Invictus raises $12.7mn through oversubscribed share placement

Invictus Energy, an Australia-listed company, has successfully raised A$12.7mn ($8.3mn) through an oversubscribed share placement plan, it said on May 31. The proceeds from the placement will be utilised for various activities at the Cabora Bassa project in Zimbabwe, including preparations for the Mukuyu-2 appraisal well programme, phase 2 exploration campaign, and a 2D seismic and processing programme.

Initially, the company had announced a placement to raise A$10mn, but due to oversubscriptions, it has decided to accept an additional A$2.7mn. To accommodate the oversubscriptions, the company's board has increased the size of the placement. Invictus will be submitting a supplementary share purchase plan prospectus to incorporate the necessary changes and accept the oversubscriptions.

Managing Director Scott Macmillan said that the funds raised through the share purchase plan, combined with the recently completed institutional placement, position Invictus favourably for their exploration and appraisal activities in the Cabora Bassa basin. Specifically, the funding will support the drilling of the upcoming Mukuyu-2 appraisal well, which aims to build upon the success of the Mukuyu-1/ST1 exploration well that was drilled in September of the previous year.

Invictus has awarded a contract to Polaris Natural Resource Development for an infill 2D seismic survey as part of its phase two exploration campaign in the Cabora Bassa gas project.

The Cabora Bassa project encompasses the Mzarabani and Msasa gas and condensate prospects, which Invictus considers to be "world-class multi-trillion ft3" plays. Invictus operates the project and holds an 80% ownership stake in it.