Invictus speaks out on oil discovery in Zim


• Maiden Prospective Resource estimated at 3.9 Tcf and 181 million
barrels of conventional gas / condensate (gross mean unrisked)
• Giant scale resource potential determined by leading
petroleum consultancy Netherland, Sewell and Associates, Inc.
• Resource estimate from the primary Upper Angwa target alone
• Significant additional potential to be evaluated in Q1 CY2019 post
seismic reprocessing results

Invictus Energy Limited (“Invictus” or “the Company”), is pleased to announce the findings of an Independent Report completed by Netherland, Sewell and Associates, Inc. (NSAI)  estimating substantial resource potential at its Cabora Bassa Project, located in the Company’s 80% owned and operated SG 4571 Permit in Zimbabwe.

Invictus Managing Director Scott Macmillan commented: “The Independent Report by NSAI has resulted in net mean recoverable conventional potential of 680 million barrels of oil equivalent consisting of 3.1 Tcf and 145 million barrels of condensate net to Invictus. The size of the primary Upper Angwa target alone in Mzarabani Prospect places
us in Giant scale field potential.”

Cautionary Statement:
The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Prospective Resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.
Invictus Managing Director Scott Macmillan commented: “This estimate excludes the additional prospective horizons above and below the Upper Angwa in the Mzarabani structure as well as further plays and leads within the SG 4571 area which have the potential to add material prospective resources to the Cabora Bassa Project. The high side estimate of over 2.2 billion boe gross is enormous and confirms Mzarabani as potentially the largest undrilled
seismically defined structure onshore Africa.”

Additional Work Programme
As announced previously, the Company will provide estimates on the additional potential at the Cabora Bassa Project
which will benefit from the ongoing 2D seismic reprocessing and interpretation work. Following on from the reprocessing work, a Final Independent Prospective Resource Report encompassing the entire SG 4571 area will be delivered early next year.
The Company will continue with its geological and geophysical studies including additional basin modelling and a further resource estimate leading into a planned marketing programme to attract a farm-out partner.
“Our technical work programme continues to highlight the enormous potential of the world class Mzarabani Prospect in our abora Bassa Project. We look forward to maturing the additional potential within our acreage and continue to build on our significant prospective resource inventory.”

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