INVICTUS Energy, the Australian firm scouting for oil and gas in Mashonaland Central province, north of Zim, has received strong support for its Share Purchase Plan (SPP) meant to raise US$6,640m for further exploration.

In February, the company announced the intent to raise 10 million Australian dollars (US$6,640 million) through a private placement to finance preparations for the Mukuyu-2 appraisal well and phase 2 exploration programme.

The Mukuyu-2 appraisal well and phase 2 exploration programme have already commenced.

In its latest update, Invictus said the funds would be put towards high-impact exploration and appraisal programmes at Mukuyu-1 & Mukuyu-2 well appraisal and Phase 2 exploration projects.

Appraisal wells are additional wells drilled after discovery to confirm the size of a hydrocarbon deposit at a wildcat well.

“The company has exceeded its initial A$3,320 million target under the Share Purchase Plan (SPP), announced on April 6, 2023.

Zim Economic Review