Australia’s Invictus Energy has raised A$8mn ($5.7mn) to support the development of the Cabora Bassa project in Zimbabwe, it said on January 25.
A total of A$8m was raised comprising of A$4mn via a placement and A$4mn via a share purchase plan (SPP). “Due to overwhelming demand and to accommodate as many eligible shareholders as possible, the SPP was doubled from A$2mn to A$4mn,” Invictus said.
The proceeds from the placement will be used to fund a range of initiatives to further develop the Cabora Bassa project. Invictus will use the proceeds to pay for the rig mobilisation fee, purchase of long-lead items for the planned 2-well drilling programme and finalisation of the data processing of CB21 seismic survey.
The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects, which Invictus describes as “world-class multi-trillion ft3” plays. The project received environmental approval from Zimbabwean authorities in August 2020.