Published: 3 hours ago

Invictus Energy Ltd has secured US$10 million through a strongly supported share placement, strengthening its capacity to accelerate exploration activities at its 80 percent-owned Cabora Bassa Project in northern Zimbabwe.

The company confirmed it received binding commitments from institutional and sophisticated investors, reflecting sustained confidence in its upstream strategy following the Mukuyu gas discovery.

Proceeds from the capital raise will fund upcoming work programmes, with a major focus on the high-impact Musuma-1 exploration well.

Under the placement, Invictus will issue 166,666,667 fully paid ordinary shares priced at US$0.060 each.

Managing Director Scott Macmillan said the funding marks a key milestone as the company builds momentum in the basin.

"We're pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu gas discovery with a new exploration campaign targeting the high-impact Musuma prospect," he said.

Macmillan added that the Musuma-1 well has been designed to balance cost and risk.

"The well has been designed as a low-cost, low-risk vertical well to test a shallow target with significant upside," he said.

The latest capital injection comes as Invictus intensifies efforts to unlock the hydrocarbon potential of the Cabora Bassa Basin. However, the company cautioned that the estimated petroleum quantities relate to undiscovered resources and carry inherent exploration and development risks.

It noted that prospective resource assessments were conducted using probabilistic methods in line with SPE-PRMS industry standards.
- the herald

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