Invictus’ oil, gas funding raising oversubscribed
INVICTUS Energy, the Australian firm scouting for oil and gas in Mashonaland Central province, north of Zimbabwe, has received strong support for its Share Purchase Plan (SPP) meant to raise US$6,640 million for further exploration.
In February, the company announced the intent to raise 10 million Australian dollars (US$6,640 million) through a private placement to finance preparations for the Mukuyu-2 appraisal well and phase 2 exploration programme.
The Mukuyu-2 appraisal well and phase 2 exploration programme have already commenced. In its latest update, Invictus said the funds would be put towards high-impact exploration and appraisal programmes at Mukuyu-1 and Mukuyu-2 well appraisal and Phase 2 exploration projects.
Appraisal wells are additional wells drilled after discovery to confirm the size of a hydrocarbon deposit at a wildcat well.
“The company has exceeded its initial A$3,320 million target under the Share Purchase Plan (SPP), announced on April 6, 2023, with the offer receiving overwhelming support from eligible Invictus shareholders.
“The board has agreed to accept over-subscriptions, up to an additional A$3,320 million, to raise a total of up to US$6,640 million. Funds raised via the SPP will be used to build on recent exciting breakthroughs from the Mukuyu-1/ST1 exploration campaign and provide funding for the Mukuyu-2 appraisal and Phase 2 exploration programmes.
“Participation in the SPP is optional and eligible shareholders who wish to participate in the SPP are required to complete the application form
accompanying the SPP offer document and pay the applicable funds in accordance with the instructions in those documents, prior to the closing
date of the SPP,” said Invictus.
Recently, the company, through the results of mudgas analysis for the Mukuyu-1 exploration well, confirmed the ‘definite’ presence of hydrocarbons
and this was in line with Invicuts’ geological modelling.
Hopes are high that the company’s success thus far could result in the commercial discovery of oil and gas in Muzarabani given the nature of results from the evaluation of technical data from the Mukuyu-1 test well.
It is envisaged that the successful discovery of oil and gas in Zimbabwe would make the country energy sufficient, boost employment figures, foster economic growth as well as bring huge downstream benefits across the economy.
Exploration drilling at Mukuyu-1, began in September last year and latest results of the data analysis of the gas quantities have shown the presence
of light oil, gas condensate and helium and thus confirming multiple oil and gas underground pockets consistent with the geologic formations of the
drilled test well.-herald
