Australia-based oil and gas firm Invictus Energy is on the market to raise A$5.5 million (about US$3.98 million) for its Zimbabwean oil prospecting project, the company announced on Wednesday.
In a notice to shareholders, the company announced a placement of A$3.5m and a share purchase plan (SPP) of up to A$2m to raise a total aggregate amount of up to A$5.5m for its Cabora Bassa project in northwestern Zimbabwe.
Invictus managing director Scott Macmillan said the company was offering its “long-term and loyal shareholders the right to participate in a SPP alongside the placement participants.”
He said the required funds would be used to position Invictus to undertake a two-well exploration campaign commencing in the first half of 2022, “including the drilling of Muzarabani-1 well targeting prospective resources of 8.2 Tcf (trillion cubic feet) + 247 million barrels conventional gas condensate.”
“We have a busy 1st half of 2022 planned with finalisation of our data processing for our seismic survey, update of our prospect and lead inventory, conclusion of our farm-out process and securing long lead items as we embark on our planned 2-well drilling campaign of our world class asset including the Muzarabani-1 well which will be one of the largest conventional targets drilled globally in 2022,” Macmillan said.
The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects, which Invictus has described as "world-class multi-trillion feet" finds.
The project received environmental approval from Zimbabwean authorities in August last year.