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Nqobile Bhebhe, nqobile.bhebhe@chronicle.co.zw
INVICTUS Energy has announced the successful completion of the second tranche of its US$10 million strategic capital raise, including US$2 million in over-subscriptions, marking a significant milestone for its operations in Zimbabwe.
The funds will drive the next phase of exploration and development activities at the Cabora Bassa Project, a venture poised to transform Zimbabwe’s energy landscape.
The capital raise, managed by Mangwana Capital (Private) Limited, underlines the strong investor confidence in the Cabora Bassa Project’s potential.
Invictus Energy, an Australian oil and gas exploration company, has committed to delivering long-term value for shareholders while contributing to Zimbabwe’s energy independence and economic growth.
Since commencing exploration drilling in 2022, Invictus has invested over US$80 million in the Cabora Bassa Basin, situated in the Mbire and Muzarabani districts of Mashonaland Central province.
The company confirmed the discovery of natural gas and oil last year, solidifying the area’s potential as a major energy hub.
In an update, Invictus Energy managing director, Mr Scott Macmillan, said the completion of the strategic capital raise is a testament to the strong investor confidence in the Cabora Bassa Project and its potential to drive transformative growth in Zimbabwe’s energy landscape.
“We are grateful for the enduring and overwhelming local and institutional support. With the capital secured, we are equipped to accelerate the next phase of our exploration and development activities at the Cabora Bassa Project.
“We remain committed to delivering long-term value for our shareholders and contributing to Zimbabwe’s energy independence and economic growth,” he said.
The second tranche of the placement raised US$3,5 million, with Invictus issuing 53 030 303 new shares.
Due to strong demand, the company accepted an additional US$2,065 million in over-subscriptions and issued 31 298 025 additional shares under the same terms.
Participants in the placement will also have the option to acquire one additional share for every four shares subscribed, exercisable at AUD$0,30 over two years.
The first tranche of the placement, partially underwritten by Mutapa Investment Fund, was completed in August 2024.
This historic investment enables Zimbabwean investors to hold and trade securities in Invictus Energy through its secondary listing on the Victoria Falls Stock Exchange.
The Cabora Bassa Project is expected to play a critical role in addressing energy supply challenges in the SADC region.
Beyond achieving energy self-sufficiency, the project positions Zimbabwe as a potential exporter of excess electricity.
President Mnangagwa has highlighted additional benefits from the oil and gas discoveries, including the production of liquefied petroleum gas, fertiliser and petrochemicals. These developments align with Zimbabwe’s broader economic growth and industrialisation goals.
Following the successful exploration drilling conducted at Mukuyu-1 and Mukuyu-2 wells in Mbire, Invictus is continuing further test drilling at its Musuma prospective area in Dande this year.
It is believed that the ongoing investment will yield significant new employment opportunities in the petroleum sector and overall jobs will be created once extraction commences in primary production, midstream (pipelines and storage) and downstream (gas-to-electricity, gas-to-fuel) industries.
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