INVICTUS ENERGY LTD — Investor Presentation 2021

Sep 7, 2021

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Invictus Energy Ltd (ASX: IVZ)

Good Oil Conference Presentation

Scott Macmillan Managing Director

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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 WA ~$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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Board & Management

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A highly experienced Board & Management team with a track record of developing leading Oil & Gas assets

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• +34 years in the Petroleum industry, having operated assets in 20 countries worldwide, including in +10 in African countries. Combines in-depth technical knowledge and a world class track record as an Oil & Gas finder, having led many teams in maintaining a 90% exploration success rate (from over 300 wells in 11 countries including deep-water and new plays)

• • Former President and CEO for Castle Petroleum, CEO of AGM Petroleum, operator of offshore South Deepwater Tano Block in Ghana, he lead the company to a

• Dr. Stuart Lake recently reported new oil discovery in July 2019 from the exploration drill campaign. He remains a Senior Advisor to Aker Energy, that recently acquired Hess Non-Executive Chairman Ghana assets, in which Dr Lake and his team made 7 consecutive deepwater discoveries • Former CEO of African Petroleum Corporation successfully concluding multiple farmouts and commercial deals for their West African portfolio in a challenging market and successfully listed the company on the Oslo Bors in Norway

• • Former Vice President of Exploration in the Hess Corporation, leading highly successful Exploration campaigns, including Ghana, Libya and 30 onshore discoveries in Russia. Dr. Lake is a Non-Executive Director of Capterio.

• • Renowned Zimbabwean business executive and NEC of Mangwana Capital. Former CEO of Delta Corporation and board member of Reserve Bank of Zimbabwe

• Joe Mutizwa • Current NEC of Star Africa Corporation (ZSE: SCAL) and Infrastructure Development Bank of Zimbabwe (IDBZ). Member of the Presidential Advisory Council (PAC) Deputy Chairman • Holds a BSc degree (with first class honours) from The London School of Economics; an MBA from the University of Zimbabwe and an MSc from HEC – Paris and Oxford University

• • Reservoir Engineer and founder of Invictus Energy. He is a member of the Society of Petroleum Engineers (SPE) with +15 years experience in exploration, field development planning, reserves and resources assessment, reservoir simulation, commercial valuations and business development.

• Scott Macmillan • Previously Senior Reservoir Engineer at Woodside Energy on large offshore Oil & Gas field developments and Business Advisor in the Global New Ventures team Managing Director focused on Africa exploration • Senior Reservoir Engineer for AWE working on the Waitsia Gas Field; the largest onshore gas discovery in Australia in the last 40 years. He has extensive business experience in Zimbabwe.

• • An exploration geologist with +40 years experience as Technical Director of Invictus Energy Resources and Managing Director of Geological Organisation Logistics and Design

• Brent Barber • Has been involved in the exploration and evaluation of mineral prospects and mining ventures throughout Africa, South America and SE Asia. When employed by

• Country Manager Mobil Exploration he headed the hydrocarbon exploration undertaken along the Zambezi Valley in both Zambia and Zimbabwe.

• • Based in Harare and currently focused on the acquisition, assessment and design and management of exploration prospects. • Founder of BXW Ventures an early stage resources , agri and technology fund, NED of Locality Planning Energy (ASX: LPE), NEC of Hawkstone Mining Limited

• Barnaby Egerton- (ASX: HWK) Chairman and Founder of Pantera Minerals Limited, Founder of BPM Minerals (ASX; BPM) holding +25 years investment banking experience with a Warburton focus on the energy sector Non-Executive Director • Holds a Bachelor of Economics and is a graduate of the AICD and a member of the American Association of Petroleum Geologists

• Gabriel Chiappini • An experienced ASX director and has been active in the capital markets for 17 years assisting in raising +$450m and providing investment and divestment Non-Executive Director & guidance to a number of companies having been involved with 10 ASX IPO’s in the last 12 years. ~~Co-sec~~ • A member of the AICD and CA ANZ. Mr. Chiappini is a director of Black Rock Mining, (ASX: BKT) Eneabba Gas Limited (ASX: ENB)

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Corporate Overview

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Strongly aligned Board & Management, with significant equity positions on the IVZ register

Invictus Energy Limited(ASX:IVZ)	Invictus Energy Limited(ASX:IVZ)
Share Price	$0.16
Market Capitalisation1	$93.6m
Enterprise Value (~$9.1m cash 30 July 2021)	$84.5m

	Capital Structure
	Shares on Issue (m)	585m
	Options / Performance Rights (m)	60m / 44m
	Diluted Issued Capital (m)	689m

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Share Price Performance
25c 70
Volume (m) Price (AUD)
20c
15c
35
10c
5c
c 0
Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
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Major Shareholders – 1 September 2021	Major Shareholders – 1 September 2021	Major Shareholders – 1 September 2021
Shareholder	Shares (m)	%
BAYETHE INVESTMENTS PTY LTD (SCOTT MACMILLAN)	71.4	12.2%
CITICORP NOMINEES PTY LIMITED	14.2	2.4%
BNP PARIBAS NOMINEES PTY LTD	12.9	2.2%
MANGWANA OPPORTUNITIES (PRIVATE) LIMITED	10.8	1.8%
ALEXANDER HOLDINGS (WA) PTY LTD	10.0	1.7%
BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD	8.7	1.5%
BXW VENTURES PTY LTD	8.0	1.4%
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM	7.0	1.2%
MR ANDREW GRAHAM PALLESON & MRS HUI PALLESON	6.1	1.0%

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1iress

SG 4571 – Asset Overview

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Owner and operator of SG 4571 Cabora Bassa asset with first term of work program complete to August 2020

• $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

Asset Overview SG 4571	Asset Overview SG 4571
Ownership	80%
Acreage	250,000 acres
Licence Duration	June 2024 (2nd term)
Environmental Impact Assessment	Complete
Independent Prospective Resource1	9.25 TcF + 294m barrels of Conventional Gas-Condensate

1See Independent Prospective Resource Estimate on 1 July 2019

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Local Operators
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6 8
4 6 2
3
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5
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4 6 6
16 9
10 7
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17 9 2
7 10
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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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Outcrop Locations Source Rock
Invictus Surface Outcrop Sample Program
July 2019
Alternations Member - Source Live oil recovered
Alternations Member - Reservoir from 3 x Mkanga
surface samples
Mkanga - Source
TOC %
Kanyemba
Road SG 4571
Angwa Formation
Seal
Triassic
Sealed A12
Highway
32 samples from Harare
Alternations Member
TOC %
Source – fossiliferous, coaly mudstone
8
Manyima Bridge – 43m outcrop 8
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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 %
Angwa Formation
Triassic
TOC up to 35%; HI up to 290
32 samples
TOC %
Frequency
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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

Msasa Lead 15km Muzarabani – Structural 4-way dip closure • Dande: 0.4 Tcf Muzarabani • Forest: 1.6 Tcf S Upper Angwa outline • Pebbly Arkose: 1.4 Tcf + 60 mmbbls • Upper Angwa: 4.4 Tcf + 181 mmbbls • Lower Angwa: 0.4 Tcf • Total: 8.2 Tcf + 247 mmbbls

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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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10 Line 013 - FARS

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

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

• New government is pro-business, promoting foreign investment and has implemented investor friendly reforms

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• 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 PSA ’) 100% foreign ownership of assets Legal and fiscal stability Transparent legal framework 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

• 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 – Southern Africa’s Energy Crisis

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Southern Africa is facing an energy crisis with increasing shortages of electricity hampering industry and investment

• Majority of power in the region is coal and hydroelectric

• Southern African Power Pool (‘ SAPP ’) enables cross-border electricity trading between states:

• 12 member countries

• Servicing 230m people

• Electricity trading run from Harare, Zimbabwe

• Spine of SAPP transmission network runs through Zimbabwe giving it the greatest access to other member states

Supply Shortage

• South Africa’s coal fired power plants providing 20% (+10k MW) of power supply are being retired in coming years

• Medium-term supply gap of +15k MW, set to be filled by diesel fired power generation in the interim

• Gas to power becoming increasingly important to regional power supply

• SAPP network provides virtual pipeline to monetise gas throughout Southern Africa with SG 4571 ideally positioned to deliver gas into the power network

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Legend
DRC H Hydro Station
Tanzania
H P Pumped Storage Scheme
Zambia T Thermal Station
Angola Malawi
H Mozambique
H
H
H
H H H
H
T
H H H
H
Namibia Botswana T H South Africa – 2030 (PJ/year) [1]
H
83 PJ
T
T T
T T T
T
T T T
T T
T
P
South H -407 PJ
Africa
-490 PJ
P
Gas Supply Gas Demand Balance
+10,000 MW of Coal
fired Power retiring
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1USAID Southern Africa Energy Program - Power Africa: Natural Gas Roadmap for Southern Africa

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
•
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
•
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
•
Significant number of mining houses and smelters
Mining generate off grid power using diesel, with trucked
LNG delivering 40% cost reduction
South Africa
•
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 Salaam
•
Twin Harare-Beira liquids pipeline (800km) and DRC
1 Gas Pipeline connect to ROMPCO pipeline feeding Sasol Gas Zambia
lines in Gauteng and industry
Angola
Lubumbashi Rovuma
Malawi Basin
Ndola
•
Connect into Southern Africa Power Pool grid to
Lusaka
2 Power export electricity domestically and into energy Mozambique
starved regional market. 3 major interconnectors
Harare
within 100km
• 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
Maputo
• Joburg
1,000kms from Harare to Johannesburg by rail. 900
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 Potential Gas Pipeline
Town Mossel Bay
Potential Oil Pipeline
FA Complex +
Brulpadda
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Southern Africa Permo-Triassic Explorer Asset Comparison

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Invictus’ peers have delivered material re-ratings with assets exhibiting similar or lesser qualities to SG 4571

Project Comparison	Reconnaissance Energy Africa(TSXV:RECO)	Invictus(ASX:IVZ)	Asset Locations
Market Cap ($AUD)	$533.2m (pre-drill)	$93.6m	Namibia Zimbabwe
Project Location	Namibia - Onshore	Zimbabwe - Onshore
Basin	Kavango	Cabora Bassa
Petroleum System	Karoo – Permian	Karoo – Permian & Triassic
Depth to Basement (m)	+8,000	+10,000
Source Rock	Karoo (Permian): Marine-Fluvial-Lacustrine TOC up to 15%	Karoo (Permian & Triassic): Fluvial-Lacustrine, TOC up to 40%
Reservoirs	Predominately sandstone, Porosity and Permeability - Unknown	Predominately sandstone, Porosity and Permeability – Good to Excellent
Traps	Unknown	Various, including rollover anticlines and stratigraphic
Stacked Play	Unknown	Yes - 5 prospective horizons
Market	Gas: Unlikely due to lack of infrastructure Oil: Yes	Gas: 2 x Gas Sale MOUs signed Oil: Yes
Dataset	Aeromag	Aeromag, gravity & 2D seismic
Defined Conventional Prospects	None	Mzarabani 8.2 Tcf + 247 million bbls Largest undrilled prospect onshore Africa

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Reconnaissance Energy Africa Development: Pre-Discovery

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ReconAfrica is following a near identical work program to Invictus & has achieved a material re-rating for shareholders

Reconnaissance Energy Africa (TSXV:RECO)[1] Market Capitalisation ($AUD)

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$700m
Legend D Market Cap
$586.4m
N Newsflow Seismic Commences
N
T Technical Work Studies New licence acquired D
in Botswana
N Drilling Commences on 6-2 Well
D Drilling / Seismic Activity
Drilling Rig Purchased
P Placement T
N
T N
Technical Evaluation Completed
$350m Licence Renewed of Conventional Petroleum N
Aeromag Survey Interpretation Potential Drilling Rig Arrives On Location
Reveals Deep Permo-Triassic
Sedimentary Basin with Seismic + 3 Well Drilling
N Conventional Potential Campaign Confirmed
N Henderson Rigs
Appointed
EIA Completed
Market Cap
P
$60.6m
Market Cap Market Cap
$19.1m P $103.2m
P
$0m
Sep-19 Dec-19 Mar-20 Jun-20 Invictus’ current stage of Sep-20 Dec-20
development
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1Capital IQ

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 Significantly lower equity aligned Board & comparative valuation to Management peers with similar stage assets and jurisdictions

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Contact:

Scott Macmillan Managing Director

E: info@invictusenergy.com P: +61 (8) 6102 5055

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~~This presentation was approved for release by Scott Macmillan, Managing Director~~

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