The Australian exploration junior is ready to start exploration at its Muzarabani prospect after completing a seismic campaign in September last year, through Canadian firm Polaris Natural Resources, which showed huge potential for petroleum deposits in the area.
Seismic exploration is the use of seismic energy to probe beneath the surface of the earth, usually as an aid in searching for economic deposits of oil, gas, or minerals, but also for engineering, archaeological, and scientific studies.
Reprocessed data gathered by American oil giant Mobil in the 1990s, which was independently evaluated by external experts, also revealed encouraging potential the area may host significant hydro-carbons.
The first well in the exploration drilling campaign, the Mukuyu-1 prospect, has been independently estimated to contain 8,2 trillion cubic feet (Tcf) plus 247 million barrels of conventional gas-condensate (gross mean unrisked).
Earlier, the company said it had started mobilising the Ezalo 202 rig from an area called
Commercial discovery of hydro-carbon, the President said, presented huge, unique and competitive investment opportunities given the significant potential value chain linkages.
Invictus said it continued to process multiple bids from potential farm-in partners whom the company expects to fund the large part of the drilling programme scheduled between July and
The company has received firm commitments from sophisticated and institutional investors to raise
"Under the placement, Invictus will issue 60 026,165 new fully paid ordinary shares at an issue price of
Invctus managing director Mr
"We are pleased to welcome new institutional investors onto our share register at an exciting time for the company as we prepare to embark on our maiden drilling campaign in
"I would also like to thank existing shareholders that participated in the placement for their continued support, including the
The share placement saw participation from multiple new and existing institutional investors ahead of the company's upcoming drilling campaign at its 80 per cent owned and operated
"Through the completion of this capital raise, in conjunction with our existing cash balance and additional funds delivered via the exercise of in-the-money options, the company is well funded for the Mukuyu-1 well.
"We also continue to progress bids received from multiple potential farm-in partners and will provide a further update on the farm-in process in due course.
"We have a number of catalysts in the lead up to the basin opening drilling campaign including an update to the prospect and lead inventory encompassing the expanded SG (Special Grant) 4571 licence area, selection of the second well location to follow on from Mukuyu-1, and the mobilisation of the Exalo 202 drilling rig.
"Drilling of the Mukuyu-1 well, which will test
Invictus' second oil and gas exploration well drilling, in the expanded SG4571 licence area, is planned for a location in
The company's principal asset is SG 4571 located in the
Unrisked means the average applicable reported volumes or values of resources have not been risked (or adjusted) based on the chance of commerciality of such resources.
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