Qatari firm Al Mansour Holdings will acquire a 19.9% stake in Invictus Energy Limited and has committed to injecting US$500 million to support the company’s efforts to bring its Cabora Bassa Project into commercial production.
The Cabora Bassa Project is Zimbabwe’s most ambitious oil and gas exploration initiative to date. Located in the Cabora Bassa Basin in northern Zimbabwe, the venture covers more than 360,000 hectares and includes the promising Mukuyu gas-condensate field, which has already yielded significant hydrocarbon discoveries.
Invictus announced that 398,368,131 new shares, priced at AUD 0.095 each, will be issued, with the transaction set to be finalised on 24 September.
The strategic investment, valued at A$37.8 million (US$24.54 million) before costs, will provide funding for the company’s near-term Cabora Bassa work programme.
Key activities under this programme include the drilling of the Musuma-1 well, a priority target in the eastern section of Invictus’ acreage. Invictus said:
“Al Mansour Holdings has also agreed to provide the company with up to US$500 million of conditional future funding to bring the Cabora Bassa Project into commercial production.
“The funding will be subject to entry into separate agreements and subject to timing relating to the ongoing development work at the Cabora Bassa Project.”
Al Mansour Holdings, which is backed by Qatar’s royal family, has partnered with Invictus Energy to form a joint venture company, Al Mansour Oil & Gas (AMOG).
The new entity is an upstream oil and gas firm focused on acquiring, producing, and developing oil and gas assets across Africa.
Invictus managing director, Scott Macmillan, described the strategic investment by Al Mansour Holdings and the establishment of AMOG, with the support of His Highness Sheikh Mansour, as “a transformational milestone for Invictus.”
Since launching its exploration programme at the Cabora Bassa Project in Muzarabani, Mashonaland Central Province, Invictus has recorded significant success.
In September last year, the company announced the identification of eight high-potential prospects in the eastern Cabora Bassa Basin, estimated to hold 2.9 trillion cubic feet of gas and 184 million barrels of condensate.
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