Invictus Energy Limited provided an update on the activities of its 80% owned and operated Cabora Bassa Project in Zimbabwe. Non-binding offer for farm-in to the Cabora Bassa Project: The Company has received a non-binding offer for farm-in to the Cabora Bassa Project. The proposed transaction is subject to completion of further technical, legal and commercial due diligence by both parties, approvals and agreements by requisite government authorities and execution of binding Farm Out Agreement(s). Further details of the proposed transaction will be made public upon completion of a binding FOA(s) and satisfaction (or waiver) of conditions. Petroleum Exploration Development and Production Agreement (PEDPA) review completed: The Petroleum Exploration Development and Production Agreement (PEDPA) between Geo Associates and the Republic of Zimbabwe was reviewed by the Inter-Ministerial Committee established to review the agreement and has been recommended for approval. The PEDPA provides the framework for progression of the Cabora Bassa Project through the exploration, appraisal, development and production phases and the obligations and rights of each party over the project lifecycle. The Company is awaiting final approval of the agreement prior to execution. The Petroleum Product Sharing Agreement (PPSA) contains the fiscal provisions of the project, including the Republic of Zimbabwe's profit/product share, and takes effect following the commencement of the production phase of the project. The PPSA is undergoing independent review which is expected to be completed early in the new year, following which the PPSA is expected to be finalised and executed. Together, the PEDPA and PPSA form the Production Sharing Agreements (PSA) between the Republic of Zimbabwe and Geo Associates and demonstrates the Zimbabwe Government's commitments to implementing investor friendly reforms and promoting and protecting foreign investment. The PSA will ensure that a predictable, stable and transparent legal and fiscal regime is put in place that is commensurate with terms in the region, follows international best industry practice, meets the country's aspirations and provides investors and the country with a fair share of any developed resources. Preferred Contractor selected for seismic acquisition campaign in 2021: Following the completion of the field reconnaissance program and following receipt of submissions from multiple vendors, the Company has selected it preferred contractor to undertake a seismic acquisition campaign in 2021. The Company will commence detailed planning post formal contract award to enable the acquisition campaign to commence following the conclusion of the rainy season. The Company is planning to acquire a minimum of 400 line km of 2D seismic which exceeds the work program obligations for the current (2nd) exploration period.