Highlights

  • Invictus Energy shares fell AUD 0.013, or 17.073%, to AUD 0.068 on 21 April 2026 on volume of 12,400,204 shares, following the announcement of a AUD 10 million placement at AUD 0.060 per share — a 6.8% premium to the 30-day VWAP of AUD 0.0562 but a discount to the 15-day VWAP of AUD 0.0604.
  • Proceeds are primarily allocated to the Musuma-1 high-impact exploration well, which targets 1.2 Tcf of gas plus 73 million barrels of condensate (gross mean unrisked) in Zimbabwe's Cabora Bassa Basin. The Musuma prospect demonstrates a compelling seismic Direct Hydrocarbon Indicator (DHI) response and a potential flat spot — key indicators of hydrocarbon-bearing zones.
  • A total of 166,666,667 shares will be issued at AUD 0.060 per share, with attaching options on a one-for-two basis at AUD 0.10, expiring two years from issue. Settlement is expected on 28 April 2026. The well is planned as a simple vertical well to approximately 1,500 metres total depth targeting the shallow Dande Formation reservoir, with spud targeted for H2 2026.

Invictus Energy (ASX:IVZ) shares fell AUD 0.013, or 17.073%, to AUD 0.068 on 21 April 2026, on volume of 12,400,204 shares. The bid-offer spread was AUD 0.067 to AUD 0.068, and market capitalisation was AUD 131.48 million. The sharp decline is the typical market response to a placement announcement at a discount to the prevailing market price, as the market reprices to reflect the dilutive impact of the new shares and any selling by investors seeking to fund their participation in the placement by exiting existing positions. The 17.1% decline is larger than the placement discount alone suggests, indicating that some investors used the announcement as an exit point.

Placement Details: AUD 10 Million at AUD 0.060

Invictus Energy has received binding commitments for a AUD 10 million placement via the issue of 166,666,667 shares at AUD 0.060 per share. The issue price represents a 0.6% discount to the 15-day VWAP of AUD 0.0604 and a 6.8% premium to the 30-day VWAP of AUD 0.0562 as at the close of 16 April 2026. Settlement is expected on 28 April 2026.

Participants in the placement receive one attaching option for every two shares allocated, exercisable at AUD 0.10 with a two-year expiry. The placement received strong support from institutional and sophisticated investors. Alpine Capital Pty Limited acted as Sole Lead Manager and Bookrunner, earning a 6% capital raising fee and receiving 27,777,778 broker options on the same terms as the attaching options. The placement is structured across ASX Listing Rule 7.1 capacity (6,666,667 shares) and 7.1A capacity (160,000,000 shares).

Use of Funds: Musuma-1 Exploration Well

Proceeds from the placement are primarily allocated to: pre-drill activity including well site preparation and logistics; drilling of the Musuma-1 high-impact exploration well; new venture business development; and general working capital and corporate purposes. Invictus confirmed that preparation is underway to spud and drill Musuma-1 in H2 2026.

The Musuma-1 well is designed as a simple, low-cost vertical well to a planned total depth of approximately 1,500 metres, targeting the shallow reservoir in the Dande Formation within the Cabora Bassa Basin in northern Zimbabwe. The shallow target depth is a cost advantage relative to deeper exploration wells and reduces drilling risk.

Musuma Prospect: 1.2 Tcf Gas and DHI Response

The Musuma prospect is located within Invictus Energy's 80%-owned Cabora Bassa Project and demonstrates a compelling seismic Direct Hydrocarbon Indicator (DHI) response and a potential flat spot — both recognised as key indicators of hydrocarbon-bearing zones in seismic analysis. The gross mean unrisked resource target for Musuma-1 is 1.2 trillion cubic feet of gas plus 73 million barrels of condensate. If successful, a Musuma discovery would be a material outcome for the company and the basin.

The Cabora Bassa Project encompasses the Mukuyu gas field — previously discovered by Invictus — and multiple Basin Margin prospects across 360,000 hectares of exploration tenure in Zimbabwe. The Musuma-1 well represents the next high-impact drilling target following Mukuyu.

Conclusion

Invictus Energy's AUD 10 million placement at AUD 0.060 per share funds the critical next step in its Cabora Bassa exploration programme — the Musuma-1 well targeting 1.2 Tcf of gas and 73 million barrels of condensate in Zimbabwe. IVZ shares fell 17.073% to AUD 0.068 on volume of 12.4 million shares on 21 April 2026, with market capitalisation at AUD 131.48 million, in a placement-driven re-pricing that is characteristic of the near-term dilution impact of capital raisings in junior explorers. With site preparation underway and the well spud targeted for H2 2026, the Musuma-1 drill result will be the defining near-term catalyst.