Invictus Energy (IVZ) Investor update summary

Petroleum Production Sharing Agreement (PPSA) execution and framework

• PPSA executed with Zimbabwe, establishing a comprehensive, stable, and transparent legal and fiscal framework for oil and gas operations, replacing previous agreements and enshrining incentives and protections for investors.

• Agreement includes national project status, Special Economic Zone incentives, and a stabilization clause preventing future adverse changes.

• PPSA formalizes participation of the Mutapa Investment Fund and ensures direct government and citizen participation in project profits, royalties, and taxes.

• Fiscal regime is globally competitive, with a hybrid concession and profit/product-sharing structure, sliding scale returns, and exploration incentives.

• Investment protection and contract stability provisions enhance project economics and accelerate timelines.

Strategic and economic impact

• The PPSA is a milestone for Zimbabwe's oil and gas sector, supporting energy security, industrial development, and economic growth.

• The agreement balances investor confidence with national participation and long-term value creation.

• Mutapa Investment Fund's involvement reflects confidence in the project's transformative potential for national development.

• Government take from the project is benchmarked as top quartile globally, ensuring a balanced, win-win structure.

Project development and operational update

• Preparations are underway for the Musuma-1 exploration well, targeting a large, shallow gas and condensate prospect with early monetization potential.

• Musuma-1 targets an estimated 1.2 Tcf of gas and 73 million barrels of condensate, representing a significant undrilled opportunity.

• Drilling services procurement and contractor selection are advanced, with contract awards expected in June and spud planned for the second half of the year.

• The well will test a new play type in the eastern Cabora Bassa Basin, with potential to unlock substantial new resources.

• Recent $10 million capital raise supports operational readiness, with well pad construction and rig upgrades imminent.