INVICTUS ENERGY LTD — Capital/Financing Update 2013

Mar 6, 2013

ASX Announcement 7 March 2013

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Mopane Corehole Delivers Excellent Gas Content Results

• Initial gas desorption measurements of first core hole at Mopane CBM project deliver excellent results

• Gas content results of up to 7.54m[3] /ton exceed independent best estimate GIP of 2.83 m[3] /ton

• Demonstrates potential of Mopane for large scale CBM development

Southern Africa gas explorer and developer Sunbird Energy Ltd (ASX: SNY) announces that the initial gas desorption analysis for the MOP002A core hole at its Mopane project has delivered excellent gas content results of up to 7.54m[3] /ton.

The results demonstrate that the coal package at Mopane provides an attractive development opportunity with three main production intervals of between 5 and 12 metres thickness containing gas contents ranging from 3.45 to 7.54 m[3] /t, 2.5 to 3.29 m[3] /t and 1.64 to 4.23 m[3] /t, as detailed in the figure 1.

Sunbird Energy Managing Director Will Barker said: “ The results have greatly exceeded pre-drill expectations.”

“This demonstrates that the Mopane coal seams have high levels of gas saturation and once additional wells are completed we will be in a strong position to book a significant contingent resource over the project area.”

The desorption tests were conducted by Australian Laboratory Services (ALS) Witlab at its Lephalale facility. Sunbird has now received the initial laboratory results for 29 of the coal samples taken from the MOP002A core hole.

These initial results do not yet include the additional gas volumes that are still to be measured as Residual Gas contained in the samples. These residual gas volumes are expected in the coming week as the remaining samples complete desorption analysis, further enhancing the Total Gas Content results.

Sunbird’s original independent expert report determined Mopane could contain a best estimate Gas-in-Place (GIP) of 1.9 trillion cubic feet (Tcf), based on net coal thickness of 15m and a gas content of 2.83m[3] /ton. MOP002A, the first corehole completed at Mopane, reached total depth in December 2012 and resulted in a net coal thickness of 38.2m.

Table 1. Independent Expert GIP Estimate for Mopane Project

Project	Area(km2)	Net Thickness(m)	GCi(m3/ton)	Coal Density(g/cc)	OGIP(TCF)
Low	404.7	6.0	1.40	1.3	0.18
Best	807	15.0	2.83	1.4	1.90
High	1576	27.0	4.96	1.6	13.66

(Source: MBA Petroleum Consultants – Independent Expert Report 30 Nov 2011)

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 1. Well Schematic of MOP002A featuring desorption results

Sunbird expects to receive final gas content results for the MOP002A and the second well MOP001A by mid-March.

Drilling Update

Sunbird has now completed the pilot hole drilling of the six remaining core holes at Mopane to depths of approximately 100 to 200 metres.

The holes are now being cased and coring will commence in the coming week. Two drill rigs will be operating on site to accelerate the delivery of results, which will be followed by the booking of a contingent resource in Q3.

The Mopane project 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. Mopane is traversed by major electricity transmission lines that form part of the Southern African Power Pool and is also

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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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

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 870 Bcf (billion cubic feet) Ibhubesi Gas Project offshore of the west coast of South Africa. Ibhubesi is South Africa’s largest undeveloped gas field and it 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