Invictus Energy: Cabora Bassa, AMOG and the Multi-Billion-Dollar Opportunity

Investment Overview

Invictus Energy Limited (ASX: IVZ, OTCQB: IVCTF) is anAustralian-listed independent oil and gas company focused on high-impactexploration and production (E&P) assets in sub-Saharan Africa.

The company’s flagship asset is its 80% operatedinterest in the multi-Tcf Cabora Bassa basin in northern Zimbabwe, one ofAfrica’s last remaining frontiers with elephant-scale potential. The positionis anchored by the immense Mukuyu structure, with additional high-impacttargets across the Central Fairway and Basin Margin trends.

Exploration drilling in 2022 and 2023 delivered thefirst-ever hydrocarbon discoveries in Zimbabwe, confirming a working petroleumsystem across multiple stacked reservoirs and validating the basin’s charge,reservoir and seal model. On the back of these results, Invictus is nowpreparing to spud the Musuma-1 exploration well, a 1.2 Tcf gas and 73 millionbarrel condensate lead, in the coming months. This will be followed by abroader program including a multi-well exploration and appraisal campaign, extensive3D seismic acquisition and the planned re-entry and flow testing of Mukuyu-2.

Most significantly, on 27 August 2025, Invictus announced a landmark strategic partnership with Al Mansour Holdings (AMH), a sovereign-backed investment group with direct ties to Qatar’s royal family. The deal sees AMH acquiring a 19.9% stake in Invictus for US$25 million. More importantly, AMH has committed to providing up to US$500 million in conditional development financing, providing a pathway to rapidly transition the Cabora Bassa to commercial production.

The announcement also unveiled the creation of AlMansour Oil & Gas (AMOG), in which Invictus holds a 10% free-carried stake,while Al Mansour Holdings will provide 100% of the capital funding. AMOG plansto become the largest private Qatari E&P company outside of Qatar,acquiring currently producing and near-term development assets across Africa.Several high-impact transactions are already in advanced discussions, with thefirst expected to close before year-end. Crucially, Invictus will lead thetechnical, operational and commercial aspects of AMOG, ensuring the company andits shareholders capture the JVs' multi-billion-dollar portfolio.

Unlocking One ofAfrica’s Final Energy Frontiers

Spanning an immense 360,000 hectares in northernZimbabwe near the Mozambican border, the Cabora Bassa basin is regarded as oneof Africa’s last unexplored rift frontiers. It is also one of Africa’s largest remainingundrilled onshore basins, with multiple play types offering multi-billion-barreloil-equivalent exposure to predominantly conventional gas yet complemented bycondensate and light oil.

Cabora Bassa shares key geological characteristicswith other highly productive East African Rift basins, including Uganda’sAlbertine Graben (6.5+ billion barrels recoverable) and Kenya’s South LokicharBasin (1+ billion barrels discovered). Its proven geological setting isreinforced by more than 1,875km of 2D seismic data, legacy data from Mobil’s1990s above-ground campaigns and Invictus’ two successful exploration wells.

Since acquiring the asset in 2018, Invictus hasconfirmed a working petroleum system through its high-impact campaigns. Mukuyu-1 (2022) discovered light oil,condensate and gas and was followed by Mukuyu-2 (2023), which intercepted multiplegas-bearing reservoirs in the Upper and Lower Angwa Formations. In 2024, WoodMackenzie independently ranked the Mukuyu structure as the second-largestdiscovery in Sub-Saharan Africa with an estimated 230 million barrels of oilequivalent (1.3 TCF) following the two successful campaigns.

Importantly, Mukuyu represents just one structurewithin the entire Cabora Bassa basin. Additional prospects have been identifiedin the Central Fairway and Basin Margin, offering multiplehigh-impact opportunities. Independent assessments estimate the entire basin’sprospective resources at more than 2.1 billion barrels of oil equivalent,placing it alongside some of the largest onshore frontier basins globally.

With an 80% operating interest alongside local partnerOne Gas Resources (20%), Invictus Energy is now advancing the earlycommercialisation of the basin, now backed by Qatar’ssovereign-linked Al Mansour Holdings Group. In parallel, the Zimbabwe Ministryof Finance is granting National Project Status(NPS)to the Cabora Bassa project, recognising its potential to deliver broadeconomic benefits, attract foreign investment and create local employment.

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Historic Basin Opening Success

Mukuyu-1

The Mukuyu-1 exploration well, drilled in late 2022, marked the first-everbasin-opening campaign and was designed to assess the entirely new petroleumprovince. Targeting stacked objectives across the Post-Dande, Pebbly Arkose andUpper and Lower Angwa formations, the well evaluated an immense structuralclosure covering more than 200 km² with a vertical relief exceeding 1,500meters.

Drilled to a total depth of 3,923 meters, Mukuyu-1delivered clear evidence of a working petroleum system. Wireline logging,mud-gas analysis and fluorescence testing confirmed the presence of light oil,condensate and natural gas across multiple intervals. Elevated gas shows wererecorded over a combined 1,000 meters of gross section, with strong backgroundgas up to 135 times above baseline in the Upper Angwa. Hydrocarbon samplesrecovered indicated moveable light oil and condensate, validating the basin’scharge, reservoir and seal model.

Although the well was ultimately plugged and abandonedwithout a flow test, Mukuyu-1 achieved its primary objectives as a wildcatwell. It proved the existence of a working petroleum system in the CaboraBassa, confirmed the presence of high-quality reservoirs and de-risked billionsof barrels of prospective resources across the licence. The data gathered fromthe well laid the technical foundation for the Mukuyu-2 appraisal campaign inlate 2023.

Mukuyu-2

The Mukuyu-2 exploration well, drilled in late 2023,was a 7 km step-out from Mukuyu-1, to test the southern portion of the Mukuyustructure. It was designed to confirm reservoir quality and hydrocarbonpresence in the Upper and Lower Angwa formations, while materially de-riskingthe overall scale of Mukuyu.

Mukuyu-2 intersected multiplehydrocarbon-bearing zones across both formations, with Wireline logs, mud-gasanalysis, fluorescence testing and downhole sampling confirmed the presence ofmoveable hydrocarbons, including gas-condensate and light oil. In the UpperAngwa, net gas pay exceeded 13 meters across several clean sand reservoirs,supported by four hydrocarbon samples recovered during wireline testing. TheLower Angwa also had significant gas shows, with over-pressured intervals below3,400 meters and elevated mud-gas levels up to 120+ times above baseline,confirming liquids-rich condensate reservoirs and pressure support.

In total, 15 hydrocarbon samples were recovered acrossboth formations, and preliminary evaluation indicated 35 meters of net pay.While this figure may appear modest, within the context of the structurecovering more than 200 km² and being laterally connected between Mukuyu-1 andMukuyu-2, it signifies Mukuyu as a world-class discovery capable of deliveringtransformative value for shareholders.

Mukuyu-2 also intersected additional gross sands thatwere excluded under the strict net-pay cut-off criteria. As CEO Scott Macmillanstated in a 2023 Fireside Chat, the first exploration wellsin frontier basins often apply extremely conservative cut-offs, deliberatelyexcluding thinner or lower-quality sands that routinely flow commercially onceproperly tested.

Most critically, Mukuyu-2 was also unable to drillthrough the entire Lower Angwa formation due to operational constraints,leaving deeper and highly prospective zones untested. As a result, the currentnet-pay figure only reflects part of the system and the overall hydrocarbonpotential of the structure is almost certainly far greater than what has beenreported so far.

Following the conclusion of the exploration campaign,the well was suspended with a 7-inch liner installed, ensuring the integrity ofthe hole and leaving it ready for re-entry and multi-zone flow testing in thenext phase of operations.

2024/2025 Share Price Collapse

Until recently, Invictus Energy’s share price had beenweighed down by the sharp collapse that followed the Mukuyu-2 discovery. Thiswas triggered in part by a hostile institutional investor offloading a largeblock of shares in an attempt to cause panic in the market.

At the same time, the market recognised that InvictusEnergy was effectively stalled, lacking the funding required to advance basinoperations. With further equity raises set to cause significant dilution, thecompany began seeking farm-in opportunities with global E&P players.However, any transaction would likely require the finalisation of Zimbabwe’sPetroleum Production Sharing Agreement (PPSA), which defines the fiscal termsand profit split on production. Delays in executing this agreement significantlyprolonged the share price stagnation however, the PPSA is expected to beexecuted within the next fortnight.

Whilst the financing standstill and share pricedecline were excruciating for investors, last week, Invictus announced astrategic partnership with Qatar’ssovereign-backed Al Mansour Holdings. This deal now delivers the capitalsupport required to rapidly accelerate the early-stage commercialisation of theCabora Bassa Basin. Just as importantly, it underscores the basin’s globalsignificance, with major Middle Eastern sovereign investors now committingcapital and recognising its potential on the world stage.
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High-Impact Forward Working Program

The Mukuyu-1 and Mukuyu-2 wells have now materiallyde-risked the Mukuyu Structure, confirming a working petroleum system withmultiple hydrocarbon-bearing reservoirs and high-quality gas-condensate. Thisalso extends to the additional drill-ready prospects in the Central Fairway andBasin Margin plays, where seismic data calibration and direct hydrocarbonindicators (DHIs) have improved chances of success.

Following the Mukuyu-2 campaign in late 2023, thesubsequent 18-month period enabled Invictus to extensively review its suite ofdata, including processing of the CB23 2D seismic survey and integration of Mukuyuwell data. This has resulted in optimised basin models through enhanced seismiccoverage, depth conversion and Pre-Stack Depth Migration velocities.Additionally, these refinements have enabled a projected 40% reduction in future drilling coststhrough optimised well design, data acquisition and long-term service contract.

Scott Macmillan, Managing Director of Invictus Energy,recently outlined elements of the company'snear-term forward program, now fully enabled by financing from Al MansourHoldings. Further details will be provided in the next Investor Presentation.With AMH’s backing, Invictus now movesfrom its extensive dormant period to sustained on-ground activity, prioritisinghigh-impact wells like Musuma-1 and the accelerated commercialisation of theCabora Bassa basin.
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Musuma-1 Campaign

Selected as the next pivotal drillinglocation, Musuma-1 is supported by compelling DHIs, likeup-dip brightening and consistent flat spots. The prospect targets 1.2 Tcf and 73 millionbarrels of condensate and has a 34% chance of success. Designed as astraightforward, low-cost well with a planned depth of 1,500 meters, Musuma-1will test a new Dande Formation play on the eastern Basin Margin.

With the recent capital injection from Al MansourHoldings, pad construction is expected to begin imminently, with spudding tofollow in the coming months. The warm-stacked Exalo Rig 202 is undergoingupgrades for redeployment, while major service contracts are out to tender andlong-lead items are now arriving at Invcitus’ Harare operations base.

If logs and pressures confirm moveable hydrocarbonsduring the campaign, Musuma-1 will be suspended with a liner to secure thereservoirs and preserve them for multi-zone flow testing. On re-entry, the linerwould be perforated across selected sands, allowing hydrocarbons to be flowedto the surface under controlled conditions. This program will measurestabilised flow rates, pressure build-up and drawdown, while also capturing PVTsamples to determine gas composition and condensate yield.

This stage is critical, as flow testing willdemonstrate the commercial viability of the basin's reservoirs. Positiveresults would not only validate the new Dande Formation at Musuma but alsomaterially de-risk the wider Cabora Bassa basin. Just as importantly, asuccessful flow is expected to unlock the US$500m inconditional financing provided by Al Mansour Holdings.

VOGC, a highly regarded ex-oil and gas professional,has published strongcommentary on Musuma-1 via HotCopper.

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3D Seismic Acquisition over Mukuyu

Simultaneous to the Musuma-1 campaign, Invictus plans to acquire 3Dseismic of the entire Mukuyu structure. Musuma’s distance provides limited noiseinterference for the vibroseis trucks.

The planned program is designed to optimise Mukuyuappraisal by refining well locations, reducing drilling risk and underpinningan updated prospective resource estimate. While Mukuyu already has extensive 2Dcoverage, the 3D survey will close gaps and deliver a complete, high-resolutionbasin model. Calibrated against the Mukuyu-1 and Mukuyu-2 well data andexisting basin models, processing is expected to be faster, with resultsanticipated during 2026.
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Mukuyu-2 Deepening and Flow Testing

Following these activities, attention is expected toreturn to Mukuyu-2. The plan is to re-enter and deepen the wellbore in a 6-inchhole to fully penetrate the Lower Angwa Formation, which remained untestedduring the initial campaign. This deeper section is considered highlyprospective, with elevated gas shows and over-pressured intervals alreadyencountered above.

Re-entry would also enable multi-zone flow testingacross both the Upper and Lower Angwa reservoirs. The program will perforateselected intervals, flow hydrocarbons to the surface and record sustainedrates, pressure build-up and drawdown, while recovering PVT samples to confirmcondensate yields and gas composition.
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Successful flow testing at Mukuyu-2 would not onlyconfirm commercial deliverability from the Angwa reservoirs but also elevateMukuyu as a second cornerstone asset alongside Musuma-1, anchoring the earlydevelopment strategy for the Cabora Bassa Basin.
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Gas Pilot Plant

With successful flow tests at either Musuma-1 and/orMukuyu-2 establishing commercial deliverability, Invictus intends to fast-tracka proof-of-concept pilotproduction project to monetise the gas-condensate from the Cabora Bassa Basin.

Approved by Zimbabwe’s Environmental Management Agencyin February 2025, the pilot adopts alow-cost, modular approach to early commercialisation, centred on gas-to-powergeneration for nearby industrial offtakers such as mines. The basin’shigh-quality gas (low CO2 <2%, no H2S,helium up to 0.63%) is ideally suited for power generation, while condensateby-products provide additional revenue through both domestic and regionalexport.

The plant will also provide long-term reservoirperformance data and test execution processes, all while generating earlyrevenue to help fund further development.
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Additional Forward Working Activities

Having secured conditional financing from Al MansourHoldings, Invictus is now shifting from periodic single-well activities tointegrated, multi-well campaigns. The next phase is expected to comprise threeto four exploration and appraisal wells, followed by associated flow-testing.

As Scott Macmillian recently outlined, Invictus plans to securelonger-term contracts with service providers, significantly reducing campaigncosts. In parallel, refinements to the company’s data suite and well designsare also projected to deliver up to a 40% cost reduction for future drilling costs.
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Al Mansour Holdings Strategic Partnership

In a transformative announcement that has propelledInvictus Energy into a new era of growth, the company has secured a landmarkstrategic partnership with Qatar's Al Mansour Holdings (AMH), backed by HisHighness Sheikh Mansour bin Jabor bin Jassim Al Thani, a senior member of theQatari royal family.

Announced on August 27,2025,the binding Memorandum of Understanding (MOU) and Share Subscription Agreementdeal will inject US$25 million into the company with AMH acquiring a strategic19.9% equity stake. The placement was priced at A$0.095 per share, representinga premium to the prior day’s close of A$0.052.
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This capital injection now provides Invictus with thefunding required to accelerate its near-term works program, including theimminent Musuma-1 spud, 3D seismic over Mukuyu and flow testing campaigns,without further diluting existing shareholders. Most critically, AMH hascommitted up to US$500 million in conditional future financing to advance theproject through appraisal and into commercial production, contingent onmilestones such as successful flow testing and reserves certification. Thistransforms Invictus from a capital-constrained junior into a fully fundedoperator capable of fast-tracking the Cabora Bassa Basin toward development.

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Al Mansour Oil & Gas Joint Venture

As part of the landmark deal, Invictus and AMH alsoannounced the creation of Al Mansour Oil & Gas (AMOG), a new joint venturetargeting the acquisition of producing and near-term development oil and gasassets across Africa. Invictus holds a 10% free-carried stake in AMOG, managingits technical and operational activities, while AMH will provide 100% of thefunding.

Backed by sovereign-linked Qatari capital, AMOG aimsto build a diversified pan-African portfolio with ambitions to become thelargest private Qatari E&P company outside of Qatar. Several advancednegotiations are already underway on undeveloped and underutilised assets, aswell as M&A opportunities, with the first transaction expected beforeyear-end.
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AMOG is chaired by His Highness Sheikh Mansour binJabor bin Jassim Al Thani, with Invictus nominating two directors to the board.Ryan Singh, formerly IVZ’s Operations Manager, will transition to become AMOG’sCEO.

The decision by Al Mansour Holdings to partner withInvictus is a clear endorsement of the company’s management strength andtechnical expertise. Invictus’ leadership team brings decades of frontierexploration experience and has been directly involved in multi-billion-barreldiscoveries across Africa, including basin-opening campaigns in Uganda,Mozambique and Kenya.
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With exposure to a multi-billion dollar portfoliofully funded by its partner, Invictus is positioned to evolve into a full-cycleAfrican E&P player well beyond the Cabora Bassa basin. Over the long term,Invictus’ 10% free-carried interest in AMOG has the potential to drive amaterial share price re-rating and place the company at the centre of Africa’senergy development.
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For a deeper dive into the deal, investors can watchthe recent Investor Webinar, where Invictus’ CEO, ScottMacmillian, provided further commentary:
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"The AMOGand this new JV, I think that will ultimately dwarf what we are doing in CaboraBassa. That (referring to CBB) will become a small part of our portfolio giventhe size and the scale of the assets we are targeting for the AMOG group."
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"We are setto transform now rapidly, rather than going through a further appraisal anddevelopment period for Cabora Bassa. We are about to transform into afull-cycle E&P company very quickly, and we are uniquely positioned withvery incredible backers through Sheikh Mansour and the Al-Mansour group."
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" ForQataris to write a cheque for a few hundred million bucks is really not worththeir time. This is why we were asked to put together this bigger JV acrossmultiple countries so that it is a meaningful company and asset base.Initially, we were seeking US$200 million to get us to the starting line for usto be able to go for the commercial funding arrangements with traditional banksthat we do here, that's not worth their time.”

“Question: Would you say (AMOG's potential transactions) are comparableto the Cabora Bassa basin in scale?
SM: Larger! That's why I said that it (CBB) will become a smaller partof our portfolio.”
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Al Mansour’s African Investment Tour

In August 2025, His Highness Sheikh Mansour bin Jaborbin Jassim Al Thani, a senior member of Qatar's ruling Al Thani family andDirector of the Government Communications Office, embarked on a high-profileinvestment tour across sub-Saharan Africa through his private investmentvehicle, Al Mansour Holdings.

The Sheikh met with the presidents of Botswana,Zambia, Mozambique, Zimbabwe, Burundi and the Democratic Republic of Congo,signing bilateral agreements pledging over US$102billion to drive economic development across sectors including energy, mining,agriculture, infrastructure, tourism and housing. These commitments representone of the largest private investment pushes into the continent.

The significance of Qatar’s involvement cannot beoverstated. This is a nation that has transformed itself into one of theworld’s largest LNG exporters, building a US$150+ billionsovereign fund from hydrocarbons. Few countries have unlocked such valuefrom oil and gas, and now Qatar’s strategy, capital and global influence arebeing channelled into AMOG.
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For Invictus Energy, the upside is trulyextraordinary, yet the market is seemingly undervaluing the significance ofthis joint venture. If even 20% of AMH’s US$102 billion sub-Saharan pledge were directed into oil and gastransactions (US$20.4 billion), Invictus’ 10% free-carried stake would equateto an implied US$2.2 billion (A$3.3 billion) valuation.
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Yet the real value uplift for Invictus will come oncethese underdeveloped and underutilised assets are fully financed, appraised andtransformed into significant cash-generating projects.
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Unlocking Cabora Bassa’s Commercial Potential

Southern Africa is in the midst of one of the world'smost severe energy crises, plagued by persistent power shortages, unreliablegrids, and heavy reliance on aging infrastructure and drought-vulnerable hydro.Zimbabwe alone endures rolling blackouts ofup to 18 hours a day, while neighbouring South Africa, Zambia and Mozambique face similar challenges.
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In light of this dire energy situation, the CaboraBassa Basin has been identified as a potential game-changer for regional energysecurity and economic growth. To this end, Invictus has already signed keypilot-plant MOUs with Tatanga Energy for a 500 MW gas-to-powerplant(initial 150 MW phase) and with Himoinsa Southern Africa/Dallaglio Investmentsfor a 12 MW facility at theEureka Gold Mine.
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The basin's proximity to critical infrastructurefurther strengthens its commercialisation pathway, with the Southern African Power Pool (SAPP) grid located just 100km from the Mukuyu structure. This access supports the development of a 1,000+MW gas-to-power plant directly tied into SAPP, enabling a reliable domesticenergy supply while providing regional export opportunities.
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The economics are highly attractive, with Invictusbenchmarking local gas pricing at US$10/GJ, more than double thecurrent US Henry Hub levels (US$3–4/GJ). With an 80% operating interest andexpected favourable PPSA terms, Invictus is positioned to capture the lion'sshare of this multi-billion-dollar asset. Crucially, the pathway to commercialisationis now dramatically accelerated by the US$500 million in conditional financingfrom Al Mansour Holdings
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Mitigated Sovereign Risk

While operating in Zimbabwe inevitably carries theperception of sovereign risk, Invictus has established a series of strategicalignments that materially de-risk its position and directly tie the success ofCabora Bassa to the national interest. These include:
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- Zimbabwe's sovereign wealth fund, the MutapaInvestment Fund, owns approximately 5% of Invictus Energy. Thisdirect ownership ensures the government has clear skin in the game, aligningnational interests with shareholder value creation.
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- Invictus’ listing on the Victoria Falls **promotion blocked** (VFEX) has broadened local ownership by attracting high-net-worthZimbabwean funds. These influential investors provide an additional layer ofsafeguard, as any government malpractice would directly threaten domesticcapital and trigger strong resistance.
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- Invictus’s Board includes Joe Mutizwa, one ofZimbabwe’s most respected business leaders, who also serves on the Presidential AdvisoryCouncil (PAC). Reporting directly to the President, PAC shapes policy on investment,economic growth and national development. Mutizwa’s role provides Invictus witha direct line to key decision-makers, enabling the company to navigate reformsand secure pro-investment outcomes.
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- Zimbabwe’s Ministry of Finance recently awarded National Project Status(NPS) to the Cabora Bassa project, recognising its strategic national andregional importance for economic growth and development. This designationprovides a range of fiscal and non-fiscal incentives, including dutyexemptions, fast-tracked permitting and streamlined access to keyinfrastructure and services as the project moves towards commercialisation.
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- Zimbabwe has established a clear legal and fiscalframework through the consolidated PEDPA and PPSA agreements. Together, these streamlineapprovals, define investor protections and set transparent profit-sharing termsonce commercial production begins. Under the PPSA, Zimbabwe stands to generatebillions in revenue that it desperately requires. Any government interferencewould directly jeopardise a critical national funding source.
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- Al Mansour Holdings, now a 19.9% shareholder inInvictus Energy, has recently committed US$19 billion of investment intoZimbabwe across multiple sectors. This directly ties Invictus’ success to AlMansour’s national investment strategy, meaning any adverse government actionwould put this US$19 billion commitment at risk.

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World-Class Management Team

Invictus Energy is led by a world-class management team with decades ofcombined experience in frontier oil and gas exploration across sub-SaharanAfrica. The team has a proven track record of delivering multi-billion-barreldiscoveries and successfully navigating complex operations to generate substantialshareholder value.

- Scott Macmillan, Managing Director, is a ReservoirEngineer and founder of Invictus Energy. With more than 15 years of experienceacross exploration, field development planning, reserves and resourcesassessment, reservoir simulation, commercial valuations and businessdevelopment, Macmillan brings both technical depth and leadership. Importantly,he is also a Zimbabwean national, providing strong in-country alignment.

- John Bentley, Non-Executive Chairman, has over 40years’ experience in international resource development, with a particularfocus on Africa's upstream oil and gas sector. He was instrumental in theformation of Energy Africa Ltd, which grew to operate across 12 countries,before being acquired by Tullow Oil for US$500 million in 2004.

- Robin Sutherland, Non-Executive Director, bringsover 35 years of experience in African E&P, having held senior technicaland leadership roles across the continent. He has been pivotal in numerousmulti-billion-barrel discoveries across seven African countries, includingleading Tullow’s exploration team through discovery and appraisal in Ghana andKenya before being appointed the General Manager Exploration Africa in 2015.

- Joe Mutizwa, Deputy Chairman and Non-ExecutiveDirector, is one of Zimbabwe’s most respected business leaders. Formerly anexecutive at Delta Corporation, one of the largest companies on the ZimbabweStock Exchange, he now chairs Mangwana Capital, a leading investment firm.Mutizwa also sits on the Presidential Advisory Council (PAC), providingInvictus with a direct line to government decision-making and pro-investmentreforms.

- **riel Chiappini, Non-Executive Director andCompany Secretary, is a seasoned ASX director with more than 17 years ofcapital markets experience. He is currently the Managing Director of BlackDragon Gold and was formerly a director of Neon Energy.

- Vicky McLellan, Chief Financial Officer, brings over20 years of experience in the oil and gas sector, with a proven track record infinancial management and strategic growth across multinational energycompanies. Before joining Invictus, McLellan served as the CFO at FAR Limitedand spent nine years with Chevron.

- Barry Meikle, Country Manager, is a Zimbabwean national responsible foroverseeing all in-country corporate, financial and operational aspects ofInvictus’ activities. He brings extensive experience in managing projects andoperations across the energy sector, with expertise in exploration, safety andenvironment and geophysical surveying.

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Resources & Links

Invictus HotCopper Forum

Dedicated Invictus ** Channel

Company Website

Company YouTube Account

Company X Account

May 2024 InvestorPresentation

Next Investors Invictus Coverage

Crux InvestorInvictus Coverage

Most recent JRI Fireside Chat (Nov 2023)

2022 S&P GlobalArticle

Cabora Bassa BasinSocial, Economic and Environmental Impact Report