Case Study - Invictus Energy Ltd (ASX:IVZ)

March 8, 2021

Invictus Energy Ltd (ASX:IVZ) is a oil and gas exploration company in sub-Saharan Africa, focused on opening one of the largest untested rift basins in Northern Zimbabwe, the Capora-Bassa Basin. Invictus currently holds a 80% in the exploration permit and is working towards commencing a seismic campaign to further refine drilling targets and identify additional prospectively, prior to initiating a high impact basin opening drilling campaign.

Key Investment Highlights of Invictus Energy Ltd:

Strong Near & Medium-term Catalysts

▪ Production Sharing Agreement with Republic of Zimbabwe anticipated to be signed within the month of March

▪ Commencement of seismic campaign to refine Mzarabani drilling targets & identify additional prospectivity to be undertaken within Q4 FY21

▪ Drilling campaign slated for late CY21 / early CY22

Low comparative Valuation

▪ Low valuation in comparison to Sub-Saharan Oil & Gas peers with assets exhibiting similar or lesser qualities to SG 4571

▪ ReconAfrica (TSXV:RECO) is following a near identical work program to IVZ & has achieved a material re-rating for shareholders, moving from $65m to +$580m following drilling and seismic work

▪ IVZ sits in a near identical position to Recon’s work program where this re-rating began to take place

Strategic Positioning

▪ High quality surrounding infrastructure & multiple transportation routes to a range of downstream markets and multiple offtake agreements in place

▪ Significant Southern African Energy shortage with gas energy ideally placed to substitute retiring +10k MW of South African coal fired plants

▪ Rapidly developing & supportive jurisdiction of Zimbabwe

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