QUARTERLY
HIGHLIGHTS
Operational
-
Final
Petroleum
Production
Sharing
Agreement
(PPSA)
review
completed,
and
finalisation
in
progress
in
preparation
for
execution. -
3D
seismic
and
additional
appraisal
drilling
and
testing
at
Mukuyu
gas
field
planned. -
Next
exploration
drilling
campaign
to
focus
on
the
Musuma
prospect
to
test
the
Dande
play
in
eastern
Cabora
Bassa. -
Farm
out
process
progressing,
with
discussions
advancing
with
a
number
of
prospective
partners.
Corporate
-
Tranche
2
of
US$10
million
Zimbabwe
strategic
capital
raise
completed
at
AU$0.10
per
share
with
additional
US$2
million
of
oversubscriptions
accepted. -
Company’s
AGM
held,
with
all
resolutions
passed.
Operational
update
Petroleum
Production
Sharing
Agreement
(PPSA)
During
the
quarter,
a
final
independent
review
of
the
Petroleum
Production
Sharing
Agreement
(PPSA)
was
completed
by
external
European
legal
counsel,
marking
a
significant
milestone
in
the
development
of
the
Company’s
exploration
and
production
activities
(refer
ASX
announcement
29
November
2024).
The
PPSA
is
designed
to
ensure
equitable
sharing
of
value
generated
from
the
Cabora
Bassa
Project
between
the
Government,
Invictus
and
its
partners
and
will
also
provide
a
robust
governing
framework
for
Zimbabwe’s
oil
and
gas
sector.
The
Mutapa
Investment
Fund
of
Zimbabwe
(“Mutapa”)
–
which
committed
to
underwriting
US$5
million
of
a
$10
million
capital
raise
in
mid-2024
–
has
been
assigned
the
beneficiary
of
the
PPSA
product/profit
share
and
equity
holder,
on
behalf
of
the
Republic
of
Zimbabwe.
Finalisation
of
the
PPSA
is
in
progress
in
preparation
for
execution.
Farmout
and
strategic
partner
options
progressing
During
the
quarter,
Invictus
continued
discussions
with
a
range
of
potential
farm
out
and
strategic
partners
to
provide
funding
and
support
for
the
Cabora
Bassa
Project
and
forward
work
programs.
Exploration
and
Appraisal
Program
In
Q3
2024,
eight
new
high
potential
prospects
were
defined
in
the
eastern
Cabora
Bassa
basin
totalling
2.9
Tcf
gas
and
184
MMbbl
condensate,
highlighting
significant
upside
potential
for
the
Project
(refer
ASX
announcement
on
3
September
2024).
The
Company’s
next
drilling
campaign
will
focus
on
exploring
the
Musuma
prospect
to
test
the
Dande
play
in
eastern
Cabora
Bassa.
This
prospect
has
interpreted
seismic
amplitude
support
and
is
estimated
to
have
a
recoverable
prospective
resource
of
more
than
1
Tcf
and
73
million
barrels
of
condensate.
Further
3D
seismic
and
appraisal
drilling
and
well
testing
at
the
Mukuyu
Gas
Field
is
planned
to
determine
future
development
well
locations
and
prepare
for
the
early
commercialisation
pilot
gas-topower
project
for
the
Eureka
Gold
Mine
(refer
ASX
announcement
on
23
April
2024).
The
Company
continues
to
conduct
further
evaluation
of
the
oil-prone
Basin
Margin
play
to
select
additional
prospects
for
future
drilling.
Tranche
2
of
strategic
Zimbabwe
investment
completed
During
the
quarter,
the
second
tranche
of
the
US$10
million
Institutional
Placement
managed
by
Mangwana
Capital
(Private)
Limited
was
completed
(refer
ASX
announcement
on
31
December
2024).
Due
to
strong
demand,
the
Company
also
accepted
an
additional
US$2
million
in
oversubscriptions
on
the
same
terms.
Tranche
one
of
the
Placement
was
partially
underwritten
by
Mutapa,
which
was
completed
in
August
2024
(refer
ASX
Announcement
on
1
August
2024).
This
strategic
investment
is
historic
for
both
Invictus
and
investors
in
Zimbabwe,
who
can
now
hold
and
trade
securities
in
the
Company
through
its
secondary
listing
on
the
Victoria
Falls
Stock
Exchange.
AGM
meeting
and
results
On
29
November
2024
the
Company
held
its
Annual
General
Meeting
(AGM)
in
Perth,
Western
Australia.
All
resolutions
put
to
the
AGM
were
approved.
Source:
Invictus
Energy
Post
published
in:
Business