Invictus Energy Limited provided an update on the Mukuyu-1 well that is currently being drilled in its 80% owned SG 4571 licence in Zimbabwe's Cabora Bassa Basin. Since the last update, drilling recommenced in the 8½" hole section and the well reached 3,618 metres Measured Depth ("mMD") where the preliminary Total Depth ("TD") was called. Elevated mud gas peaks (up to 135 times above background gas baseline while drilling through a depth of 3,171 mMD) have been observed with marked increases from C1 to C5 compounds (methane, ethane, propane, butanes and pentanes).

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. Increasing background gas with heavier hydrocarbon components have been observed with the increase in depth to TD since the repair of the mud gas chromatograph system from approximately 2,820 mMD. Logging While Drilling (LWD) resistivity was unavailable prior to recommencement of drilling due to a tool integrity issue and was excluded from the deployed bottom hole assembly.

All zones of interest will be comprehensively evaluated through a planned wireline logging programme which allow for the identification of any potential hydrocarbon pay. 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 3-6 days to complete depending on logging conditions.

The Company may elect to deepen the Mukuyu-1 well to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations following the completion of wireline logging.