Australian-listed gas explorer Invictus Energy Ltd has requested a trading halt on its shares and options pending the release of an announcement related to a long-awaited petroleum production sharing agreement (PPSA) with the Government of Zimbabwe.
In a market notice issued on Wednesday, the Australian Securities Exchange confirmed that trading in Invictus securities would remain suspended until either normal trading resumes on Friday, 29 May 2026, or the company releases the anticipated announcement.
Invictus said the halt was requested while it finalises an update concerning the petroleum production sharing agreement tied to its Cabora Bassa gas project in northern Zimbabwe.
The agreement is expected to define how future gas production, revenues and operational responsibilities would be shared between the Zimbabwean government and the company if commercial production proceeds.
The development marks a significant step in a project that has been under negotiation for several years and is regarded as Zimbabwe’s first major onshore gas venture.
Invictus announced a gas discovery at the Mukuyu field in December 2023 following nearly a decade of exploration activity in the Cabora Bassa Basin, one of the largest underexplored onshore rift basins in Africa.
However, the project remains in the exploration and appraisal phase, with additional drilling and technical studies still required before commercial production can begin.
The company is currently seeking further investment funding to drill additional wells aimed at determining the scale, quality and recoverability of the gas resource.
Exploration wells drilled to date were designed to identify the presence of hydrocarbons rather than produce gas commercially.
Should the project advance successfully, Invictus would still need to develop production wells, pipelines and associated infrastructure before gas can be supplied to the market.
The company has previously indicated that several prospective customers have already signed memoranda of understanding expressing interest in purchasing gas from the project.
As Zimbabwe had no existing legal framework governing a domestic gas sector when the project began, authorities enlisted support from the African Legal Support Facility, a specialist advisory body affiliated with the African Development Bank, to assist in structuring and negotiating the production sharing arrangements.
The project has also attracted local institutional investment, with 35 Zimbabwean pension funds reportedly holding stakes in the venture. Zimbabwe’s sovereign wealth vehicle, Mutapa Investment Fund, also retains rights to a shareholding in the project.
Invictus, which is headquartered in Perth and maintains offices in Harare while listed on the Victoria Falls Stock Exchange, said the trading halt request had been approved by its board and that it was not aware of any reason why the halt should not be granted.
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