INVICTUS ENERGY LTD — Investor Presentation 2021

Sep 21, 2021

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Invictus Energy Ltd (ASX: IVZ)

Frontier E&P Africa Summit Zimbabwe – A new oil and gas frontier

Dr. Stuart Lake Chairman

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1 22 September 2021

Disclaimer

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This document is for information purposes only. It is not a prospectus, disclosure document or offering document under Australian law or under any other law and does not constitute an offer or invitation to apply for securities. In particular, this document is not an offer of securities for subscription or sale in the United States of America or any other jurisdiction in which such an offer or solicitation is not authorized or to any other person to whom it is unlawful to make such an offer or solicitation. The information in this document is an overview and does not contain all the information necessary to make an investment decision. To the extent permitted by law, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this document, any of which may change without notice. Neither Invictus Energy Limited (Invictus), nor any other person warrants the future performance of Invictus or any return on any investment made in Invictus. Some of the information contained in this document constitutes forwardlooking statements that are subject to various risks and uncertainties, not all of which may be disclosed. These statements discuss future objectives or expectations concerning results of operations or financial condition or provide other forward-looking information. Invictus’ actual results, performances or achievements could be significantly different from the results or objectives expressed in, or implied by, those forward-looking statements. Prospective investors should make their own independent evaluation of an investment in any securities. The material contained in this document does not take into account the investment objectives, financial situation or particular needs of any individual investor. Invictus does not make any recommendation to investors regarding the suitability of any securities and the recipient must make its own assessment and/or seek independent advice on financial, legal, tax and other matters, including the merits and risks involved, before making any investments.

COMPETENT PERSON’S STATEMENT The information in this document relating to petroleum resources and exploration results is based on information compiled by Mr Scott Macmillan. Mr Macmillan is a Reservoir Engineer and has a Bachelor of Chemical Engineering and an MSc in Petroleum Engineering from Curtin University. He is a member of the Society of Petroleum Engineers (SPE) and has over 15 years experience in the industry in exploration, field development planning, reserves and resources assessment, reservoir simulation, commercial valuations and business development. Estimated resources are unrisked and it is not certain that these resources will be commercially viable to produce.

HYDROCARBON RESOURCE ESTIMATES The Prospective Resource estimates for Invictus’ SG 4571 permit presented in this report are prepared as at 26 June 2019. The estimates have been prepared by the Company in accordance with the definitions and guidelines set forth in the Petroleum Resources Management System, 2018, approved by the Society of Petroleum Engineer and have been prepared using probabilistic methods. The Prospective Resource estimates are unrisked and have not been adjusted for both an associated chance of discovery and a chance of development. The Company confirms that there have not been any material changes to the resource estimate since the release of the updated Prospective Resource Estimate on 1 July 2019. For further details on the Prospective Resource refer to the 1 July 2019 ASX announcement 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.

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The first mover in the under-explored Cabora
Bassa Basin, Zimbabwe, one of the last undrilled
Oil & Gas basins in Africa
Muzarabani Prospect is the largest undrilled
conventional oil and gas prospect onshore Africa
8.2Tcf + 247 million barrels of conventional
gas-condensate [1] (~1.6 billion boe)
independently verified
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SG 4571 Zimbabwe

Invictus Snapshot

$93.6m 2018 Australia ~$9.1m Market Cap Listed Headquartered Net Cash @$0.16 Elephant scale Rapidly developing & High quality Significant Southern prospective Oil & Gas supportive jurisdiction surrounding African Energy resource, with high of Zimbabwe infrastructure shortage quality data set Multiple offtake Multiple downstream Low valuation in Highly experienced agreements in place supply opportunities comparison to SubBoard & Saharan Oil & Gas Management peers

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SG 4571 – Asset Overview

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Owner and operator of SG 4571 Cabora Bassa asset currently in 2[nd] period of high impact work program

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$30m seismic, gravity aeromagnetic and geochemical dataset
generated by Mobil during 1990’s who moved away from the asset
due to focus on oil (not gas)
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Dataset has now been reprocessed and applied updated 4 6
understanding of other successful rift basin plays to Cabora Bassa
Several other high-quality and offshore Oil & Gas assets and
operators within the region, including Shell and ExxonMobil and
Total 3
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Strategic location to provide solution to Southern African energy
crisis
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Asset Overview SG 4571 2
Ownership 80% 17 9 2
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Acreage 250,000 acres 13 7
Licence Duration June 2024 (2 [nd] term)
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Environmental Impact Assessment Complete
Independent Prospective Resource [1] 9.25 TcF + 294m barrels of 7
Conventional Gas-Condensate 14 1
1
1See Independent Prospective Resource Estimate on 1 July 2019 6 11
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• $30m seismic, gravity aeromagnetic and geochemical dataset generated by Mobil during 1990’s who moved away from the asset due to focus on oil (not gas)

• Dataset has now been reprocessed and applied updated understanding of other successful rift basin plays to Cabora Bassa

• Several other high-quality and offshore Oil & Gas assets and operators within the region, including Shell and ExxonMobil and Total

• Strategic location to provide solution to Southern African energy crisis

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Local Operators
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Working Petroleum System Present

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Source Rock & Seal present in the basin – live oil recorded from 3 Mkanga formation surface samples

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Source Rock
July 2019
Live oil recovered
from 3 x Mkanga
surface samples
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Outcrop Locations
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TOC Frequency
Mkanga Formation
Permian
TOC up to 40%; HI up to 380
186 samples
Frequency
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TOC %
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Kanyemba
Road SG 4571
Seal
Sealed A12
Highway
from Harare
Alternations Member
Source – fossiliferous, coaly mudstoney mudstone mudstone
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Manyima Bridge – 43m outcrop 6
Triassic Source is a differentiator over other Karoo Basins.
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Angwa Formation Triassic

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Frequency
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TOC up to 35%; HI up to 290
32 samples
TOC %
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Alternations Member
TOC %
Source – fossiliferous, coaly mudstoney mudstone mudstone
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Manyima Bridge – 43m outcrop 6
Triassic Source is a differentiator over other Karoo Basins.
Karoo discoveries elsewhere have a Triassic aged source.
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Maturity – Present Day

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Source Intervals highlighted

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Generation on structure present day

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Red =Gas Green =Oil

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SG 4571 – Asset Overview

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Muzarabani Prospect – 5 Stacked Targets can be targeted from a single well. 200km[2] under closure

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Muzarabani Prospect
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N
Top Dande
Msasa Lead
Top Forest
Top Pebbly Arkose
15km
Top Upper Angwa
Top Lower Angwa
Muzarabani
S Upper Angwa outline
Muzarabani – Structural 4-way dip closure
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Dande: 0.4 Tcf
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Forest: 1.6 Tcf
Line 90MZIH-013
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• Pebbly Arkose: 1.4 Tcf + 60 mmbbls

• Upper Angwa: 4.4 Tcf + 181 mmbbls

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• Lower Angwa: 0.4 Tcf

• • Total: 8.2 Tcf + 247 mmbbls

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Cabora Bassa 2021 Seismic Program

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CB2021 Survey ongoing with results expected end of CY 2021

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Polaris, Vibroseis Trucks in the field

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STRYDE, the worlds smallest, lightest autonomous wireless node recording system

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Muzarabani Prospect – Seismic Amplitude Anomalies

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Nears vs. Fars show structural amplitude support – possible indication of hydrocarbon fill?

Line 013 - NEARS

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Elevated amplitudes from Nears to Mids Elevated amplitudes form Mids to Fars

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Line 013 - MIDS
Background amplitude gain Background amplitude gain
strength is similar across strength is similar across
panels panels
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History & Strategic Milestones

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Invictus holds a clear pathway to continue towards development of the SG 4571 asset

Cabora Bassa Project Acquired – largest undrilled structure onshore Africa

Muzarabani Prospect Cabora Bassa Project Conclude Petroleum High impact basin Independent Prospective receives Priority Project Exploration Development & opening drilling Resource 8.2 Tcf + 247 Status from Zimbabwe Production Agreement with campaign million bbls gasGovt. Republic of Zimbabwe condensate H1 H2 H1 May - Dec January September Q1 H2 H1 2018 2018 2019 2019 2020 2020 CY21 CY21 CY22 Unlocked $30m subsurface Gas Sale MOUs with Environmental Seismic infill dataset acquired by Mobil in Sable Chemicals & Impact Assessment acquisition campaign 1990s through applying new Tatanga Energy for for seismic and to refine Muzarabani technology and insights up to 1.2 Tcf over 20 drilling approved drilling targets & years identify additional prospectivity Complete Drilling long leads & rig contracting

Complete

Future milestone

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Zimbabwe – Geopolitical Overview

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An overlooked jurisdiction for last 20 years due to political and economic instability, despite significant reforms

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New government is pro-business, promoting
foreign investment and has implemented
investor friendly reforms
Mines Minister is a former resources industry
executive that understands the needs of the
resources sector Amended Indigenization Special Economic Zones Production Sharing
& Empowerment Act Legislation Agreement
New Production Sharing Agreement (‘ PSA ’)
nearing finalisation with other key reforms in
place and supporting external investment in 100% foreign ownership of assets Legal and fiscal stability Transparent legal framework
resource development
Guarantee of investor rights 5-year tax holiday Transparent fiscal framework
Clear pathway for development and
100% remittance of earnings 15% corporate tax rate thereafter
infrastructure access
Zero Capital Gains Tax
Customs duty exemption on raw
Legislative
materials and capital equipment
Framework
Offshore banking and transacting
outside local financial system
safeguards against local currency
effects
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• New government is pro-business, promoting foreign investment and has implemented investor friendly reforms

• Mines Minister is a former resources industry executive that understands the needs of the resources sector

• New Production Sharing Agreement (‘ PSA ’) nearing finalisation with other key reforms in place and supporting external investment in resource development

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Strategic Location – Major Downstream Markets

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Multiple large scale power generation, mining, chemical processing & industrial downstream consumers within Southern Africa

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Market Major Southern African Markets
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Gas to Power can be generated locally and excess
Power DRC
exported to neighbouring countries through Tanzania
Generation
Southern Africa Power Pool
Petrochemicals • Sasol’s Secunda facility currently supplied from declining onshore Mozambique Pande-Temane Angola Zambia Rovuma Offshore Gas
fields and coal to liquid feedstock Malawi Mozambique
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Zimbabwe and Zambia are large agricultural based
Fertilizer economies and significant producers of tobacco and
maize. Fertilizer demand exceeds local supply
Namibia
Botswana
Industrial • Industrial demand in South Africa serviced from Pande-Temane
onshore Mozambique Gas Field
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Significant number of mining houses and smelters
Mining generate off grid power using diesel, with trucked
LNG delivering 40% cost reduction
South Africa
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SA generates synthetic fuel from coal with
remainder imported crude oil, refined locally.
Liquid Fuel
Condensate / crude exported from Beira to
international markets Brulpadda Offshore Gas
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Strategic Location – Multiple Routes to Market

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Multiple transportation routes to market across existing infrastructure

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Infrastructure Major Routes to Market
Tanzania Dar es
• Twin Harare-Beira liquids pipeline (800km) and DRC Salaam
1 Gas Pipeline connect to ROMPCO pipeline feeding Sasol Gas Zambia
lines in Gauteng and industry
Angola
Lubumbashi Rovuma
Malawi Basin
Ndola
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Connect into Southern Africa Power Pool grid to
Lusaka
2 Power export electricity domestically and into energy Mozambique
starved regional market. 3 major interconnectors
Harar
within 100km e
• Beira Corridor Route one of the major transit routes Namibia Beira
Botswana
3 Road in Africa. Small Scale LNG (SSLNG) by road to mining Pande
Temane
and industrial users to replace diesel power Windhoek
generation Gaborone
• 1,000kms from Harare to Johannesburg by rail. 900 Joburg Maputo
Power
4 Rail MT LNG trains into Gauteng industrial centre. Crude
Road
railed to refineries
Rail
South Africa Durban
• Twin or reverse Harare-Beira liquids pipeline (800km) Gas Pipeline
5 Liquids Pipeline to enable export through Beira port to international Oil Pipeline
markets & Indeni Ndola to displace imported crude. Power
Second pipeline recently approved. Cape Mossel Potential Gas Pipeline
Town
Bay Potential Oil Pipeline
FA Complex +
Brulpadda
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Invictus Investment Opportunity

First mover advantage with SG 4571 exhibiting significant scale potential

Low-cost onshore exploration with proximity to multiple large-scale energy consumers

Multiple offtake MOU’s secured with blue-chip customers underpinning development

Well funded for seismic infill campaign & drilling long leads

Strategically positioned Government providing to supply into Southern supportive environment African market with for development existing infrastructure

Highly experienced and Strategic partnering equity aligned Board & opportunity available Management

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Contact:

Dr. Stuart Lake Chairman

E: info@invictusenergy.com

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~~This presentation was approved for release by Invictus Board~~