bloggers like this: