Zimbabwe-focused Invictus Energy has completed a capital raising to fund a vital flow testing programme on a potentially major onshore gas discovery.

The company said it raised A$15 million ($10.2 million) through an institutional placement to fund the continued appraisal of its 80% owned and operated Cabora Bassa project in Zimbabwe.

The proceeds from the capital raise will be used to fund immediate and near-term activities including a flow test on the Mukuyu-2 well, preparation for 3D seismic over the Mukuyu field, plus long lead items and preparations for a new high-impact exploration well.