INVICTUS Energy says its entitlement rights offer launched towards the end of last month is now open to all eligible shareholders.
The Australian headquartered firm which is scouting for oil and gas in Muzarabani and Mbire districts in Mashonaland Central Province launched an entitlement issue for ordinary shares to eligible shareholders after a private placement that raised over AUS$15 million (equivalent to US$10,2 million) to fund continued exploration and development activities in Zimbabwe.
In the latest update, Invictus said: “The company is pleased to announce the opportunity to participate in the entitlement rights offer which is now open to all eligible shareholders.
“The entitlement issue (offer) applies to ordinary shares for all eligible shareholders.”
The company has announced that funds from the offer will be invested in important ongoing operational activity at its Cabora Bassa project (Mbire and Muzarabani districts) including well testing at the Mukuyu-2 well prospective area, where two material gas discoveries have been declared in the Upper and Lower Angwa targets last month.
Before Mukuyu-2 exploration well, drilling conducted at Mukuyu-1 prospect in 2022, though drilling was abandoned due to technical glitches, also confirmed the presence of hydrocarbons but without the fluid sample.
In the latest update, Invictus chairman Mr John Bentley was quoted saying his organisation has had an extremely active and successful period of growth that culminated with the Mukuyu-2 dual gas discovery announced in December last year.
“The Mukuyu-2 hydrocarbon discovery has the potential to materially transform the energy market in Zimbabwe and the wider region.
“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 untapped sedimentary basin which is wide open for development,” he said.
Mr Bentley said on account of the critical shortage of power in the region and growing demand, Invictus 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.”
“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,” he said.