INVICTUS ENERGY LTD — Capital/Financing Update 2014

Mar 4, 2014

ASX Announcement 5 March 2014

==> picture [195 x 33] intentionally omitted <==

Sunbird Secures A$5 Million Funding Facility – ASX Grants Waiver of Listing Rule 10.1

As announced on 26 February 2014, Southern African gas explorer and developer, Sunbird Energy Ltd (ASX: SNY ) executed an agreement with White Swan Nominees Pty Ltd (“White Swan”), for a secured loan facility of up to A$5 million (“Loan Facility”). The Loan Facility, arranged by Sunbird’s corporate advisors Cygnet Capital, is being supported by key shareholders and management.

The Loan Facility provides Sunbird with the funding to advance the Ibhubesi Gas Project development and commercialisation activities including:

• Progression of the Gas Sales MoU with Eskom;

• Negotiation of a GSA;

• Completion of a reserves assessment for the Block 2A Licence;

• Completion of the Field Development Plan;

• Commencement of FEED;

• Furthering funding and partnering opportunities; and

• FID in late 2014.

Sunbird’s Managing Director, Will Barker, said that “the funding demonstrates the continued strong support of major shareholders for Sunbird and its plans for 2014 to bring the Ibhubesi Gas Project to commercialisation.”

The Loan Facility agreement provides for the drawdown of the loan by tranches of one million dollars ($1,000,000) and is repayable within twelve (12) months of the first drawdown of funds. The Company expects to repay the loan drawn within the period of twelve (12) months by the application of funds procured from alternate debt or equity or debt/equity raising strategies that will be available to the Company within that period. The Loan Facility agreement provides that upon such repayment of the Loan Facility, the Security shall be discharged and released.

As White Swan is a related party within the definitions of the Corporations Act and the ASX Listing Rules, the Company would ordinarily require the approval of its shareholders to the Loan Facility under Chapter 2E of the Corporations Act and ASX Listing Rule 10.1. Pursuant to an exception under Section 210 of the Corporations Act, such shareholder approval is not required as the financial benefit to the related party is upon terms that would be reasonable in the circumstances if the Company and the related party were dealing at arm’s length. In addition, the Company has successfully sought and obtained a grant of waiver of Listing Rule 10.1 from ASX to enter into the Loan Facility with White

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

1

==> picture [195 x 33] intentionally omitted <==

Swan without shareholder approval. Such grant of waiver of Listing Rule 10.1 has been made by ASX to the Company on the following conditions:

• the Loan Facility agreement includes a term that if an event of default occurs and White Swan exercises its rights under the Security, neither White Swan nor any of its associates can acquire any legal or beneficial interest in an asset of the Company in full or part satisfaction of the Company’s obligations under the Loan Facility, or otherwise deal with the assets of the Company, without the Company first having complied with any applicable listing rules, including listing rule 10.1, other than as required by law or through a receiver, or receiver and manager (or other person acting on behalf of White Swan) appointed by White Swan exercising its power of sale under the Security and selling the assets to an unrelated third party on arm’s length commercial terms and conditions and distributing the cash proceeds to White Swan in accordance with its legal entitlements;

• a summary of the material terms of the Loan Facility is made in each annual report of the Company during the term of the Loan Facility;

• any variations to the terms of the Loan Facility or the Security which is:

• not a minor change; or

• inconsistent with the terms of the waiver;

must be subject to shareholder approval;

• the Company must seek to discharge the Security when the funds advanced under the Loan Facility are repaid, or if it is not discharged, seek shareholder approval for the continuation of the Security for any further loan facility amount;

• the Company immediately releases to the market an announcement which sets out the terms of the waiver, and the Company’s plans with respect to the repayment of the funds advanced under the Loan Facility and the Discharge of the Security, including the timeframe within which it expects the repayment and discharge to occur.

The 12 month Loan Facility is secured against Sunbird’s beneficial interest in the shares of its wholly owned subsidiary, Anschutz South Africa Corporation, which holds an indirect participating interest of 22.8% in the South African Block 2A Production Right which incorporates the Ibhubesi Gas Project.

* ENDS *

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

Will Barker Managing Director, Sunbird Energy Ltd Tel: +61 8 9463 3260 Colin Hay Media Contact, PPR Tel: +61 8 9388 0944

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

2

==> picture [195 x 33] intentionally omitted <==

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 received government approval for its acquisition of a 76% stake in the Ibhubesi Gas Project offshore of the west coast of South Africa. The transaction gives 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 also has a portfolio of five Coal Bed Methane (CBM) projects covering an extensive area (10,070 km[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.

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

3