Invictus scraps US$500m investment plan, accusing Qatari partner of overreach

HARARE – Invictus Energy has terminated negotiations with Qatari-linked investor Al Mansour Holdings (AMH), accusing the group of seeking terms and conditions that were unacceptable and inconsistent with regulatory requirements, despite indicating a willingness to provide up to US$500 million in future funding.

In a notice to shareholders, Invictus said discussions collapsed after the parties failed to agree on a revised transaction structure that would have potentially seen AMH and other Qatari entities acquire a significant shareholding in the company.

The Perth-based oil and gas explorer had previously announced in August 2025 that AMH would acquire a 19.9 percent stake in Invictus for A$37.8 million.

In parallel, the two parties established a joint venture, Al Mansour Oil & Gas (AMOG), aimed at pursuing upstream oil and gas opportunities across Africa.

AMH had also proposed to provide Invictus with conditional future funding of up to US$500 million to support the commercial development of the Cabora Bassa Project in northern Zimbabwe.

However, Invictus said this funding was subject to separate binding agreements and further negotiations.

According to the company, talks later expanded into a revised transaction framework that could have resulted in Qatari parties obtaining up to a 50 percent shareholding in Invictus, subject to shareholder approval.

Invictus said extensive negotiations failed after AMH sought provisions that were “not acceptable,” including terms that would breach Australian Securities Exchange listing rules and Australian Securities and Investments Commission regulatory requirements.

“The Company advises that the terms and conditions being sought by AMH were not acceptable to Invictus, including certain proposed provisions which are contrary to applicable ASX Listing Rules and ASIC regulatory requirements and unacceptable and non-commercial terms,” Invictus stated.

The Victoria Falls Stock Exchange listed company further stated that it had become apparent AMH did not intend to meet its obligations under the original subscription agreement.

The company said it viewed AMH’s conduct as a repudiation of the agreement and elected to terminate it with immediate effect, ending all discussions between the parties.

“Accordingly, Invictus has ceased all discussions with AMH and no further negotiations or transactions are being progressed between the parties,” the company noted.

While expressing disappointment over the collapse of the proposed partnership, the Invictus board said the decision was necessary to protect the company’s assets, governance framework and shareholder interests, and to ensure continued compliance with Australian regulatory standards.

Invictus said it remains focused on advancing its Cabora Bassa gas project, which includes the Mukuyu gas discovery, and confirmed it is engaging with alternative strategic and funding partners as it seeks to progress the project into commercial development.