2023-05-05 15:36:00
(Ecofin Agency) – In recent months, the company Invictus Energy has, on several occasions, mobilized financing, invested in the hydrocarbon prospecting activities it carries out in Cabora Bassa in Zimbabwe.
The Australian company Invictus Energy announced on Wednesday May 3 that it intends to raise funds again to continue the oil and gas exploration work undertaken in Zimbabwe.
With this in mind, the company will execute a stock purchase plan (SPP) with the objective of raising at least $10 million through the issuance of 83,333,333 new ordinary shares, paid up at a price of $0.12. per share.
The funds thus collected will essentially be used to support its exploration operations on the Cabora Bassa perimeter. Concretely, the financing should be devoted, on the one hand, to the evaluation of the recent exploration tracks identified following the drilling of the Mukuyu-1 and Mukuyu-2 wells.
On the other hand, this budget will be used to cover the costs relating to the second phase of exploration work on the Mukuyu-2 well. The stakeholders also plan to use these funds to finance a campaign of 2D seismic surveys on the perimeter.
It should be noted that in parallel with these activities, the company plans to implement the REDD+ initiative, a program of the United Nations Climate Convention, which encourages limiting CO emissions.2 due to the destruction of forests in developing countries. A feasibility study should be carried out for this purpose.
Abdel-Latif Boureima
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06/04/2023 – Zimbabwe: new fundraising from Invictus to finance a drilling campaign on Cabora Bassa
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