Invictus Energy Announces Extension of Farm-in Process

Source: 3/31/2022, Location: Africa

• Farm-in process extended due to sevenfold increase of SG 4571 acreage area
• Cluff Energy Africa granted extension to submit updated binding farm-in offer
• Invictus engaged with multiple parties for additional farm-in offers
• Two-well high impact drilling program planned to commence June 2022

Invictus Energy Limited is pleased to provide an update on the activities of its 80 per cent owned and operated Cabora Bassa project in Zimbabwe.

Farm-in process update
Invictus has granted Cluff Energy Africa’s (“CEA”) request to extend its farm-in option expiry (see ASX release on 9 December 2021) and submit an updated binding offer.

The new agreed expiry for CEA to exercise its option has been extended from 31 March to 30 April 2022.

The extension request follows the agreement with the Republic of Zimbabwe and Sovereign Wealth Fund of Zimbabwe (SWFZ) to increase the SG 4571 licence area from 100,000 to 709,300 hectares (see ASX release 28 March 2022).

The extension to the option period coincides with the revised mobilisation date for Exalo’s Rig 202 from Tanzania which is now expected to arrive at the project in mid June compared to previous estimates at the time of CEA option agreement in early May (see ASX release 15 February 2022).

The additional time will allow CEA to assess the extended SG 4571 area and finalise additional funding requirements associated with the drilling campaign and past costs.

Following completion and review of the Cabora Bassa 2021 Seismic Survey data and the SWFZ agreement to increase the SG 4571 licence area, Invictus continuesto progress the farm-in process and is in active discussions with multiple parties.

Planning is underway to commence a 2-well drilling program in June, including the Muzarabani-1 well targeting 8.2 trillion cubic feet and 247 million barrels of conventional gas-condensate, and maturing additional prospectivity to drill a second well in the basin margin play.

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