INVICTUS ENERGY LTD — Director's Dealing 2021

Oct 24, 2021

Invictus Energy Ltd

Invictus Energy Limited ("Invictus" or "the Company"), wishes to advise that Mr Barnaby Egerton-Warburton has resigned from the board of Invictus due to the increasing demands of his other current board roles and will not be seeking re-election at the upcoming Annual General Meeting (AGM). As a result Resolution 3 of the AGM seeking the re-election of Barnaby Egerton-Warburton as a director has been withdrawn.

Mr Egerton-Warburton as an ASX small cap and capital markets specialist was a founding director of Invictus from 2018 and played a key role in the back door listing of the Cabora Bassa Basin asset and guiding the company through to its current position.

The board thanks Mr Egerton-Warburton for his contribution to the Company and wishes him all the best and success with his other business interests.

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About Invictus Energy

Invictus Energy Ltd is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa. Our asset portfolio consists of a highly prospective 250,000 acres within the Cabora Bassa Basin in Zimbabwe. Special Grant 4571 contains the world class multiTCF Mzarabani and Msasa conventional gas-condensate prospects.

Board & Management

Dr Stuart Lake NON-EXECUTIVE CHAIRMAN

Joe Mutizwa NON-EXECUTIVE & DEPUTY CHAIRMAN

Scott Macmillan MANAGING DIRECTOR

Gabriel Chiappini

For further information, please contact:

Scott Macmillan

NON-EXECUTIVE DIRECTOR & COMPANY SECRETARY

Brent Barber COUNTRY MANAGER

Managing Director P + 61 (08) 6102 5055 info@invictusenergy.com

L1 10 Outram Street, West Perth, WA 6005 Australia T: +61 8 6102 5055 E: info@invictusenergy.com

Invictus Energy Limited ABN 21 150 956 773

www.invictusenergy.com

Authorised for release by the Board

For further information on Invictus Energy, please visit the Company's website at www.invictusenergy.com

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About the Cabora Bassa Project

The Cabora Bassa Project encompasses the Muzarabani Prospect, an 8.2 TCF and liquids rich conventional gascondensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data. The Company is advancing the current exploration program with the acquisition of infill seismic data for a planned 1H 2022 basin opening drilling campaign.

#Cautionary Statement : The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Prospective Resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.

The Company is not aware of any new information and that all material assumptions and technical parameters underpinning prospective resource estimate continue to apply and have not materially changed

*Giant fields are conventional oil or gas fields with a recoverable reserve of 500 MMboe or more as defined by the American Association of Petroleum Geologists (AAPG)

*Elephant fields are conventional oil or gas fields with a recoverable reserve of 1 Billion boe (1,000 MMboe) or more as defined by the American Association of Petroleum Geologists (AAPG)

SG 4571 - Special Grant Permit 4571 was granted in August 2017. The Company entered into the second exploration period in August 2020 which runs until June 2024. Invictus has an 80% equity stake in SG4571 via its subsidiary Geo Associates (Private) Limited.

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www.invictusenergy.com

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity Invictus Energy Ltd

ACN: 150 956 773

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Barnaby Egerton-Warburton
Date of last notice	26 July 2021
Date that director ceased to be director	25 October 2021

Part 1 – Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

Not Applicable

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest Beneficial Holder	Whistler Street Pty Ltd Ordinary Shares: 3,284,329 shares Options 3,000,000 exp 23/7/24, ex price $0.2355 BXW Ventures Pty Ltd 11,000,000 Shares Rockaway Ventures Pty Ltd 500,000 shares

Part 3 – Director’s interests in contracts

Detail of contract	NA
Nature of interest	NA
Name of registered holder (if issued securities)	NA
No. and class of securities to which interest relates	NA

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002