QUARTERLY HIGHLIGHTS
Operational
• Musuma-1 confirmed as first high-impact exploration well to be drilled outside the Mukuyu gascondensate discovery area, selected based on strong direct hydrocarbon indicators (DHIs) identified
• Preparation underway to spud the well, including obtaining outstanding long lead items
Corporate
• Updated draft of consolidated Petroleum Production Sharing Agreement (PPSA) and Petroleum
Exploration Development and Production Agreement (PEDPA) received with subsequent discussions held
to finalise the terms of the agreement
• Ministry of Finance has agreed to provide National Project Status to the Cabora Bassa Project
• Ongoing positive discussions with potential strategic partners
Musuma-1 high-impact exploration well selected
During the quarter, Invictus announced that Musuma-1 has been confirmed as the first high-impact
exploration well to be drilled outside the Mukuyu gas-condensate discovery area, targeting a new play
type in the Cabora Bassa Basin (refer to ASX Announcement 14 April 2025).
Musuma is a technically compelling prospect, supported by strong direct hydrocarbon indicators (DHIs)
identified in seismic data, including consistent “flat spots”, which are indicative of gas-water contact.
The prospect hosts significant resource potential, targeting 1.2 Tcf of gas and 73 million barrels of
condensate (refer to ASX announcement 3 September 2024). The well is designed as a low-cost, lowrisk vertical well with a planned total depth of 1,500m, targeting a shallow reservoir in the Dande
Formation.
Musuma is one of eight high potential prospects identified in the CB23 Seismic Survey (refer to ASX
announcement 6 May 2024).
A successful outcome at Musuma could unlock a substantial new resource base beyond the proven
Mukuyu Gas Field, significantly enhancing Invictus’ development strategy and accelerating the
transition from exploration to commercialisation.
A discovery would also support fast-tracking the pilot gas-to-power project at Eureka Gold Mine.
The company is currently advancing contracting and procurement activities for long lead items and
critical services, in preparation to spud the well in H2 2025.
CORPORATE UPDATE
Draft consolidated Petroleum Agreements received
In June 2025, Invictus received an updated draft of the amalgamated Petroleum Production Sharing
Agreement (PPSA) and Petroleum Exploration Development and Production Agreement (PEDPA) for the
Cabora Bassa Project (refer to ASX Announcement 27 June 2025).
This followed a productive in-country visit by the Invictus Board of Directors to Zimbabwe in March.
Amalgamation of the PPSA and PEDPA is intended to streamline administrative processes and
strengthen governance as the Cabora Bassa Project advances toward development, positioning it to
deliver substantial long-term benefits.
Subsequent to the end of the quarter, Invictus and the relevant line ministries of the Republic of
Zimbabwe and external advisors have held a series of stakeholder meetings to finalise the PPSA terms,
with completion on track in the coming weeks.
Cabora Bassa Project to be awarded National Project Status
In June the Zimbabwe Minister of Finance identified the Cabora Bassa Project as one in line for receiving
National Project Status (NPS) - a significant milestone for the company.
Once formalised, the NPS would recognise the project’s potential to generate broad-based economic
benefits, attract foreign investment, and create employment opportunities.
Invictus is currently finalising formalities required for the official granting of NPS, which will unlock a
range of fiscal and non-fiscal incentives, including duty exemptions, expedited permitting, and
streamlined access to critical infrastructure and services.
Strategic partner discussions ongoing
During the quarter, Invictus Energy continued to progress discussions with a number of prospective
farm-in and strategic partners for participation in the future development of the Cabora Bassa
Project.
These parties include established industry operators and investment groups with the capacity to
provide both strategic capital and substantial technical and operational capabilities. Their expertise
aligns with the Company’s forward program, which aims to unlock a new resource base through
high-impact exploration while advancing the appraisal and potential commercialisation of the
Mukuyu gas field.
Invictus remains focused on securing partners that will enhance the Company’s existing capabilities,
accelerate the appraisal and commercialisation of discovered resources, and support the broader
pathway to development.
Attendance at the Africa Energies Summit in London during the quarter presented the opportunity to
progress high level discussions with a number of potential partners and advance a number of new
venture opportunities that the Company is evaluating in order to broaden the asset portfolio.
INFORMATION REQUIRED UNDER ASX LISTING RULES
1. ASX LR 5.3.5
During the quarter AUD$283,213 was paid to related parties of the Company relating to executive
director salary, non-executive director fees, company secretary fee and reimbursements of
expenses incurred.
2. ASX LR 5.3.1
The exploration and evaluation activity spend for the quarter totalled AUD$1.04million.
3. ASX LR 5.3.3
In accordance with ASX Listing Rule 5.3.3 the Company’s tenements as at 30 June 2025 are:
This announcement was approved for release by the Board.