By Review & Mail Writer
Invictus Energy, an Australian company, has successfully raised A$35.4 million (approximately US$23.57 million) to finance the upcoming phase of its Cabora Bassa exploration and appraisal program, said Managing Director Scott Macmillan.
This significant funding will enable Invictus to proceed with its mission to establish Zimbabwe’s first oil production and ensure the nation’s long-term energy stability.
Macmillan, expressed gratitude for the substantial backing received from both existing and new institutional investors, as well as sophisticated investors.
This show of support underscores the confidence in the company’s vision and reinforces its determination to advance the exploration and appraisal program.
By securing these funds, Invictus Energy is poised to embark on the next phase of its project, which carries the potential to revolutionize Zimbabwe’s energy landscape.
The successful implementation of this program will pave the way for the extraction of oil resources and contribute significantly to the country’s energy security in the future.
“Invictus has been overwhelmed by the support of investors in recent months as we prepare to embark on the next phase of our potentially country changing exploration and appraisal programme that could provide Zimbabwe with future energy security,” he said.
“Combined with our previous private placement in April and the recently completed share purchase plan, Invictus has now raised a total of A$35,4 million which sees the company’s upcoming Mukuyu-2 appraisal well funded for our next phase of operations in the Cabora Bassa Basin.
“The company is in a strong financial position as we prepare to drill the Mukuyu-2 appraisal well, which is a follow up to the play opening Mukuyu-1/ST1, which proved the presence of light oil, gas and helium with the very first well drilled in the basin.”
According to Macmillan, the appraisal well data acquisition program has been expanded to incorporate supplementary tools that will bolster the evaluation process and enable the acquisition of top-notch open-hole wireline log data and fluid samples.
This strategic enhancement is intended to facilitate the official declaration of a discovery, propelling the company towards a clear path of development.
“We remain on track to spud Mukuyu-2 in the third quarter of CY2023 (calendar year 2023), and I look forward to providing further updates as we finalise the well location and award well services contracts.