Invictus Energy operational, corporate and financial performance update for June 2024 quarter

Invictus Energy Limited (ASX: $IVZ) has reported its operational, corporate, and financial performance for the quarter ended 30 June 2024. The company secured a significant capital raise of up to US$10 million through a Zimbabwe-based investment consortia, with Mutapa Investment Fund committing to underwrite US$5 million at an issue price of AU$0.10 per share. The Petroleum Production Sharing Agreement will be implemented by Mutapa Investment Fund on behalf of the Republic of Zimbabwe. Additionally, the company completed Mukuyu well testing, appraisal planning, and CB23 seismic data interpretation, leading to the identification of three key drill-ready prospects for future exploration well campaigns.

Executive commentary on operational and corporate developments

The company is pleased to have secured significant capital through a Zimbabwe-based investment consortia, demonstrating long-term support for the Cabora Bassa Project. The commitment from Mutapa Investment Fund to underwrite US$5 million of the strategic capital raise at an issue price of AU$0.10 per share is a testament to the confidence within Zimbabwe in the company and the value the Cabora Bassa Project can potentially unlock for the nation. The Petroleum Production Sharing Agreement to be implemented by Mutapa Investment Fund on behalf of the Republic of Zimbabwe will provide a stable and transparent fiscal and legal framework to govern the project and ensure fair and equitable sharing of the project's revenue between Government, Invictus, and other strategic partners. The company is also actively engaged in discussions to bring strategic partners into the Cabora Bassa Project and has executed a pilot gas-to-power MOU to supply energy to the nearby Eureka Gold Mine, providing near-term monetization and proof-of-concept for future full field development(s).

Summary of June 2024 quarterly activities and outlook

Invictus Energy's operational, corporate, and financial performance for the quarter ended 30 June 2024 reflects significant progress and strategic developments. The company's secured capital raise of up to US$10 million through a Zimbabwe-based investment consortia, with Mutapa Investment Fund underwriting US$5 million, demonstrates strong support for the Cabora Bassa Project. The Petroleum Production Sharing Agreement strengthened through Mutapa Investment Fund will provide a stable and transparent fiscal and legal framework to govern the project. Additionally, the company's engagement in discussions to bring strategic partners into the Cabora Bassa Project and the execution of a pilot gas-to-power MOU signify the company's commitment to future exploration, appraisal, and development activities. The completion of Mukuyu well testing, appraisal planning, and CB23 seismic data interpretation has led to the identification of three key drill-ready prospects, positioning the company for future exploration well campaigns. With these developments, Invictus Energy remains focused on its corporate strategy and the advancement of the Cabora Bassa Project.