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Invictus raises funds for Zim oil hunt

Upstream oil and gas company Invictus Energy has launched a share purchase plan (SPP) to raise up to A$10-million to fund exploration at its 80%-owned Caborsa Bassa project, in Zimbabwe.

The SPP, which will be priced at 12c a share, will consist of up to 83.3-million new ordinary shares in Invictus, with the offer price representing a 20% discount to the company’s last closing price.

The SPP participants will also be entitled to receive one attaching option for every two shares subscribed for, priced at 20c each and with a three-year term.

“The SPP is anticipated to provide additional funding for these activities as we prepare to kick off a fresh 2D seismic campaign this month to mature leads on trend with Mukuyu into drill-ready prospects,” said Invictus MD Scott Macmillan.

“We also remain on track to spud the highly anticipated Mukuyu-2 appraisal well early in the third quarter of 2023.

“The data received to date from our basin-opening Mukuyu-1 exploration well, which confirmed the presence of a working hydrocarbon system, gives us confidence in our exploration and appraisal strategy.

“The Cabora Bassa basin is one of the last untapped frontier rift basins onshore Africa and has the potential to provide energy security not only for Zimbabwe, but the wider Southern African region, should our activities lead to a successful development,” said Macmillan. – (Mining Weekly)

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One Comment

  1. Nothing but a ongoing scam to raise funds to pocket knowing there is no oil in Zimbabwe. It what these European companies do to raise billions on mining companies in Africa on geological reports never digging a hole. But using the funds fir other projects and investors just get stock in a empty company.

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