INVICTUS Energy has mobilised a total US$10 million in preparation for an appraisal and exploration campaign in Zimbabwe's Cabora Bassa basin.
The company's managing director, Scott Macmillan said the recent private placement to sophisticated and institutional investors received an overwhelming response from both existing and new shareholders.
"I am pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu-1 exploration campaign.
"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.
He said the company remains on track with preparations of Phase 2 exploration and appraisal campaign at the Cabora Bassa Project are well advanced, with the 2D seismic campaign anticipated to kick off in May.
This seismic campaign will help mature multiple identified leads in the proven fairway to drill ready prospects, both along Mukuyu and in the highly prospective Basin Margin play.
"We also remain on track to spud the Mukuyu-2 appraisal well in the third quarter of 2023, targeting multiple hydrocarbon (gas-condensate and potentially light oil) bearing intervals encountered in the Mukuyu-1/ST1 well in the Upper Angwa, Pebbly Arkose and Post Dande formations.
"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," said Macmillan.
Proceeds from the Placement will be used to fund the preparations for the Mukuyu-2 appraisal well program and Phase 2 exploration program.
The 2D seismic acquisition program is anticipated to commence in May, pending the award of seismic contract, and will cover the eastern portion of EPO 1848 & 1849, incorporating the Company's experience from the successful CB21 Seismic Survey acquisition.
The new seismic campaign will be aimed at maturing multiple leads (Mopane, Musuma, Machabel and Mahogany) along the proven play on trend to the east of Mukuyu and additional leads along the highly prospective Basin Margin play.
