Invictus Energy Limited · ASX:IVZ
Invictus Energy — MST Oil & Gas Webinar (September 2026)
23 slides from Invictus Energy's conference presentation, September 2026
Slide 1: MST Oil & Gas Webinar Presentation
MST Oil & Gas Webinar Presentation Unlocking a new hydrocarbon province in the Cabora Bassa Basin September 2026 invictusenergy.com ASX: IVZ I OTCQB:IVCTF I VFEX: INV
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 Energy Snapshot
Invictus Energy Snapshot Upstream E&P operator developing the Cabora Bassa Project — Sub-Sahara Africa's 2nd-largest oil/gas discovery of 2023# • Invictus is an Africa-focused independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ) LISTED MARKET CAP HQ OPERAT
Slide 4: Invictus Board & Management Team
Invictus Board & Management Team Experienced Board leverages expertise from successful African E&P independents & IOCs JOE MUTIZWA JOHN BENTLEY ROBIN SUTHERLAND SCOTT MACMILLAN GLEN BOWMAN RYAN SINGH Deputy Chairman & Non-Executive Non-Executive Chairman Non-Executive Director Managing Director & CE
Slide 5: Cabora Bassa Project Overview
Cabora Bassa Project Overview invictusenergy.com I 5
Slide 6: Cabora Bassa Portfolio - Multi TCF gas plus billion-barrel oil potential
Cabora Bassa Portfolio - Multi TCF gas plus billion-barrel oil potential* Invictus has matured a substantial portfolio through successful execution of two large seismic acquisition surveys and drilling two gas discoveries in Mukuyu Project Highlights EASTERN BASIN DANDE / FOREST EASTERN BASIN PEBBLY
Slide 7: Invictus & Cabora Bassa History And Future Project Strategy
Invictus & Cabora Bassa History And Future Project Strategy Proven execution maturing assets from frontier exploration through to development and production CB23 seismic results Invictus acquires Mukuyu-1 — multiple hydrocarbon- MOU for Gas to Power pilot project bearing reservoirs & working with Hi
Slide 8: Zimbabwe’s Attractive Petroleum Investment Framework
Zimbabwe’s Attractive Petroleum Investment Framework REGULATORY & LEGAL FRAMEWORK Amended Indigenization National Project Status & Empowerment Act Recognising national importance 100% foreign ownership of assets Unlocks significant fiscal and non-fiscal incentives, supporting streamlined development
Slide 9: Strategic Priorities for 2026-2027
1 SECURE THE FOUNDATION • $10M Capital Raise to support near term activity • Execute Petroleum Production Sharing Agreement (PPSA) with Republic of Zimbabwe. • Complete farmout or financing to support activity. • Pursue new venture acquisition with non-dilutive funding. 2 EXPAND THE RESOURCE BASE •
Slide 10: Musuma-1: High Impact Low Cost Well - Drilling November 2026
Musuma-1: High Impact Low Cost Well - Drilling November 2026 Targeting 1.2 Tcf + 77 million bbls condensate (gross mean unrisked) / High Side 3.2 Tcf + 197 million bbls; GPOS 38% • Dande reservoirs intersected at Mukuyu (with hydrocarbon shows) correlate to seismic amplitude and velocity anomalies i
Slide 11: Musuma-1: Westwood “Key Wells to Watch 2026”
Musuma-1: Westwood “Key Wells to Watch 2026” Why it matters • Westwood's inclusion of Musuma-1 in its global "Key Wells to Watch 2026“1 list places Invictus alongside the year's most consequential frontier exploration tests, validating Cabora Bassa's scale following the Mukuyu gas discovery. The wel
Slide 12: Commercialisation & Infrastructure
Commercialisation & Infrastructure invictusenergy.com I 12
Slide 13: Southern Africa: A Gas-starved Market
Southern Africa: A Gas-starved Market Gas Price >US$10/mcf with multiple high-value markets in desperate need of new short, medium and long-term supply POWER GENERATION GAS SUPPLY OPTIONS & MARKET DEMAND Domestic shortfall ~2,500 MW; regional shortfall >10,000 MW. Tanzania Export via Southern Africa
Slide 14: Southern Africa: Large Scale Infrastructure to Deliver to Market
Southern Africa: Large Scale Infrastructure to Deliver to Market Multiple routes to markets across underutilised existing infrastructure INFRASTRUCTURE OFFTAKE OPTION INFRASTRUCTURE ROUTE TO DEMAND CENTRES Tanzania Dar es Salaam • Beira & Durban Corridor routes to Zambia / DRC Copperbelt. DRC Road •
Slide 15: Critical Minerals Energy Supply
Critical Minerals Energy Supply Uniquely positioned to provide energy to the critical minerals industry US$8.6T Estimated value of stranded mine assets in Africa2 Critical Minerals Powerhouse • Southern Africa hosts globally significant critical minerals essential for the energy transition and indus
Slide 16: Commercialisation Pathway
Commercialisation Pathway Sequenced approach to supply the gas market as infrastructure build progresses E&A Appraisal & Further Exploration • Build and understand resource base to underpin Anchor/Target future development phases Customers Seismic Drilling Testing Studies Field Development Planning
Slide 17: Trucked Small-Scale LNG - Monetising Inland Gas
Trucked Small-Scale LNG - Monetising Inland Gas Virtual pipeline model de-risks first gas - no pipeline capex, customer-by-customer demand aggregation 1 LIQUEFY 2 TRUCK – “VIRTUAL PIPELNE SYSTEM" 3 REGAS & USE Modular train at the wellhead: 5-50 mmscf/d (5,600- LNG in 40 ft ISO tanks: 17-20 t (~1,00
Slide 18: Eureka Pilot Project - SSLNG Model for Regional Expansion
Eureka Pilot Project - SSLNG Model for Regional Expansion MoU with Himoinsa and Dallaglio to evaluate gas to power for nearby Eureka Gold Mine • Eureka is one of the largest gold mines in the Phase One - Pilot Development Phase Two - Piped Gas/Large-Scale country and is currently reliant on grid and
Slide 19: Corporate
Corporate invictusenergy.com I 19
Slide 20: Upcoming catalysts
1 EXECUTE PPSA • Establishes a strong and bankable petroleum industry regulatory framework is critical to unlocking the full value of the Cabora Bassa Project and the Mukuyu discovery. 2 PARTNERING & FINANCING • Complete farmout process or secure alternative financing to fund future activity includi
Slide 21: New Ventures Strategy
1 STRATEGIC RATIONALE • Diversification beyond Cabora Bassa. • Cash flow generation. • Leverage Invictus’ technical capability to grow production and reserves. 2 ASSET TYPES • Producing assets. • Near-term development projects. • Undervalued opportunities. • Strategic M&A opportunities 3 GEOGRAPHIC
Slide 22: Investment Proposition
Investment Proposition DOMINANT POSITION IN NEW EXTENSIVE PORTFOLIO IN NEWLY DEEP BOARD & MANAGEMENT NEAR-TERM, HIGH IMPACT PETROLEUM BASIN PROVEN BASIN EXPERTISE EXPLORATION ACTIVITY • SG 4571 & EPOs 1848/49 located in • Discovered resources + upside of multi- • Successful Track record of discoveri
Slide 23: Get in touch
ASX: IVZ I OTCQB:IVCTF I VFEX: INV CONTACT US Get in touch Scott Macmillan Managing Director P. +61 (08) 6102 5055 E. info@invictusenergy.com L1 10 Outram Street West Perth WA 6005 invictusenergy.com ABN 57 063 977 579
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