Invictus Energy Limited (IVCTF)

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Invictus Energy Limited (“Invictus” or “the Company”) is pleased to provide an update on the
Mukuyu-1 sidetrack well that is currently being drilled in its 80% owned SG 4571 licence in
Zimbabwe’s Cabora Bassa Basin.

Comments from Managing Director Scott Macmillan:

“We have had further encouraging signs from the Mukuyu-1 sidetrack well since drilling
recommenced, with multiple zones encountering elevated gas shows and fluorescence in our Upper Angwa primary target proving relatively consistent with the original Mukuyu-1 well.”

“The planned comprehensive wireline logging programme including formation pressure and fluid sampling, will now be run with the aim of confirming the presence of moveable hydrocarbons in multiple zones.”

Progress and current operations

Since the last update, drilling of the sidetrack well recommenced in the 8½” hole section and
the well reached 3,603 metres Measured Depth (“mMD”) where the Total Depth (“TD”) was
called.

Elevated mud gas peaks have been observed with marked increases from C1 to C5 compounds
(methane, ethane, propane, butanes and pentanes) consistent with the Mukuyu-1 original
wellbore.

Multiple additional zones with elevated mud gas and fluorescence were also encountered
throughout the intersected Upper Angwa reservoir intervals which also have associated
drilling breaks.

Increased background gas with heavier hydrocarbon components have also been observed,
including the presence of asphaltene and bitumen in some cuttings samples which indicates
the presence of liquid hydrocarbons in the Mukuyu structure and Cabora Bassa Basin.

All zones of interest will be comprehensively evaluated through a planned wireline logging
programme which allow for the identification of any potential hydrocarbon pay.

Forward plan

The wellbore will undergo reaming of some hole sections to reduce the dog leg severity, in
preparation for wireline logging.

A comprehensive wireline logging evaluation suite is planned to be acquired across the entire
8½” hole section to provide detailed geological information in order to confirm the presence
of moveable hydrocarbons.

Wireline logging and evaluation is anticipated to take 2-4 days to complete, depending on
logging conditions

https://www.invictusenergy.com/wp-content/uploads/2022/12/61129023.pdf


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