Multi Tcf prospectivity identified in Eastern Cabora Bassa

HIGHLIGHTS
• Prospective Resource# of 2.9 Tcf gas and 184 million bbl condensate (gross mean unrisked# ) estimated across eight prospects in eastern Cabora Bassa Basin
• Vertically stacked prospects enables individual exploration wells to test multiple targets
• Eastern basin prospectivity significantly de-risked by Mukuyu gas field and well data
• Evidence of oil migration in Mukuyu-2 Dande Formation sidewall cores proves hydrocarbon migration
• An exploration well at Musuma targeting >1 Tcf of gas is planned for 2025 to test the Dande play

Invictus Energy Limited ("Invictus" or "the Company"), is pleased to provide an update on activities at its 80% owned and operated Cabora Bassa Project in Zimbabwe.

Following the completion of the interpretation of the CB23 Seismic Survey data and a review of prospectivity in the eastern Cabora Bassa basin, eight key prospects have been defined in the Company’s Exclusive Prospecting Orders (EPOs) 1848 and 1849, totalling 2.9 Tcf gas and 184 MMbbl condensate# (gross mean unrisked basis).

The Company will focus its next exploration drilling campaign, initially targeting the Musuma prospect (estimated to contain 1.17 Tcf - gross mean unrisked basis# ) to test the eastern gas prospectivity, in addition to further appraisal drilling in the Mukuyu gas field.

#Cautionary Statement: These estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. The estimates have both a risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially recoverable hydrocarbons. Prospective Resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.

Managing Director Scott Macmillan commented:
“We’re extremely pleased with the results from the CB23 seismic survey which has identified material prospectivity in the eastern portion of our acreage.

Exploration success at these prospects would prove up a further material play within Invictus’ acreage.

“This would also assist with unlocking additional significant value in the portfolio and ultimately aligns with the Company’s early gas monetisation strategy.

“We have identified some high-confidence drill targets for the Company’s next exploration campaign - I look forward to providing further updates as we progress the Mukuyu gas field testing and appraisal, farm out, and the wider Cabora Bassa exploration program.”

Eight high potential prospects identified
The Company previously announced the identification of new prospects in the Dande Formation in the east of the basin. Further work has since been completed to mature these and additional prospects in the deeper Pebbly Arkose (Upper Triassic) and Angwa (Lower-Mid Triassic) Formations to assess prospective volumes (Figure 1) and high-grade drilling candidates.

The interpretation of the 2023 2D (CB23) seismic survey data identified multiple prospects with high potential gas volumes at multiple stratigraphic levels.

The targets’ relatively shallow depths and, in some cases, stacked prospective intervals can be tested with simple vertical wells.

Based on the Company’s 80% share in the Cabora Bassa project, Invictus’ net share of this prospective resource would equate to 2.3 Tcf and 147 MMbbl condensate (mean unrisked basis, prior to the exercising of any back-in rights) 4 .

These central fairway gas prospects in the eastern portion of Invictus’ exploration portfolio are in addition to the prospective resource associated with the previously reported Basin Margin prospects (Figure 1).

The Company will conduct a further evaluation of the Basin Margin play to select additional prospects for a future drilling campaign.

Musuma target firms as favoured candidate to test Dande play in 2025 The Musuma prospect (Figure 2) has emerged as the favoured candidate to test the Dande play in the eastern Cabora Bassa. The prospect has interpreted seismic amplitude support and is estimated to have a recoverable prospective resource of 1,170 Bcf and 73 million barrels of condensate (gross mean unrisked basis)# .

Good quality reservoir sands were encountered in the Dande Formation at Mukuyu-2 and sidewall core petrography has revealed residual hydrocarbon staining in a thin-section of a core (Figure 3) obtained from an interval where residual hydrocarbons were calculated from well logs.

The presence of hydrocarbons in the Angwa Formation at Mukuyu has de-risked the presence of mature source rocks in the basin. Furthermore, the residual hydrocarbons in the Dande Formation at Mukuyu-2 show there has been migration of hydrocarbons to this shallower stratigraphic level. Together, these observations are positive for charge for the Dande play in the wider basin.

At Mukuyu-2, the Dande Formation is penetrated in a fault-bounded, narrow horst block. The residual hydrocarbon saturations encountered imply a failure of the trap at that location. Thin sands are observed in the overlying shale-dominated sequence and perhaps compromise the topseal or act as thief zones when juxtaposed across the structure-bounding faults. Trap considerations remain a key risk element for Musuma but the inferred amplitude support there, absent in the Dande Formation above Mukuyu, is a positive indication that the trap is working.

In the case of exploration success at Musuma, potential follow-up prospects in the Dande play – at Mopane and Mururo – also overlie Pebbly Arkose and Angwa prospects. The Angwa formation in these eastern basin prospects is significantly shallower (present day) than at Mukuyu. This vertical stacking allows for the testing of multiple prospects with simple, vertical exploration wells.

The Exalo 202 rig remains onsite at the Mukuyu-2 location and is available for a 2025 exploration drilling campaign.