Australian-based global upstream firm Invictus Energy has launched a share purchase plan (SPP) aimed at raising funds to expand exploration works at the company’s onshore project in the Cabora Bassa Basin in Zimbabwe.
With the SPP, Invictus aims to raise up to A$10 million for Phase 2 of the upstream campaign. The SPP is priced at 12c a share, and will consist of 83.3-million new ordinary shares in the company. The offer price represents a 20% discount to Invictus Energy’s recent closing price.
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According to Scott Macmillan, Managing Director of Invictus Energy, “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. We also remain on track to spud the highly anticipated Mukuyu-2 appraisal well early in the third quarter of 2023.”
Works at Mukuyu-2 will include the use of data gathered during the Mukuyu-1 drilling campaign to confirm a gas condensate and light oil discovery in the Upper Angwa and Pebbly Arkose formations.
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“With exploration of the Cabora Bassa Basin now substantially de-risked following the success of the Mukuyu-1/ST1 well, which confirmed a working petroleum system in the basin, the coming months are shaping up to be exciting for Invictus and its shareholders,” Macmillan continued, adding that, “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.”