Invictus Energy Limited wishes to clarify some reports circulating in the media regarding and oil and/or gas discovery that has allegedly been made in the Muzarabani Area in northern Zimbabwe.

On 1 November 2018, Invictus management attended a press conference hosted by the Zimbabwe President, His Excellency CDE E.D. Mnangagwa and the Minister of Mines Hon. Winston Chitando in Harare. At no time did President Mnangagwa state that an oil discovery had been made in Zimbabwe, but that the exploration activity being undertaken by Invictus had positive indications and that an exploration well would be drilled to confirm the potential of the Mzarabani Prospect.

The Company wishes to reiterate that an oil or gas discovery has not been made and the Prospective Resource Estimate for the Mzarabani Prospect relates to undiscovered accumulations which have both a risk of discovery and a risk of development. Although the Cabora Bassa Basin possess all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well.