INVICTUS ENERGY LTD — Capital/Financing Update 2013

Apr 2, 2013

ASX Announcement 3 April 2013

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Ibhubesi Feasibility Study Supports Phase 1 Development on Existing 1C Gas Resource

• Existing discovered 1C Resource at Ibhubesi Gas Project supports viable Phase 1 development

• Phase 1 development of 201 Bcfe Resource does not require further exploration or appraisal drilling

• Significant progress made towards upgrading Ibhubesi Gas Field to Proven Reserve

Southern Africa gas explorer and developer Sunbird Energy Ltd (ASX:SNY) announces that initial results from an independent technical assessment to re-evaluate the Ibhubesi Gas Project (SNY 76%) offshore South Africa have delivered resource volumes consistent with previous estimates and confirmed that the existing discovered 1C Resource can be developed to achieve Sunbird’s planned Phase 1 development.

The feasibility study has also verified that the Resource could be developed without the need for further exploration or appraisal drilling, enabling significant progress to be made towards upgrading the project to a Proven Reserve.

Ibhubesi Technical Assessment

The assessment, undertaken by specialist geological consulting firm RPS Energy (UK), studied original raw data including drilling results, production tests and seismic data, together with previous independent resource audits and engineering studies.

Initial results from the study supported a gas resource including condensate volumes, of a 1C/P90 201 Bcfe resource and a 2C/P50 869 Bcfe resource, consistent with the 2009 estimates completed by DeGolyer & MacNaughton.

The study determined that the 201 Bcfe 1C Contingent Resource represents “gas in contact” with all the gas volumes located in reservoirs that have been penetrated by a well and within existing 3D seismic coverage. In addition, the probability of recovery ranges from P90 to P95 and represented the “down side case” for ultimate gas recovery.

The 869 Bcfe 2C Contingent Resource represents the “most likely” gas recovery with all gas volumes located in the same reservoirs as the 1C resource and are also located within the existing 3D seismic coverage.

The study also determined the flow profiles that can be generated from the 1C and 2C resources based on the production test results and modelling of the reservoir characteristics:

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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• The 1C Contingent Resource is sufficient to deliver a 12 year gas production plateau at an instantaneous flow rate of 80MMscfd, enabling supply of 450MW of power at a 50% load factor; and

• The 2C Contingent Resource is sufficient to deliver a 12 year gas production plateau at an instantaneous flow rate of 328MMscfd, enabling supply of 1,800MW of power at a 50% load factor.

These initial results demonstrate a high degree of certainty on recovery of the 1C/P90 201 Bcfe resource and will enable Sunbird to pursue development of the Ibhubesi Gas Field without the need for further exploration or appraisal drilling.

Sunbird Managing Director Will Barker said: “Sunbird has made significant progress on the project since executing the transaction in December 2012. These initial results from the technical assessment take us a step closer to upgrading Ibhubesi from a contingent resource to a proven reserve and delivering a bankable project that will support a Gas Sales Agreement.”

Sunbird is continuing to progress the Ibhubesi Gas Project feasibility study, which is due for completion in May 2013 and will be based on the following deliverables:

• Revised development options for the 201 Bcfe 1C resource

• Engineering feasibility study to determine engineering designs and project costs

• Subsurface geological and reservoir studies to determine reserves and production profiles

• Updated project economics

Reserves Upgrade

Sunbird has now engaged an independent reserves auditor to update the 2009 resource estimate. The audit will allow Sunbird to upgrade the contingent resource to reserves on a proven, probable and possible basis (i.e. 1P, 2P and 3P).

The reserves upgrade is due for completion by June 2013 and will represent a significant milestone in the demonstration of the value of the Ibhubesi Gas Field.

Production drilling for the Phase 1 development of 201 Bcfe will provide further appraisal of the field and could enable the upgrading of 2P reserves to the 1P proven category. This will allow Sunbird to progressively upgrade the 869 Bcfe 2C Resource and expand production from the field.

Significant upside also remains within and outside the 3D data areas with existing 3D and 2D seismic data having identified drilling targets based on seismic anomalies that contain an estimated P50 unrisked Potential Resource of over 8 Tcf.

Competent Person Statement

The information in this announcement that relates to Sunbird’s resources is based on information that was compiled by Mr Will Barker (BSc), the Managing Director of Sunbird and a petroleum geologist with over 12 years’ experience as a practising geologist. Mr Barker is a member of the Petroleum Exploration Society of Australia. Mr Barker consents to the inclusion of the information in this announcement in the form and context in which it appears.

* ENDS *

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

Will Barker Managing Director, Sunbird Energy Ltd Kat Fremlin Media Contact, Allchurch Communications

Tel: +61 8 9463 3260 Tel: +61 8 9381 6625

About Sunbird Energy Ltd

Sunbird Energy Ltd is an ASX-listed (ASX:SNY) gas explorer and developer focused on southern Africa where limited domestic gas supply and growing energy needs have created significant opportunity for the development of large scale energy projects.

Sunbird has executed an agreement to acquire a 76% stake in the 869 Bcfe (billion cubic feet equivalent) Ibhubesi Gas Project offshore of the west coast of South Africa. The transaction, which is subject to approval of a transfer of title from the South African Department of Mineral Resources, will give Sunbird the right to operate and develop the Ibhubesi Gas Project, South Africa’s largest undeveloped gas field. The Ibhubesi Gas Project has multiple development opportunities including gas-fired power projects to supply the high value South African energy market. Sunbird’s joint venture partner in the project is PetroSA (24%), the national oil company of South Africa.

Sunbird also has a portfolio of five Coal Bed Methane (CBM) projects covering an extensive area (9,904km[2] ) of prospective coal basins across in South Africa and Botswana. 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).

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