Africa Oil Week Presentation

Invictus Energy Ltd (ASX: IVZ)

Africa Oil Week - Africa Independents Forum

Cabora Bassa Project Update

Stuart Lake

Chairman

November 2021

Disclaimer

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 forward- looking 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.

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-condensate1 (~1.6 billion boe) independently verified

Infill seismic survey completed and preparing for high impact basin opening drilling campaign in 1H 2022

SG 4571 Zimbabwe

Invictus Snapshot

2018		WA		$93.6m	~$7.3m
		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, defined by		of Zimbabwe		infrastructure		shortage
high quality data set

Multiple offtake
agreements in place		Multiple downstream		Low valuation in		Highly experienced
for up to 1.2 Tcf over		supply opportunities		comparison to Sub-		Board &
20 years				Saharan Oil & Gas		Management
				peers

SG 4571 - Asset Overview

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

• New 2D infill seismic acquired recently completed - 840 line km

Local Operators

•	Legacy dataset of $30m seismic, gravity aeromagnetic and geochemical			6				1
	dataset generated by Mobil during 1990's who moved away from the asset			8
						2
	due to focus on oil (not gas)				4	6
•	New seismic will be integrated with legacy data and demonstrates							3
	similarities to other successful rift basin plays in the region							4
•	Several other high-quality and onshore and offshore oil & gas assets and						3	5
	operators within the region, including Sasol, Total, ENI and ExxonMobil			4	12	1
						6		6
	Strategic location to provide solution to Southern African energy crisis
•			10	16	9		7
	Asset Overview	SG 4571				15	2
						8
	Ownership	80%	17			9	2		9
						7			10
	Acreage	250,000 acres			13	7			11
	Licence Duration	June 2024 (2nd term)							12
	Environmental Impact Assessment	Completed Aug 2019			5				13
	2D Infill Seismic - 840km	Completed Nov 2021							14
				7			15
		9.25 TcF + 294m barrels of	14		1
	Independent Prospective Resource1			1				16
	Conventional Gas-Condensate		6	11
							17
	1See Independent Prospective Resource Estimate on 1 July 2019							5