Invictus Energy Limited has announced that it has received firm commitments from new and existing institutional and sophisticated investors to raise US $8.0m by way of a share placement. The placement funds will allow Invictus to commence its 2D seismic acquisition campaign to refine the drilling targets in the stacked Mzarabani Prospect. Invictus received strong interest and support from both new institutional investors and existing shareholders, PAC Partners acted as lead manager to the Placement.
“We are extremely pleased with the excellent support received from new and existing shareholders and it is
a strong endorsement of our Cabora Bassa project and the exciting and world class Mzarabani-1 Prospect
which the Company is preparing to drill,” said Managing Director Scott Macmillan.
“The placement funds will allow us to commence our 2D seismic acquisition campaign to refine the drilling
targets in the stacked Mzarabani Prospect and identify additional prospectivity in the SG 4571 permit.
The Company will also use part of the proceeds from the placement to order long lead drilling equipment
and undertake a rig tender exercise. In addition, the placement will provide ongoing working capital to
support the development of the project as it continues to prepare for a high impact basin opening drilling
campaign, anticipated in late CY21 / early CY22,” he added.
About the Cabora Bassa Project
The Cabora Bassa Project encompasses the Mzarabani Prospect, a multi-TCF and liquids rich conventional gascondensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. The
prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity,
aeromagnetic and geochemical data.