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Zimbabwe SG 4571 & EPOs 1848/49

SG 4571 covers 250,000 acres located in the most prospective portion of the Cabora Bassa Basin in northern Zimbabwe. The licence is currently in the second exploration period which runs to June 2024. Invictus entered into an agreement with the Sovereign Wealth Fund of Zimbabwe in August 2022 to increase the licence area to a total of 360,000 hectares.

Previously explored by Mobil Oil, the project contains the largest undrilled structure in onshore Africa. The Muzarabani anticline feature has over 200km2 under closure and up to 1,500m vertical relief at favourable depths for conventional oil and gas. 

The Mukuyu (Muzarabani) conventional gas-condensate prospect, the largest undrilled prospect onshore Africa with an independently estimated 20 Tcf + 845 million barrels (gross mean unrisked basis#) of conventional gas-condensate in a stacked target.

The Company has completed a comprehensive Environmental Impact Assessment which was one of the largest surveys ever undertaken in the country. The regulator, the Environmental Management Agency, has approved the Environmental Management Plan for seismic and drilling.

Invictus is executing a high-impact work program and completed the acquisition of 840 km of high resolution infill 2D seismic data ahead of a basin opening drilling campaign commencing in August 2022.

Asset Overview SG 4571 & EPOs 1848/49
Ownership 80%
Acerage 360,000 hectares
License Duration June 2024 (2nd term)
Environmental Impact Assessment Complete
Independent Prospective Resource 20.0 Tcf + 845 million barrels of
Conventional Gas-Condensate#

#The Prospective Resource estimates for Invictus’ SG 4571 permit presented in this report are prepared as at 30 June 2022. The estimates have been prepared independently by ERCE in accordance with the definitions and guidelines set forth in the Petroleum Resources Management System, 2018, approved by the Society of Petroleum Engineer and have been prepared using probabilistic methods.

The Prospective Resource estimates are unrisked and have not been adjusted for both an associated chance of discovery and a chance of development. The Company confirms that there have not been any material changes to the resource estimate since the release of the updated Independent Prospective Resource Estimate on 5 July 2022. The Company is not aware of any new information and that all material assumptions and technical parameters underpinning prospective resource estimate continue to apply and have not materially changed.


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