Invictus Energy has raised over US$23 million for the next phase of Cabora Bassa oil and gas exploration and appraisal.
The project is the first oil mining expedition in Zimbabwe.
Invictus is an independent upstream oil and gas company headquartered and listed on the Australian Securities Exchange with offices in Harare.
In a statement, the energy utility company said it received firm commitments from sophisticated and institutional investors to raise US$8.4 million, before costs, by way of private Placement.
The energy group also revealed that US$23.5 million has been set aside to drill the Mukuyu-2 appraisal well and ongoing Phase 2 exploration program.
“Invictus has been overwhelmed by the support of investors in recent months as we prepare to embark on the next phase of our potentially country changing exploration and appraisal program that could provide Zimbabwe with future energy security,” Invictus Managing Director, Scott Macmillan said.
“Combined with our previous private placement in April and the recently completed Share Purchase Plan, Invictus has now raised a total of $35.4 million to which sees the Company’s upcoming Mukuyu-2 appraisal well funded for our next phase of operations in the Cabora Bassa Basin.
“The Company in a strong financial position as we prepare to drill the Mukuyu-2 appraisal well, which is a follow up to the play opening Mukuyu-1/ST1, which proved the presence of light oil, gas and helium with the very first well drilled in the basin.
“The appraisal well data acquisition program has been upsized to include additional tools to enhance the evaluation and acquire high-quality open-hole wireline log data and fluid samples, with the aim of formally declaring a discovery and placing the Company on a pathway to development.
“We remain on track to spud Mukuyu-2 in the third quarter of CY2023, and I look forward to providing further updates as we finalise the well location and award well services contracts,” he added.
Recently, Invictus confirmed the presence of light oil, gas condensate and helium at its Cabora Bassa basin adding that the mud gas analysis from the Mukuyu-1 well drilled last year had proved the presence of hydrocarbons in multiple reservoir pay zones.
Zimbabwe Environmental Management Agency (EMA) recently approved Invictus Energy’s Environmental Impact Assessment (EIA) paving way for the commencement of Mukuyu-2 well exploration.