Australia-listed Invictus Energy on March 24 said it had received firm commitments from new and existing investors to raise A$8mn (US$6mn) via a share placement. The funds will be used for the SG 4571 seismic acquisition campaign in Zimbabwe and the ordering of long-lead drilling items for Mzarabani-1 exploration well.  

“We are extremely pleased with the excellent support received from new and existing shareholders and it is a strong endorsement of our Cabora Bassa project and the exciting and world-class Mzarabani-1 prospect which the company is preparing to drill,” Invictus managing director Scott Macmillan said. 

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The placement funds will allow the company to start a 2D seismic acquisition campaign to refine the drilling targets in the stacked Mzarabani prospect and identify additional prospectivity in the SG 4571 permit, he added. 

The company will also use part of the proceeds from the placement to order long lead drilling equipment and undertake a rig tender exercise. In addition, the placement will provide ongoing working capital to support the development of the project as it continues to prepare for a high-impact basin opening drilling campaign, anticipated in late 2021 or early 2022, Macmillan said.  

The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects, which Invictus describes as "world-class multi-trillion ft^3" plays. The project received environmental approval from Zimbabwean authorities in August last year. 

Zimbabwe does not produce any oil and gas of its own, and exploration has been limited. The country holds large coal reserves and untapped hydropower potential, however, according to the International Energy Agency.