Australian-based Invictus Energy has raised $10.2 million in capital to fund its activities in the Cabora Bassa project in Zimbabwe.
The capital infusion was achieved through a private placement, following the initiation of a share purchase plan in early May 2023.
“These funds will be invested into extending the recent success of our dual gas discoveries in the Upper and Lower Angwa formations and completion of a highly successful Mukuyu-2 drill campaign,” said Invictus MD Scott Macmillan.
The achievement coincides with Invictus Energy’s recent gas discovery in the Mukuyu-2 well, the firm’s second exploration well drilled in the third quarter of 2023.
Additionally, the company has entered into a strategic agreement with Mbuyu Energy to supply gas for a proposed 500 MW Gas-to-Power project in Zimbabwe.
Invictus Energy is gearing up to drill new wells to explore oil and gas reserves across its extensive licensing area, spanning 360,000 hectares, as part of its ongoing expansion.
