HARARE,– Australian-listed Invictus Energy is seeking shareholder approval to expand its equity-raising capacity as the company prepares for further exploration activities in Zimbabwe, including the planned Musuma-1 well, according to a company notice.
The oil and gas explorer will ask shareholders at its November 25 annual general meeting in Perth to approve an additional 10% share placement facility, which would increase its combined capacity to issue equity securities without further shareholder approval to 25%, subject to Australian Securities Exchange rules.
The company said the additional authority would provide flexibility to finance existing projects, potential acquisitions and general working capital requirements.
Based on its October 14 closing share price of A$0.059 and the share capital used in its regulatory calculations, Invictus could raise approximately A$10.54 million if it issued the maximum number of shares permitted under the additional facility at that price.
The figure is illustrative and does not represent a committed fundraising transaction.
Invictus, which is pursuing oil and gas exploration opportunities in Zimbabwe, said it had already raised A$9.6 million through the placement of 160 million shares at A$0.06 each in April.
Of that amount, A$4.475 million had been spent by the date of its October 16 notice, with the proceeds allocated towards drilling preparations, the Musuma-1 exploration well, business development and working capital.
The company said the funds were intended for “pre-drill activity (including well site preparation and logistics), the drilling of the Musuma-1 exploration well” and other corporate purposes.
The notice did not provide a revised drilling timetable or confirm that operations at Musuma-1 had commenced.
Invictus said the proposed additional placement capacity could allow it to raise funds more quickly, although it warned that issuing new securities could dilute existing shareholders’ economic interests and voting rights.
The proposal requires approval from at least 75% of eligible votes cast at the annual general meeting.
Shareholders will also consider plans to issue 1.95 million performance rights to managing director Scott Macmillan, valued internally at A$117,000, as part of his remuneration arrangements.
The company is separately seeking approval to issue up to 17.8 million options to five directors, including 8.8 million to Macmillan and three million to chairman John Bentley.
The options would be exercisable at A$0.10 each and expire three years after issuance.
Invictus said the proposed share-based incentives were intended to align directors’ interests with shareholder returns while conserving cash.
The company estimated that exercising all the proposed director options would dilute existing shareholders by approximately 0.99%, based on its current share capital and assuming no other shares were issued.
Invictus had an undiluted market capitalisation of approximately A$105.4 million based on its October 14 share price, according to the notice.
The company will also seek the re-election of directors Bentley and Robin Sutherland, both of whom have extensive experience in African oil and gas exploration.
The proposed financing arrangements come as Invictus continues to allocate capital to exploration activities in Zimbabwe, where the development of a commercially viable petroleum industry would depend on successful drilling, further appraisal and substantial investment.
The outcome of the November shareholder meeting will determine whether the company gains additional flexibility to raise equity as it advances its exploration programme.
Source: Invictus Energy Limited, Notice of Annual General Meeting dated October 16, 2026.
