Invictus to raise US$6,6m for oil project

Business Reporter
INVICTUS Energy, which is exploring for oil and gas in Muzarabani, says it has completed a share placement to raise about US$6,6 million (8 million Australian dollar) the company requires to fund exploration activities.

Last month, the company announced receiving firm commitments from investors to raise the required funding.

It said the resources will be raised through a share placement to new and existing institutional as well as sophisticated investors.

Said Invictus in a latest update: “The company is pleased to confirm that it has completed a placement to raise A$8 million (before costs) by issuing 72 727 273 shares at A$0,11 per share.

“Funds raised will go towards the upcoming 2D seismic campaign in SG 4571, basis of well design, long lead drilling items for the Muzarabani-1 exploration well, drilling rig tender preparation and general working capital.”

Recently, Invictus announced that it has already spent more than US$3,5 million in processing secondary data collected in the early 1990s by global oil giant Mobil and the research findings support huge potential for oil and gas.