Energy explorer Invictus Energy sealed what it has described as a “transformational” partnership with Qatar’s Al Mansour Holdings to develop Zimbabwe’s first gas project.
Under the agreement, Al Mansour has acquired a 19.9% equity stake in Invictus for US$24.5 million, a price above current market value. It has also pledged up to US$500 million in additional financing to take the Mukuyu gas discovery to commercial production.
Al Mansour Holdings is backed by Sheikh Mansour bin Jabor bin Jassim Al Thani, a member of Qatar’s royal family. As part of the deal, Al Mansour will get a seat on the Invictus board, while future funding will hinge on Invictus successfully proving commercial viability through further drilling, flow testing, and seismic surveys.
“We’ve got to do that to unlock the rest of that finance, so it’s firmly on the agenda,” Invictus managing director Scott Macmillan said. “Now that we’ve got this funding secured, we’re off the treadmill of the capital markets. We can now plan larger exploration campaigns, which are far more efficient.”
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The deal also extends beyond Zimbabwe. Invictus and Al Mansour have established a joint venture, Al Mansour Oil & Gas (AMOG), which will acquire and develop oil and gas assets across Africa. The venture will be chaired by Sheikh Mansour, with Macmillan as deputy chair and Ryan Singh as CEO. Invictus will oversee asset identification and management, while Al Mansour will provide financial backing.
“This is a transformational milestone that significantly enhances the growth trajectory of our Cabora Bassa project and opens the door to strategic upstream opportunities across Africa,” Macmillan said, adding that the agreement followed a year of intensive negotiations.
Sheikh Mansour said AMOG’s mission was to “unlock the immense potential of Africa’s oil and gas sector in a way that benefits host governments, communities, and investors alike.”
Invictus, listed on the Australian Stock Exchange with a market capitalisation of about US$55 million, holds an 80% operating interest in the Cabora Bassa project. The remaining 20% stake is owned by One Gas Resources, led by Zimbabwean geologist Paul Chimbodza. Local investors, including pension funds such as NSSA, hold shares through the Mangwana Opportunities Fund.
The government and Invictus are also in advanced talks over a Petroleum Production Sharing Agreement (PPSA), which will outline how future revenues will be shared. Mines Minister Winston Chitando says that a draft agreement has been prepared, with consensus reached on most points. Apart from sharing the output, the state will also have a 10% “back-in-right” option once a final investment decision is made.
Invictus first declared a gas discovery at Muzarabani in December 2023 after nearly a decade of exploration. However, more drilling and appraisal required to determine reserves, gas quality, and infrastructure needs. Typically, it takes years between a commercial discovery and production.
