Invictus Energy has raised A$10 million to fund the next stages of its work in Zimbabwe’s Cabora Bassa Basin.
The Australian company plans to begin its 2D seismic acquisition in May, covering the eastern part of EPO 1848 and 1849. This will build on its previous seismic on the area.
The new seismic intends to mature a number of leads along the proven play to the east of Mukuyu and also leads on the basin margin play. The seismic will mature leads identified from vintage data into drillable prospects.
Invictus plans to drill the Mukuyu-2 well early in the third quarter of 2023. The rig is still on site.
Company managing director Scott Macmillan welcomed the funding from existing and new shareholders.
“The placement was oversubscribed and cornered by long-term investor Mangwana Capital, as well as a number of local Zimbabwe partners and the Board,” he said.
In addition to the seismic, Invictus is working on the appraisal well. The Mukuyu-2 will target multiple hydrocarbon bearing intervals from the first well and side track in the Upper Angwa, Pebbly Arkose and Post Dande formations, he said.
“Again, I would like to thank existing shareholders that participated in the Placement for their continued support and would like to welcome new investors that are joining our journey.”
The placing involves the issue of 83.33 million shares at a price of A$0.12, a 20% discount to trading on April 3.
The new shares also have options – exercisable at A$0.2 within three years. Invictus said these would provide a meaningful increase at a higher valuation than the placing should the company continue more success during its drilling.