News listings

energy-pedia exploration

Middle East / Africa >>> Zimbabwe

Zimbabwe: Invictus completes A$15 million capital raising to fund ongoing Cabora Bassa operations


27 Dec 2023

Photo - see caption

HIGHLIGHTS

  • Total A$15.0 million raised through Private Placement
  • Participants to receive an attaching option on a 1-for-2 basis
  • Funds raised will be invested in Mukuyu-2 well test, Mukuyu 3D seismic preparation and long leads items for next well drilling campaign at Cabora Bassa project

Invictus Energy has successfully raised A$15.0 million through an Institutional Placement to continue funding operations at its 80% owned and operated Cabora Bassa Project in Zimbabwe.

The capital will ensure the Company is well funded for a range of activities to roll out at it’s Cabora Bassa project in Northern Zimbabwe.

Earlier this month Invictus declared two gas discoveries in the Upper and Lower Angwa formations through the Mukuyu-2 well.

Funding will be utilised for a well test on gas discoveries in the Upper and Lower Angwa formations in Mukuyu-2 well, preparation for 3D seismic over the Mukuyu gas field and long lead items for a planned high impact exploration well from the Company’s extensive portfolio in the Basin Margin or Central Fairway prospects.

Private placement

Under the Placement Invictus will issue approx. 115,384,616 new fully paid ordinary shares at an issue price of A$0.13 per New Share, representing a 16% discount to the Company’s share price on 21 December 2023, the last trading date before the Placement, and a 21% discount to the five-day volume weighted average price (“VWAP”) prior to that date.

Each applicant will receive one (1) free listed IVZOA option (exercise price $0.20, expiry 7 June 2026) for every two (2) shares subscribed for and issued under the Placement, with up to 57,692,308 IVZOA options to be issued.

Invictus will also launch an Entitlement offer to all shareholders with details of the rights issue to be released to the market in January 2024.

The Placement was participated in by a range of new and existing sophisticated and institutional investors. Placement shares and attaching options will be issued under the Company’s existing ASX Listing Rule 7.1 and 7.1A placement allowance.

Use of funds

Proceeds from the capital raise will be used to fund a range of immediate and near-term activity including:

  • Mukuyu-2 well test
  • Preparation for 3D seismic over Mukuyu gas field
  • Long lead items and planning and preparation for a new high impact exploration well which will be determined following completion of interpretation of recently acquired CB23 infill seismic survey.

Managing Director Scott Macmillan commented

'We are pleased to welcome funds from institutional and sophisticated investors that will assist ongoing operations at our Cabora Bassa project.

'These funds will be invested into extending the recent success of our dual gas discoveries in the Upper and Lower Angwa formations and completion of a highly successful Mukuyu-2 drill campaign.

'Ongoing operations across the Mukuyu field will include a well test on Mukuyu-2 and preparation for a 3D seismic survey over the Mukuyu gas field.

'We are currently maturing additional drill ready prospects from our recently completed CB23 infill seismic survey, and excitingly planning for our next well location within our commanding 360,000 hectare project area.

'I thank those who continue to support Invictus Energy’s operations as we enter a much-anticipated phase of project activity at Cabora Bassa.'

Original announcement link

Source: Invictus Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 232

Completed Deals

Completed Upstream Deals: 6585

Company Profiles

Current Company Profiles: 2915

Corporate Activity

Current Corporate Activity articles: 4158

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1664

Geostudies

Current Geostudies articles: 974

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Union Jack Oil 149
energy365
OPC
Bayphase
Merlin
Rose & Assocs
Syntillica
Telos NRG
Government of South Australia
Borchwix
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com