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Invictus Energy Ltd ASX : IVZ March 2021 Quarterly Activities Report INVICTUS ENERGY LIMITED DATE : 29 APRIL 2021 HIGHLIGHTS • Petroleum Exploration Development and Production Agreement ( PEDPA ) signed with Republic of Zimbabwe • PEDPA provides the licence holder the right to enter into a 25 year production licence following exploration periods • Completed capital raise of $ 8m via Private Placement to sophisticated and institutional investors • Proceeds from the capital raising to be applied to SG 4571 seismic acquisition campaign and ordering of long lead drilling items for Mzarabani - 1 exploration well • Funds will provide capital for Invictus to accelerate the Company's exploration campaign throughout the remainder of CY21 Invictus Energy Limited ( " Invictus " or " the Company " ) , is pleased to provide an update of its activities of its 80 % owned and operated Cabora Bassa Project in Zimbabwe for the quarter ending March 2021 . Comments from Managing Director & CEO Scott Macmillan " This has been an excellent quarter for the Company which has seen us complete several significant milestones and build on our strong foundations . The completion of a strongly supported capital raise has put the Company in an excellent position to complete our upcoming seismic acquisition program which will commence in Q2 and then lead to an eagerly awaited high impact basin opening drilling campaign . The execution of the PEPDA with the Republic of Zimbabwe puts in place the necessary framework to rapidly develop the Cabora Bassa Project on exploration success and provide a 25 year production licence . We look forward to commencing the seismic acquisition campaign in the coming quarter which will unlock additional value for the Company and delineate the optimal drilling location to test the world class Mzarabani prospect . " 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