Invictus Energy : Good Oil Investor Presentation

Invictus Energy Ltd (ASX: IVZ) (OTCQB: IVCTF)

Good Oil & Gas Conference Investor Presentation

Scott Macmillan

Managing Director

September 2023

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' Special Grant 4571 and Exclusive Prospecting Orders 1849 & 1849 permits presented in this report are prepared as at 30 June 2022 and 3 October 2022. 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 30 June 2022 & 3 October 2022. See Independent Prospective Resource Estimate released to the Australian Securities Exchange on 5 July 2022 & 6 October 2022.

Building on the momentum of our successful, basin opening wildcat well

Mukuyu-2 high impact appraisal well planned to spud in September 2023

Mukuyu-1 established a working petroleum system in the previously undrilled Cabora Bassa Basin, Zimbabwe

The well encountered multiple light oil, gas- condensate and helium bearing reservoirs

Newly acquired 2023 2D seismic data will allow for the maturation of multiple leads in a new play

Invictus' exploration rights capture a dominant position in the prospective play fairway of a new

petroleum basin

Multiple play types and material portfolio of drill ready prospects and leads of >5.5 billion boe1

1The 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 30 June 2022 & 3 October 2022. See Independent Prospective Resource Estimate on 5 July 2022 & 6 October 2022.

INVICTUS SNAPSHOT

SG 4571 + EPOs 1848/49 ASSET OVERVIEW	CORPORATE OVERVIEW
Basin master position	LISTED	2018
with 360,000-hectare	HQ	Perth WA
licence area
	MKT CAP (@ $0.18)	$212m
Multiple play types & drill	CASH (30 JUNE 23)	A$23m
ready targets with material
exploration portfolio	TICKER	ASX:IVZ
Mukuyu prospect 20	ASSET LOCATION | ZIMBABWE
trillion cubic feet + 845
million bbls of
conventional gas-
condensate1

5.5 billion barrels of oil equivalent across licence area1

Working petroleum system established by Mukuyu-1 well. Light oil, rich gas- condensate and helium in multiple reservoirs

Mukuyu-2 appraisal well	SG 4571 + EPOs 1848/49
on track for September	IVZ 80% & Operator
spud

Mukuyu is one of the largest conventional oil & gas prospects in onshore Africa, defined by high quality data set

Successful basin opening Mukuyu-1 wildcat well confirmed working hydrocarbon system with 13 gas-condensate zones interpreted from wireline logs.

Mukuyu-1 mudgas samples demonstrate presence of light oil, rich gas- condensate (CGR 30-135 bbl/mmscf) and helium gas

New basin margin play analogous to east Africa rift "String of Pearls" discoveries

Recent award of three carbon offset projects for 30 years - potential to be the first cradle to grave carbon neutral oil & gas project

Rapidly developing and supportive jurisdiction of Zimbabwe and high- quality surrounding infrastructure

Multiple offtake agreements in place for up to 1.2 TCF over 20 years with multiple downstream supply opportunities in high value markets

Successful delivery of 2 large infill seismic surveys and rank wildcat exploration well

Highly experienced Board and Management team with track record of oil and gas discoveries and development in Africa

1The 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 30 June 2022 & 3 October 2022. See Independent Prospective Resource Estimate on 5 July 2022 & 6 October 2022.

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BOARD & MANAGEMENT

Experienced Board additions leverages expertise from successful African E&P independents

JOHN BENTLEY

Non-Executive Chairman

Over 40 years' experience in international natural resource development, with a specific

focus on Africa's upstream oil

and gas industry since 1993, when he was appointed CEO of E&P arm Engen Ltd in South Africa.

In 1996 he was instrumental in the formation of Energy Africa Ltd. And its listing on Johannesburg and Luxembourg stock exchanges. Mr Bentley led Energy Africa's growth over five years and laid the foundations for Tullow Oil to launch a successful US$500m take over of the Company in 2004.

Mr Bentley has held a number of executive and board roles in numerous E&P companies including Wentworth Resources, Caracal Energy, Faroe Petroleum and Africa Energy.

ROBIN SUTHERLAND

Non-Executive Director

Extensive experience in the African E&P sector, having worked on the continent for more than 35 years.

Previous variety of technical and leadership roles, joining the highly respected Energy Africa team as a specialist geophysicist in 1997, and playing a role in a number of important hydrocarbon resource discoveries across seven African countries.

Mr Sutherland led Tullow's

exploration team through the discovery and appraisal of the Jubilee and TEN fields in Ghana, and the Lokichar Basin in Kenya before becoming Tullow's General Manager Exploration Africa in 2015.

SCOTT MACMILLAN

Managing Director

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.

Previously Senior Reservoir Engineer at Woodside Energy on large offshore Oil & Gas field developments and Business Advisor in the Global New Ventures team 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.

JOE MUTIZWA

Deputy Chairman & Non- Executive Director

Renowned Zimbabwean business executive and NEC of Mangwana Capital.

Former CEO of Delta Corporation, former board member of Reserve Bank of Zimbabwe, Star Africa Corporation (ZSE: SCAL). Current NEC of Infrastructure Development Bank of Zimbabwe (IDBZ).

Member of the Presidential Advisory Council (PAC)

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

GABRIEL CHIAPPINI

Non-Executive Director & Co-Sec

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.

A member of the AICD and CA ANZ. Mr. Chiappini is a Manging Director of Black Dragon Gold (ASX: BGD) and a former director of Neon Energy Ltd and Ioneer Ltd (ASX: INR).

BARRY MEIKLE

Country Manager

Experienced HSE and Project Manager with significant operational experience throughout Africa and Oceania in both oil and gas and minerals.

Previous roles include a range of onshore geophysical, operational and camp project management in mining and oil and gas in Africa including in Kenya with the successful Lokichar Basin drilling campaign and Papua New Guinea with InterOil and Total Energies.

Non-Executive Director of Allied

Timbers Saligna and Mina

Alumina LTA (Mozambique)

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