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Highlights
- Drilling at Mukuyu-2 well commenced on 20 September, marking a significant milestone in the company’s Cabora Bassa exploration campaign.
- Drilling and evaluation at Mukuyu-2 is anticipated to take 50-60 days.
- Invictus has announced a capital raising program of AU$15 million through a two-tranche placement.
- The funds raised will go towards the Mukuyu-2 drilling campaign.
Invictus Energy Limited (ASX: IVZ) spudded the Mukuyu-2 well on 20 September 2023, marking a major milestone as part of its Cabora Basin exploration program.
Invictus also informed about receiving firm commitments from new and existing investors for its placement raising AU$15 million to support the Mukuyu-2 exploration campaign.
The company owns 80% in its operated Cabora Bassa Project in Zimbabwe.
More about Mukuyu-2
The company has started drilling at the Mukuyu-2 appraisal well in SG 4571. The well is planned to be drilled to a depth of 3,750m with the objective of a material discovery.
With the Mukuyu-2 well spudding, the anticipated 50-60 days drilling campaign has kick started, targeting numerous stacked targets.
The campaign is designed to test the Triassic Upper Angwa formation, the primary target interval, ~450m updip from Mukuyu-1 where hydrocarbons were intersected. More targets are planned to be drill tested.
To know the details, click here.
Data source: Company update
Details of the AU$15M placement
The company intends to raise AU$15 million through a two-tranche placement, entailing the issue of around 100 million shares at aprice of AU$0.15 apiece. The issue price indicates a 25% discount to IVZ’s share price on 18 September 2023 and an 11.2% discount to the thirty-day volume weighted average price before that date.
As a part of the placement, each participant would get one free listed IVZOZ option for every three shares subscribed.
Tranche 1 will see the issue of around 50 million shares to raise approximately AU$7.5 million, while another AU$7.5 million will be raised under Tranche 2 of the placement.