Invictus moves towards ‘tangible’ results following US$500m Al Mansour partnership
HARARE – Invictus Energy Limited has outlined plans to shift from strategic preparation to on-the-ground execution in 2026, following a landmark partnership with Qatar-based Al Mansour Holdings (AMH), which committed up to US$500 million in conditional funding to bring Zimbabwe’s Cabora Bassa gas project into commercial production.
According to Invictus’s 2025 Annual Report, the investment marks a major milestone in the company’s transition from exploration to development.
The partnership has also led to the creation of Al Mansour Oil & Gas (AMOG), a new upstream joint venture aimed at expanding Invictus’s footprint across Africa’s energy sector.
During the financial year, Invictus undertook several preparatory milestones, including, extending its key exploration licence for the Mukuyu gas discoveries by three years, advancing planning for appraisal drilling and 3D seismic surveys at Mukuyu and securing approval of the Environmental and Social Impact Assessment (ESIA) for pilot production activities.
The company also managed to select the Musuma-1 well as the next high-impact exploration site, targeting an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate.
“The Eastern Margin gas prospects in the Cabora Bassa Basin (which comprise eight high potential targets) are estimated to hold Prospective Resources of approximately 2.9 trillion cubic feet (Tcf) of gas and 184 million barrels of condensate (gross mean unrisked).
“This includes the Musuma prospect, targeted by the upcoming Musuma-1 well, which is estimated to contain 1.2 Tcf of gas and 73 million barrels condensate (gross mean unrisked),” chairman John Bentley and Managing Director Scott Macmillan said.
The company also strengthened its capital base through a US$12 million placement with Mangwana Capital and a US$24.5 million strategic investment from AMH, which included an agreement for conditional future financing of up to US$500 million.
While much of 2024 and 2025 focused on partnership building, regulatory approvals, and technical groundwork, Invictus said the 2026 financial year will mark a turning point, “one of execution”.
This phase is expected to see tangible operational progress at Cabora Bassa, including well testing, infrastructure development, and pilot production activities at the Eureka Gas-to-Power Project.
“The 2026 Financial Year will be one of execution – moving from partnerships and planning into tangible operational progress on the ground.
“With strong ongoing support from our partners, investors and the Government of Zimbabwe, we are confident in our ability to unlock the energy potential of Cabora Bassa for the benefit of all stakeholders,” the company noted.
The company also continued to invest in field infrastructure, expanding its Cabora Bassa supply base to accommodate 20 staff and logistics operations, and opening a new corporate headquarters in Harare to support expatriate personnel during fieldwork.
Despite posting a net loss of nearly A$5 million for the year ended 30 June 2025, Invictus said it remains financially stable and “confident in unlocking Zimbabwe’s energy potential.”
Invictus Energy, which now trades on the Victoria Falls Stock Exchange under ticker code INV.vx, holds an 80% stake in the Cabora Bassa Project, one of Southern Africa’s most promising natural gas developments.
