INVICTUS Energy chairperson John Bentley says the board has unlocked a “tremendous asset” in Zimbabwe following the discovery of dual gas at Mukuyu-2 recently, which will transform the energy market in the country and the wider region.
Invictus announced a second gas discovery in the Mukuyu-2 well at its 80% owned and operated Cabora Bassa project in Zimbabwe in December last year.
The recent findings in both the Upper and Lower Angwa reservoirs significantly expanded the resource potential in the Mukuyu gas field, marking a major milestone for the Australia Stock Exchange-listed firm.
In a shareholder update released on Friday last week, Bentley said Invictus had an extremely active and successful period of growth that culminated in the Mukuyu-2 dual gas discovery.
“The Mukuyu-2 hydrocarbon discovery has the potential to materially transform the energy market in Zimbabwe and the wider region,” he said.
“The well builds on the earlier Mukuyu-1 well which is now also recognised as a discovery and thereby demonstrates the enormous potential of this totally untapped sedimentary basin which is wide open for development.”
He added: “Given the critical shortage of power in the region and growing demand your company is exceptionally well placed to benefit from multiple commercialisation opportunities.
“Moreover, Invictus has a dominant acreage position in the Cabora Bassa basin which provides it with the ability to aggressively pursue the substantial portfolio of drill-ready prospects and leads.
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“On behalf of the Invictus board, I am confident that we have unlocked a tremendous asset and with the recent placement and this entitlement offer we have the financial strength and the team in place to accelerate the growth of the company.
“I thank both our long-term and recent investors for their continued support as we enter another exciting year for the company.”
The energy firm announced a new capital raising initiative recently to mobilise A$15,2 million (US$10,06 million) to fund its drilling activities at its Mukuyu 2 oil and gas drill site located in north-eastern Zimbabwe.
This followed the successful raising of A$15 million (US$10,25 million) last December through the issuance of approximately 115 384 616 new shares on the Australia Stock Exchange at a price of A$0,13 per share that were fully paid for.
Now, in the new capital raising initiative, Invictus launched an entitlement offer for up to A$15,2 million at A$0,13 per share.
On Friday, it said the opportunity to participate in the entitlement rights offer was open to all eligible shareholders.
It said shareholders who were registered as holders of shares at 5pm on January 30, 2024, and whose registered addresses were in Australia, New Zealand, United Kingdom, Hong Kong or Singapore could participate in the offer.
The offer is being managed by the company’s share registry, Link Market Services.