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Invictus Energy Ltd ASX : IVZ December 2020 Quarterly Activities Report INVICTUS ENERGY LIMITED DATE : 29 JANUARY 2021 HIGHLIGHTS • Non - binding offer for farm - in to Cabora Bassa Project received • Petroleum Exploration Development and Production Agreement review completed • Field Operations Commenced in Cabora Bassa Basin and Additional Seal Potential Identified • Placement Completed with Strategic Investor at premium Invictus Energy Limited ( " Invictus " or " the Company " ) , is pleased to provide an update of its activities for the quarter ending December 2020 . Non - binding offer for farm - in to the Cabora Bassa Project During the quarter , the Company received a non - binding offer for farm - in to the Cabora Bassa Project . The proposed transaction is subject to completion of further technical , legal and commercial due diligence by both parties , approvals and agreements by requisite government authorities and execution of binding Farm Out Agreement ( s ) . Further details of the proposed transaction will be made public upon completion of a binding FOA ( s ) and satisfaction ( or waiver ) of conditions . Petroleum Exploration Development and Production Agreement ( PEDPA ) review completed Production The Petroleum Exploration Development and Agreement ( PEDPA ) between Geo Associates and the Republic of Zimbabwe was reviewed by the Inter - Ministerial Committee established to review the agreement and has been approved . The PEDPA provides the framework for progression of the Cabora Bassa Project through the exploration , appraisal , development and production phases and the obligations and rights of each party over the project lifecycle . The Company is awaiting execution of the agreement . About Invictus Energy Invictus Energy Ltd is an independent oil and gas exploration company focused on high impact energy resources in sub - Saharan Africa . Our asset portfolio consists of a highly prospective 250,000 acres within the Cabora Bassa Basin in Zimbabwe . Special Grant 4571 contains the world class multi- TCF Mzarabani and Msasa conventional gas - condensate prospects . Board & Management Dr Stuart Lake NON - EXECUTIVE CHAIRMAN Scott Macmillan MANAGING DIRECTOR Brent Barber COUNTRY MANAGER Barnaby Egerton - Warburton NON - EXECUTIVE DIRECTOR Gabriel Chiappini NON - EXECUTIVE DIRECTOR & COMPANY SECRETARY Invictus Energy Limited ABN 21 150 956 773 24 Outram Street , West Perth , WA 6005 Australia T : +61 8 6102 5055 E : info@invictusenergy.com www.invictusenergy.com