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. Progress and Current Operations Since the last update, the 12 ¼" hole section has been completed and section Total Depth ("TD") was called at 2021 metres Measured Depth ("MD") in order to set the 9 " casing near the base of a substantial regional seal above the primary targets. Following the completion of the first suite of wireline logging, a zone of interest in the secondary objective in the 200 Horizon target coincident with observed seismic amplitude anomalies was interpreted to contain potential hydrocarbons based on significantly elevated resistivity (two orders of magnitude above baseline) across a 10-15m interval from approximately 785m MD and separation between shallow, medium and deep resistivity readings.

Further analysis of this zone was interpreted to have tight reservoir properties with complex mineralogy and a decision was made to forgo running the formation pressure/sampling wireline tool without the appropriate sampling probe and packers available. The decision was made with careful consideration of several factors, including the ability to obtain valid pressure measurements and fluid samples in tight reservoir and significantly overbalanced hole conditions with the increased risk of tool sticking and potential loss due to the heavy mud weight used in this hole section. The Company will conduct additional analysis and utilise the data gathered to evaluate alternate locations to test this target further in a crestal location and away from the fault plane where better reservoir quality may be present.

The 9 " casing string has been set in preparation for cementing. The drilling rate in the lower section of the 12 ¼" intermediate hole was slower than anticipated due to the presence of a substantial regional claystone/mudstone seal several hundred metres in thickness. It resulted in slower directional drilling operations to establish the well trajectory required to test the primary targets in the forthcoming 8 ½" hole section.

After setting the 9 " casing the rig will drill ahead in the 8 ½" hole section to the base of the 400 (Forest) target reservoir, through the 500 (Pebbly Arkose) to the primary targets in the 600 and 650 horizons (Upper Angwa Alternations Member) reaching approximately 3,500 metres MD before running a wireline logging evaluation suite. The Pebbly Arkose and Upper Angwa targets will be tested in a crestal location within the greater Mukuyu closure. The Mukuyu-1 well is designed to target seven stacked Triassic and younger sandstones within a 200km four-way dip closure on the basement high trend.

Drilling and evaluation of the well is prognosed to take approximately 50 to 60 days to complete.