Energy explorer Invictus Energy says it expects to start the seismic acquisition campaign in the coming quarter which will unlock additional value for the company and delineate the optimal drilling location to test the world class Muzarabani prospect.
In the quarter ended 31 March 2021, the company completed a capital raise of $A8 million via Private Placement to sophisticated and institutional investors.
Proceeds from the capital raising to be applied to Special Grant 4571 seismic acquisition campaign and ordering of long lead drilling items for Muzarabani-1 exploration well. Funds will provide capital for Invictus to accelerate the Company’s exploration campaign throughout the remainder of CY21.
“The completion of a strongly supported capital raise has put the company in an excellent position to complete our upcoming seismic acquisition program which will commence in Q2 and then lead to an eagerly awaited high impact basin opening drilling campaign,” said Invictus managing director Scott Macmillan in a quarterly report.
Invictus’s 80% owned subsidiary Geo Associates signed a Petroleum Exploration Development and Production Agreement (PEDPA) with Zimbabwe recently awarded Polaris Natural Resources, Canada’s longest standing seismic company, a contract to provide acquisition services for its first 2D seismic program in the Cabora Bassa Basin.
“The execution of the PEPDA with the Republic of Zimbabwe puts in place the necessary framework to rapidly develop the Cabora Bassa Project on exploration success and provide a 25 year production licence.”
Net cash used in financing activities stood at $A8.1 million for the quarter and $A8.4 million year to date – Harare