Invictus Energy Limited · ASX:IVZ
Invictus Energy — Investor Presentation (September 2022)
45 slides from Invictus Energy's investor presentation, Sep 2, 2022
Slide 1: Investor Presentation September 2022
INVICTUS ENERGY LTD SEPTEMBER 2022 ASX:IVZ | OTCQB:IVCTF Investor Presentation September 2022 2 Well High Impact Drilling Campaign in Cabora Bassa Basin Scott Macmillan Managing Director
Slide 2: Disclaimer
DISCLAIMER This document is for information purposes only. It is not a prospectus, disclosure document or offering document under Australian law or under any other law and does not constitute an offer or invitation to apply for securities. In particular, this document is not an offer of securities f
Slide 3: Invictus Snapshot
INVICTUS SNAPSHOT SG 4571 + EPOs 1848/49 ASSET OVERVIEW CORPORATE OVERVIEW MUKUYU PROSPECT IS THE LARGEST UNDRILLED CONVENTIONAL OIL & GAS PROSPECT IN ONSHORE AFRICA, DEFINED BY HIGH QUALITY DATA LISTED 2018 SET BASIN MASTER POSITION 360,000 HQ Perth WA HECTARE LICENCE AREA BAOBAB PROSPECT IN NEW BA
Slide 4: Asset Overview
ASSET OVERVIEW Surrounded by several significant Oil & Gas projects & renowned LOCAL OPERATORS SOUTHERN AFRICAN OIL & GAS ASSETS operators, with multiple routes to market across existing infrastructure 1 INFRASTRUCTURE 2 • Twin Harare-Beira liquids pipeline (800km) and 3 GAS connect to ROMPCO pipeli
Slide 5: Cabora Bassa Prospect & Lead Map
Cabora Bassa Prospect & Lead Map following results from CB21 Survey Material portfolio of drill ready prospects and leads identified through the CB21 Survey with multiple follow-up targets and running room 2 MAJOR PLAY TYPES – CENTRAL FAIRWAY & BASIN MARGIN Central Fairway Play Basin Margin Play Muk
Slide 6: Cabora Bassa Project Overview
CABORA BASSA PROJECT OVERVIEW CABORA BASSA PROSPECTS & LEADS WITH 2022 DRILLING PROGRAM TARGETS Special Grant 4571 & EPOs 1848 + 1849 Recent increase in licenced area to 360,000 hectares, encompassing the Mukuyu-1 whole Cabora Bassa conventional oil and gas sub-basin play within Zimbabwe’s borders I
Slide 7: Mukuyu-1 Well Schematic
MUKUYU-1 WELL SCHEMATIC UPGRADED ESTIMATE – July 2022 CB 2021 Seismic Data TARGET 1 – MUKUYU The first of several high quality well targets Approximate Target • Inheriting active rig and crew, requiring modest mobilisation, with Exalo’s Depth to Top Horizon Formation 202 Rig capable of drilling to 5
Slide 8: Basin Margin Play & Baobab Prospect
BASIN MARGIN PLAY & BAOBAB PROSPECT
Slide 9: Basin Margin Play – Prospect Examples
Basin Margin Play – “String of Pearls” Prospect Examples @ 200 Horizon Level Closure against basin bounding fault sets up traps at multiple horizons – potentially more liquid prone with multiple drill ready prospects to unlock large resource base ` N A’ D’ B’ Mukwa Lead C’ A B C D Munondo Mukamba A
Slide 10: Basin Margin Play - Prospect Examples: Baobab
Basin Margin Play - Prospect Examples: Baobab Baobab-1: Potential basin opener which will de-risk additional drill ready basin margin prospects S N 200 ~16km2 of closure CB21-08 10
Slide 11: Lokichar Basin Kenya vs. Cabora Bassa Play Fairway
Lokichar Basin Kenya vs. Cabora Bassa Play Fairway Play fairway comparison of Lokichar vs. Cabora Bassa Basin – large running room unlocked on exploration success LOKICHAR BASIN - KENYA CABORA BASSA BASIN - ZIMBABWE Etuko N 11.6 MMBO Agete 18 MMBO Twiga South 87 MMBO Ekales 104 MMBO “String of Pearl
Slide 12: Lokichar Basin Kenya vs. Cabora Bassa Basin Opening Wells
Lokichar Basin Kenya vs. Cabora Bassa Basin Opening Wells Play Opener Ngamia-1 vs. Baobab-1 comparison Ngamia-1: 297 million barrel discovery with 3,163 BOPD on test Baobab-1 Projected Well Path Baobab-1 Projected (CB21-008) N 15km Ngamia-1 Predrill 2D seismic – P50 estimate 45 million bbls (5km2 cl
Slide 13: Albertine Graben Uganda vs. Cabora Bassa Play Fairway
Albertine Graben Uganda vs. Cabora Bassa Play Fairway Play fairway comparison of Albertine Graben vs. Cabora Bassa Basin – large running room unlocked on exploration success ALBERTINE GRABEN - UGANDA CABORA BASSA BASIN - ZIMBABWE N 15km 125 km Play Fairway 90 km Play Fairway >2 Billion bbls recovera
Slide 14: Albertine Graben Uganda vs. Cabora Bassa Basin Opening Wells
Albertine Graben Uganda vs. Cabora Bassa Basin Opening Wells Play Opener Waraga-1 vs. Baobab-1 comparison Waraga-1: 50 million barrel discovery & 12,000 BOPD on test Baobab-1 Projected Well Path Baobab-1 Projected (CB21-006) N 15km 1Source: Tullow Oil Presentations & Press Releases 14
Slide 15: Carbon Offset Project
CARBON OFFSET PROJECT NGS REDD+ Project NGS REDD+ Project Zimbabwe Awarded in August 2022 Invictus have been awarded three carbon offset projects for a 30-year term, covering a combined 301,565ha collectively known as Ngamo, Gwayi & Sikumi (NGS) REDD+ project. • NGS REDD + project has potential to g
Slide 16: Strategic Milestones & Near Term Catalysts
STRATEGIC MILESTONES & NEAR TERM CATALYSTS Invictus has a clear strategic pathway to execute the NEAR-TERM STRATEGIC PATHWAY drilling of multiple prospects with potential for large scale discoveries Completed • Completion of $25M capital raise plus existing cash reserves sees Preparation for drillin
Slide 17: Geopolitical Overview
GEOPOLITICAL OVERVIEW New Zimbabwean Government are promoting foreign investment & has implemented investor friendly reforms REGULATORY & LEGAL FRAMEWORK Amended Indigenization PPSA & Empowerment Act Administered by Ministry of 100% foreign ownership of Energy & Power Development assets Production S
Slide 18: Downstream Markets
DOWNSTREAM MARKETS Multiple large scale power generation, mining, chemical processing & industrial downstream consumers within Southern Africa POWER GENERATION FERTILIZER MINING Gas to Power can be generated locally and excess Zimbabwe and Zambia are large agricultural based Significant number of mi
Slide 19: Southern Africa's Energy Crisis
Southern Africa’s Energy Crisis SOUTHERN AFRICAN ENERGY SUPPLY Legend Increasing shortages of electricity hampering H Hydro Station industry and investment P Pumped Storage Scheme • Southern African Power Pool (‘SAPP’) enables cross-border T Thermal Station electricity trading between states: — 12 m
Slide 20: Invictus Investment Opportunity
INVICTUS INVESTMENT OPPORTUNITY Basin Master position with SG Carbon Neutral cradle to grave Strategically positioned to supply Government providing supportive Highly experienced and equity 4571 + EPOs 1848/49 & running through NGS REDD+ project into Southern African market with environment for deve
Slide 21: SG 4571 Asset Overview – Pre CB21 Seismic Survey
SG 4571 Asset Overview – Pre CB21 Seismic Survey Mukuyu (Muzarabani) Prospect – 5 Stacked Targets can be targeted from a single well, 200km2 under closure MUKUYU– STRUCTURAL 4-WAY DIP CLOSURE Mukuyu N Upper Angwa closure 15km Msasa Getech 2019 Prospective Resource Assessment (gross mean unrisked) Li
Slide 22: CB21 Seismic Survey Successfully Completed in Nov'21
CB21 Seismic Survey Successfully Completed in Nov’21 CB21 Survey 840kms 2D seismic acquired to refine Mukuyu-1 well location and mature basin margin play Seismic Program Overview SEISMIC DATA • Mobil seismic acquired at reconnaissance scale to investigate basin structure - 610 line km spaced ~15-20k
Slide 23: Cabora Bassa Prospect & Lead Map
Cabora Bassa Prospect & Lead Map following results from CB21 Survey Material portfolio of drill ready prospects and leads identified through the CB21 Survey with multiple follow-up targets and running room 2 MAJOR PLAY TYPES – CENTRAL FAIRWAY & BASIN MARGIN Central Fairway Play Basin Margin Play Muk
Slide 24: CB21 Seismic Data – Direct Hydrocarbon Indicators
CB21 Seismic Data – Direct Hydrocarbon Indicators in Mukuyu Prospect? Potential “Flat Spots” in Mukuyu (Muzarabani) structure which may indicate a hydrocarbon contact LINE CB21-010 PRELIMINARY STACK – UNSCALED VERSION S N Higher amplitudes within potential Potential “Flat trap – terminating at the F
Slide 25: CB21 Seismic Data – Direct Hydrocarbon Indicators
CB21 Seismic Data – Direct Hydrocarbon Indicators in Mukuyu Prospect? Potential “Flat Spots” in Mukuyu (Muzarabani) structure which may indicate a hydrocarbon contact LINE CB21-010 PRELIMINARY STACK – UNSCALED VERSION S N Obvious amplitude anomaly against Basin Margin Fault Higher amplitudes within
Slide 26: New Horizon Target in Greater Mukuyu Prospect
New 200 Horizon Target in Greater Mukuyu Prospect Substantial new shallow target identified in Post Dande – matured from previously identified Lead A POST DANDE S CB21-08 N Greater Mukuyu – Horizon 200 15km CB21-08 Potential for greater closure in area of sparse 200 Amplitudes approx. seismic covera
Slide 27: New 200 Horizon Target Showing AVO Conformance
New 200 Horizon Target Showing AVO Conformance to Structure Anomalous amplitude with fit to structure - potential Direct Hydrocarbon Indicator (DHI) NEW 200 HORIZON TARGET AT MUKUYU PROSPECT A A Greater Mukuyu – Horizon 200 • Anomaly not evident in this 100 msec window section • More intense fault s
Slide 28: Mukuyu-1: Planned Well Trajectory & Primary Targets
Mukuyu-1: Planned Well Trajectory & Primary Targets Deviated well planned to test Mukuyu Prospect (Muzarabani) at multiple target levels Mukuyu-1 Well Trajectory & Primary Targets to test 20 Tcf + 845 million barrels of conventional gas condensate A: 200 Level (Post Dande) Anomalous amplitudes Good
Slide 29: Mukuyu Prospect
MUKUYU PROSPECT
Slide 30: Mukuyu Prospective Resources
MUKUYU PROSPECTIVE RESOURCES MUKUYU PROSPECTIVE RESOURCE UPDATE2 – JUNE 2022 Gross Unrisked Estimated Prospective Resources# SG 45711 20 TCF + 845 MILLION BARREL TARGET (4.3 BN BOE) Source: ERCE as at 30 June 2022 Condensate (mmbbl) – 100% Cabora Bassa Project Gas (Bcf) – 100% Gross • Independen
Slide 31: Greater Mukuyu Prospect: Post Dande Target
Greater Mukuyu Prospect: 200 Level 200 Level Post Dande Target 200 LEVEL DANDE TARGET W E S N 250 250 CB21-10 90MZIH-02 90MZIH-02 CB21-10 250 CB21-02 CB21-02 Mukuyu-1 31
Slide 32: Greater Mukuyu – Lambda-Rho – 200 Level
Greater Mukuyu – Lambda-Rho – 200 Level Lambda-Rho displaying gas prone indicators & shutoff across structure at same Two Way Time (TWT) CB21-05 CB21-08 CB21-13 CB21-05 Non-reservoir Reservoir Gas prone Mukuyu-1 CB21-08 Prominent “gas prone” CB21-13 indicator anomalies Anomaly shuts off at approx. s
Slide 33: Greater Mukuyu Prospect: Dande Target
Greater Mukuyu Prospect: 250 Level 250 Level Dande Target 250 LEVEL DANDE TARGET W E S N Potential for greater closure in area of 250 sparse seismic 250 CB21-10 coverage 90MZIH-02 90MZIH-02 CB21-10 250 CB21-02 CB21-02 Mukuyu-1 33
Slide 34: Greater Mukuyu Prospect: Pebbly Arkose / Upper Angwa
Greater Mukuyu Prospect: 500 Level 500 Level Pebbly Arkose / Upper Angwa Target 500 LEVEL PEBBLY ARKOSE / UPPER ANGWA TARGET W E S N CB21-10 500 500 90MZIH-02 90MZIH-02 CB21-10 500 CB21-02 CB21-02 Mukuyu-1 34
Slide 35: Greater Mukuyu Prospect: 500 Level
Greater Mukuyu Prospect: 500 Level Position of anomalies on/near Horizon 500 (colour coded with circles 500 Level Pebbly Arkose / Upper Angwa Target on sections) FARS @ 500 LEVEL PEBBLY ARKOSE / UPPER ANGWA TARGET Consistent Nears to Fars amplitude increase over crest at Horizon 200 level CB21-05 CB
Slide 36: Greater Mukuyu Prospect: 500 Level
Greater Mukuyu Prospect: 500 Level Position of anomalies on/near Horizon 500 (colour coded with circles 500 Level Pebbly Arkose / Upper Angwa Target on sections) FARS @ 500 LEVEL PEBBLY ARKOSE / UPPER ANGWA TARGET CB21-11 90MZIH-013 CB21-12 Soft top Flat Spot Example CB-12 • Flat spots usually seism
Slide 37: Greater Mukuyu Prospect: Upper Angwa Target
Greater Mukuyu Prospect: 600 Level 600 Level Upper Angwa Target 600 LEVEL UPPER ANGWA TARGET W E S N CB21-10 600 600 90MZIH-02 90MZIH-02 CB21-10 CB21-02 600 CB21-02 Mukuyu-1 37
Slide 38: Greater Mukuyu Prospect: Interval Velocity Slowdowns
Greater Mukuyu Prospect: Interval Velocity Slowdowns 500 & 600 Level Upper Angwa Target VELOCITY I Interval velocity slowdown potentially CB21-06 Mukuyu Prospect caused by gas filled reservoir? Mukuyu Prospect Interval Velocity slowdowns at 500 & 600 Level primary targets 500 600 Interval Velocity s
Slide 39: Greater Mukuyu Prospect: Lower Angwa Target
Greater Mukuyu Prospect: 650 Level 650 Level Lower Angwa Target 600 LEVEL UPPER ANGWA TARGET W E S N CB21-10 650 650 90MZIH-02 90MZIH-02 CB21-10 CB21-02 650 CB21-02 Mukuyu-1 39
Slide 40: Appendix
APPENDIX
Slide 41: Board & Management
BOARD & MANAGEMENT A highly experienced Board & Management team with a track record of discovering & developing leading Oil & Gas assets Dr. Stuart Lake Joe Mutizwa Scott Macmillan Gabriel Chiappini Barry Meikle Non-Executive Chairman Deputy Chairman Managing Director Non-Executive Director & Co-sec
Slide 42: Corporate Overview
Corporate Overview Strongly aligned Board & Management, with significant equity positions on the IVZ register Invictus Energy Limited (ASX:IVZ) Capital Structure Share Price $0.255 Shares on Issue Post August Cap Raise (m) 871m Market Capitalisation1 $222.1m Options / Performance Rights (m) 235 / 31
Slide 43: ReconAfrica vs. Invictus Asset Comparison
ReconAfrica vs. Invictus Asset Comparison Invictus’ peers have delivered material re-ratings with assets exhibiting similar or lesser qualities to SG 4571 Project Comparison ReconAfrica (TSXV:RECO; OTCQX: RECAF) Invictus (ASX:IVZ; OTCQB: IVCTF)) Asset Locations Market Cap ($AUD) $740.2m $222.1m Proj
Slide 44: ReconAfrica Development
ReconAfrica Development ReconAfrica is following a near identical work program to Invictus & has achieved a material re-rating for shareholders Reconnaissance Energy Africa (TSXV:RECO)1 Market Capitalisation ($AUD) D $2,500m Granted 2D Seismic Permit D D $2,333.0m Legend 2D Seismic Spudding Of Comme
Slide 45: Contact
JULY 2022 Contact: Scott Macmillan Managing Director E: info@invictusenergy.com P: +61 (8) 6102 5055 This presentation was approved for release by Invictus Board
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