Invictus Energy to raise US$10m for oil project

Sakhile Phiri (Bulawayo Correspondent)

Australia Stock Exchange (ASX) listed and Zimbabwe focused oil and gas exploration junior, Invictus Energy, has completed a share placement to raise US$10,48 million (8 million Australian dollar) the company requires to fund exploration activities.

In a statement, the company which is exploring for oil and gas in Muzarabani had last month announced receiving firm commitments from investors to raise the required funding.

It also stated that the resources will be raised through a share placement to new and existing institutional as well as sophisticated investors.

Invictus Energy said: “The company is pleased to confirm that it has completed a placement to raise A$8 million (before costs) by issuing 72 727 273 shares at A$0,11 per share. Funds raised will go towards the upcoming 2D seismic campaign in SG 4571, basis of well design, long lead drilling items for the Muzarabani-1 exploration well, drilling rig tender preparation and general working capital.”

The company also recently announced that it has already spent more than US$3,5 million in processing secondary data collected in the early 1990s by global oil giant Mobil and the research findings support huge potential for oil and gas.

Invictus Energy Limited (ASX: IVZ) which is headquartered in Perth, Australia and has offices in Harare, Zimbabwe, is an independent oil and gas exploration company which focuses on high impact energy resources in sub-Saharan Africa.

Their asset portfolio consists of a highly prospective portion of the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.

 

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