Invictus raises additional funds for eastern Cabora Bassa basin exploration
Invictus Energy Ltd. has launched a share purchase plan offer of up to $10 million to fund exploration and appraisal activities at its Cabora Bassa basin project in Zimbabwe.
The funds will be put towards the Mukuyu-2 appraisal well, which is a follow up to the recent play-opening Mukuyu-1 well that confirmed a working hydrocarbon system in the Cabora Bassa basin. Mukuyu-2 is anticipated to spud early in third-quarter 2023, the company said.
Funds will also be put towards a 2D seismic campaign this month to mature leads on trend with Mukuyu into drillable prospects, as well as a feasibility study and project development for its REDD+ carbon offset project, also in Zimbabwe.
Launch of the share purchase plan comes after last month’s $10-million placement to institutional investors (OGJ Online, Apr. 6, 2023).
Invictus Energy is operator at Cabora Bassa with 80% interest.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
