Invictus raises A$15mn to fund Mukuyu-2 drilling in Zimbabwe

Australia’s Invictus Energy has raised A$15mn ($9.62mn) via a two-tranche placement to fund the upcoming Mukuyu-2 drilling campaign in Zimbabwe, it announced on September 21. The proceeds will be used to cover the cost of the drilling campaign, well evaluation, working capital and project contingency, and the costs and expenses of the capital raise.

The Mukuyu-2 well will be drilled to a planned total depth of approximately 3,750 m with the aim of declaring a material discovery. The Mukuyu-2 well is located approximately 6.8km north-east from the Mukuyu-1 well, which confirmed the presence of light oil, gas-condensate and helium in the Cabora Bassa Basin in Zimbabwe.

The drilling campaign is expected to commence in late September or early October. The drilling campaign is expected to last for approximately 50-60 days. Invictus has awarded multiple well services contracts to international service companies for the drilling of the Mukuyu-2 well.

“We are pleased to welcome new institutional investors onto our share register at an exciting time for the Company as we finalise preparations to embark on our Mukuyu-2 appraisal well drilling campaign in Zimbabwe,” managing director Scott Macmillan commented.

The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects and is operated and 80% owned by Invictus.