Invictus did not disclose the nature of the transaction, but it revealed two weeks ago that it would be sinking its first test well during the first half of 2022.
And ahead of the project, Cluff Energy Africa acquired significant shareholding in the firm, moving it closer to building the
In a note filed with the ASX, Invictus said: "The securities of
"Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on
Invitus said on
Invictus executed a memorandum of understanding with
The parties said there was an option for an additional well to be exercised by
The companies are expected to sign a binding rig agreement next year.
The firm last had a cash call in March, raising about
Two weeks ago, the firm entered into an agreement with Cluff to unlock capital for the two-well exploration and drilling campaign.
Invictus said the farm in option agreement with Cluff would see the latter funding 33,33% of the costs for a 25% interest in the
Invictus will remain as operator, the statement added.
"Cluff Energy Africa is currently assembling a portfolio of African oil and gas exploration assets with the intent of raising further capital during early 2022 to fund its exploration programmes," it said.
"Under the terms of the non-binding agreement, Cluff must exercise the option by
Invictus managing director and chief executive
He said Invictus was well placed to achieve significant accretive milestones during 2022 with a number of key catalysts ahead.
Cluff chairman
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