Online Reporter
Nelson Gahadza
Invictus Energy Ltd has raised US$10 million through a strongly supported placement, positioning the company to accelerate exploration at its 80 percent-owned Cabora Bassa Project in northern Zimbabwe.
The company, in a statement, confirmed it has received binding commitments from institutional and sophisticated investors, signalling continued confidence in its upstream strategy following the Mukuyu gas discovery.
The capital raise will fund forward work programmes, with a particular focus on the high-impact Musuma-1 exploration well.
Under the placement, Invictus will issue 166,666,667 fully paid ordinary shares at US$0.060 per share.
Managing Director Mr Scott Macmillan said the funding marked an important step as the company builds momentum in the basin.
“We’re pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu gas discovery with a new exploration campaign targeting the high-impact Musuma prospect,” he said.
Mr Macmillan added that the Musuma-1 well had been deliberately structured to balance cost and risk.
“The well has been designed as a low-cost, low-risk vertical well to test a shallow target with significant upside,” he said.
The latest capital injection comes as Invictus intensifies efforts to unlock the hydrocarbon potential of the Cabora Bassa Basin, with further exploration, appraisal and evaluation required to confirm commercially recoverable resources.
The company cautioned that the estimated petroleum quantities relate to undiscovered accumulations and carry both discovery and development risks.
It said prospective resource assessments were prepared using probabilistic methods in line with SPE-PRMS standards.
