INVICTUS ENERGY LTD — Capital/Financing Update 2012

Nov 28, 2012

ASX Announcement 29 November 2012

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Initial Results from Mopane Coring Program Indicate High Gas Prospectivity

• Core sampling of first exploration core hole at Mopane Project encounters gassy coals

• Provides significant encouragement that coal package at Mopane is highly prospective for CBM

• All samples from coring program will undergo desorption analysis over next two months to accurately determine gas content and enable a resource estimate

Southern Africa focussed gas explorer Sunbird Energy Ltd (ASX: SNY) has encountered gassy coals in the initial batch of samples taken from the first exploration core hole (MOP001A) at its Mopane project.

The samples were recovered from a depth of 422m within the top section of the target Ecca Coal Package. The field observations (see Figure 1 & 2) and gas recordings indicate the coals are gas charged, providing significant encouragement that the Mopane Project area is highly prospective for Coal Bed Methane (CBM).

Sunbird Energy Managing Director Will Barker said: “ Sunbird is very encouraged by these initial results which indicate the potential of the Mopane Project.

“We look forward to completing the expanded eight well core hole program in the New Year and delivering a resource estimate.”

These initial samples, along with coals to be cored from the remainder of the 32m coal package, will undergo desorption analysis over the next two months to accurately determine the gas content.

Once gas content is confirmed it will be combined with data from drilling, wireline logs and permeability tests to determine a contingent resource across the project area.

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Figure 1 & 2: Gassy coal sample from core hole MOP001A at Mopane Project

Sunbird Energy Ltd – ACN 150 956 773 Level 1, 50 Ord Street, West Perth, WA 6005 www.sunbirdenergy.com.au T: +61 (0) 8 9463 3260 F: +61 (0) 8 9462 6630

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Figure 3. Schematic well profile for Mopane Project detailing coal seams based on existing well data.

The coal seams within the Mopane area are the equivalent formation and similar in quality to those that have been successfully developed by Anglo American for CBM production in the neighbouring Waterberg Basin, where a 1 trillion cubic feet (Tcf) CBM resource has been defined. The target Ecca coal package, based on drilling results from within the Mopane licence, provides over 32 metres of coal at depths greater than 400 metres (see Figure 3).

Mopane is located in the Limpopo Province of South Africa about 420km northeast of Johannesburg The project lies on the western limit of the Tshipise Coalfield which contains coal projects owned by Coal of Africa. Mopane is traversed by major electricity transmission lines that form part of the Southern African Power Pool and is also close to major local mining and mineral processing facilities. With a licence area of 1,577km[2] , the project is held by Sunbird (74%) and Umbono (26%).

** ENDS **

For further information please visit www.sunbirdenergy.com.au or contact:

Will Barker Managing Director, Sunbird Energy Ltd Tel: +61 8 9463 3260 Kat Fremlin Media Contact, Allchurch Communications Tel: +61 8 9381 6625

Sunbird Energy Ltd – ACN 150 956 773 Level 1, 50 Ord Street, West Perth, WA 6005 www.sunbirdenergy.com.au T: +61 (0) 8 9463 3260 F: +61 (0) 8 9462 6630

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About Sunbird Energy Ltd

Sunbird Energy Ltd is an ASX-listed southern Africa-focused coal bed methane (CBM) and gas explorer and developer.

Sunbird has a portfolio of five CBM projects covering an extensive area (9,904km[2] ) of prospective coal basins across southern Africa, where an abundant coal resource, limited domestic gas supply and growing energy needs have created significant opportunity for the development of large scale energy projects.

Sunbird has a strategic alliance with African joint venture partner Umbono Capital Partners (Proprietary) Limited, which provides Sunbird with an experienced local operational team and new project pipeline.

Sunbird is conducting a phased exploration program that will define the resource base and demonstrate the commercial potential of its portfolio of CBM assets which contain a Best Estimate Gas-in-Place of 5.3 Tcf (Trillion cubic feet) and up to a High Estimate of 29.2 Tcf

Sunbird Energy Ltd – ACN 150 956 773 www.sunbirdenergy.com.au

Level 1, 50 Ord Street, West Perth, WA 6005 T: +61 (0) 8 9463 3260 F: +61 (0) 8 9462 6630