HARARE – Invictus Energy is set to raise AU$15.2 million (US$9.99 million) through an entitlement offer in a bid to expand its operations at its Cabora Bassa project in Mashonaland Central.

The offer follows a strongly supported private placement  that raised more than AU$15 million of capital to fund continued exploration and development activities at the company’s 80% owned and operated Cabora Bassa Project.

Managing Director Scott Macmillan said funds from the Offer will be invested in important ongoing operational activity at our Cabora Bassa project including well testing at Mukuyu-2, where two material gas discoveries in the Upper and Lower Angwa targets were made last month.

“These discoveries are transformational for the company, for the onshore oil and gas sector and Southern African communities that continue to live in the grip of energy shortages.”

He said preparation for 3D seismic surveying over Mukuyu-2 will be carried out as well as ordering long lead items, planning and preparation for a new high impact exploration well within the commanding 360,000ha project area.

The terms of the offer are the same as the placement terms announced to the ASX on 27 December 2023.