Invictus Energy announces A$10mn placement
Australia’s Invictus Energy on April 6 announced a private placement to raise A$10mn ($6.71mn), at A$0.12/share, following the company’s decision to advance preparations for an appraisal and exploration campaign in Zimbabwe’s Cabora Bassa basin.
Proceeds from the placement will be used to fund the preparations for the Mukuyu-2 appraisal well programme, phase 2 exploration campaign and 2D seismic and processing programme.
The 2D seismic acquisition programme is anticipated to commence in May, pending the award of the seismic contract, and will cover the eastern portion of EPO 1848 & 1849, the company said. The drilling of the first well in the Mukuyu appraisal programme, Mukuyu-2, is expected in the third quarter of 2023.
Invictus drilled its first well, Mukuyu-1, in Zimbabwe in September last year.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”