As we move through 2026, Invictus Energy is entering a defining period, with the foundations established over recent years now translating into tangible execution.
The first half of 2026 has been focused on progressing the strategic, regulatory and operational requirements needed to unlock the full potential of the Cabora Bassa project. These efforts have positioned Invictus to continue advancing our exploration objectives while simultaneously pursuing development opportunities, underpinned by the recently executed Petroleum Production Sharing Agreement (PPSA), which provides a clear regulatory and fiduciary framework to take the Cabora Bassa Project forward.
Operationally, our focus is firmly on advancing Cabora Bassa and progressing toward drilling. We have a defined work program headlined by the high-impact Musuma-1 exploration well – the first to be drilled outside the Mukuyu Gas Field.
The prospect exhibits compelling seismic direct hydrocarbon indicator (DHI) responses and potential flat spots, targeting the shallow Dande Formation. The well is designed as a simple, low-cost vertical well targeting the shallow Dande Formation, with an estimated prospective resource of approximately 1.2 Tcf of gas and 73 million barrels of condensate.
To support the upcoming drilling campaign, more contracts for drilling and field services are to be finalised in coming weeks. The Exalo Rig 202 maintenance scope is rolling out where it is stacked at Mukuyu-2, once complete will get firm timing on rig mobilisation to Musuma site. The Zambezi Valley supply base upgrades are complete and ready for the Musuma campaign.
In parallel, the Company continues to advance key regulatory and commercial milestones.
Approval of the Environmental and Social Impact Assessment (ESIA) for pilot production activities at Cabora Bassa provides a clear pathway toward early commercialisation, including initiatives such as the Eureka Gold Mine Gas-to-Power Project.
We have also secured the EIA required to permit ongoing exploration activity across our licence areas. Combined with the executed PPSA, Invictus has the foundation to march forward with development planning, the acceleration of exploration and appraisal activities, and existing wells across our Project.
New venture discussions are progressing well, with recent visit to Luanda reinforcing strong partnership potential in Angola, sub-Saharan Africa’s second largest petroleum producing nation.
Alignment of these elements also establishes a stronger investment case for Invictus as we continue to receive strong inbound interest from potential strategic partners looking to help provide new and alternative energy that could supply much of southern Africa.
We now have the ingredients to move more decisively into the execution phase. Our priorities are clear: advance drilling at Musuma-1, advance appraisal activities and continue to progress commercialisation pathways across the Cabora Bassa project.
With a high-quality asset base, an embedded team, and improved regulatory certainty backed by the Government of Zimbabwe, Invictus is ready to convert momentum into tangible outcomes.
On behalf of the Board and management team, I thank you for your continued support and look forward to updating you as we shift gears into this next phase of growth.
Scott Macmillan
Managing Director
