Contract Extension for 12 months with Invictus Energy Limited

Invictus and Exalo Drilling S.A. (Orlen Group) have executed a contract amendment for IRI 1200 to remain in the Cabora Bassa Basin in Zimbabwe for up to 12 months to enable the drilling of future wells in the basin.

The highly encouraging results from the initial Mukuyu-1 and side track well have provided the Company with the confidence to keep rig  warm stacked at the Mukuyu-1 location whilst preparations are made for the future drilling campaign for at least one firm well in 2023, with further wells to be agreed.

During the rig stacking period Exalo will perform maintenance and upgrades to Rig 202 in preparation for drilling to recommence.