Invictus Energy (IVZ) Q4 2025 TU earnings summary

Executive summary

• Musuma-1 confirmed as the first high-impact exploration well outside the Mukuyu discovery, targeting a new play in the Cabora Bassa Basin based on strong hydrocarbon indicators.

• Preparation for Musuma-1 spud underway, with procurement of long lead items and critical services in progress for H2 2025.

• Updated draft of consolidated Petroleum Production Sharing and Development Agreements received, with stakeholder meetings ongoing to finalize terms.

• Cabora Bassa Project identified for National Project Status, unlocking fiscal and non-fiscal incentives.

• Ongoing discussions with potential strategic partners to support development and commercialisation.

Financial highlights

• Exploration and evaluation spend for the quarter totaled AUD $1.04 million.

• Payments to related parties during the quarter amounted to AUD $283,213.

• Net cash used in operating activities for the quarter was AUD $988,000.

• Net cash used in investing activities for the quarter was AUD $1.05 million.

• Cash and cash equivalents at quarter end were AUD $8.68 million.

Outlook and guidance

• Musuma-1 drilling planned for H2 2025, targeting 1.2 Tcf of gas and 73 million barrels of condensate.

• Successful Musuma-1 outcome could unlock a substantial new resource base and accelerate commercialisation, including a pilot gas-to-power project.

• Completion of Petroleum Agreements and formal National Project Status expected in coming weeks.