Invictus Energy : Good Oil Conference Presentation

Invictus Energy Ltd (ASX: IVZ)

Good Oil Conference Presentation

Scott Macmillan

Managing Director

September 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

SG 4571 Zimbabwe

2018 WA

Listed Headquartered

Invictus	Elephant scale		Rapidly developing &
prospective Oil & Gas		supportive jurisdiction
Snapshot	resource, with high		of Zimbabwe
quality data set

Multiple offtake		Multiple downstream
agreements in place		supply opportunities

$93.6m

Market Cap

@$0.16

High quality surrounding infrastructure

Low valuation in

comparison to Sub- Saharan Oil & Gas peers

~$9.1m

Net Cash

Significant Southern

African Energy

shortage

Highly experienced

Board &

Management

Board & Management

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

		• +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
	Brent Barber		Logistics and Design
	•	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.
	Barnaby Egerton-	• Founder of BXW Ventures an early stage resources , agri and technology fund, NED of Locality Planning Energy (ASX: LPE), NEC of Hawkstone Mining Limited
		(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
		guidance to a number of companies having been involved with 10 ASX IPO's in the last 12 years.
	Non-Executive Director &
	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)