Invictus Energy has announced a strategic partnership with Al Mansour Holdings (AMH) backed by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani, a senior member of the Qatar royal family. Under partnership arrangements, AMH will acquire 19.9% of Invictus and provide up to US$500m in future finance to bring the Cabora Bassa Project to commercial production.
In parallel, AMH and Invictus have established a joint venture company, Al Mansour Oil & Gas (AMOG), an upstream oil and gas company focused on acquiring producing and near-term development oil and gas assets across key jurisdictions in Africa. Both the investment in Invictus and the formation of AMOG were formally recognised in Zimbabwe’s capital Harare between the parties at a signing ceremony, also attended by key members of the Zimbabwean Government.
Invictus Managing Director Scott Macmillan commented: “The strategic investment by Al Mansour Holdings and formation of Al Mansour Oil & Gas with the backing of His Highness Sheikh Mansour is a transformational milestone for Invictus. “It significantly enhances the growth trajectory for our Cabora Bassa Project and opens the door to strategic upstream opportunities across the African continent. “Through our role in AMOG and the strategic investment by AMH in Invictus, our shareholders will gain exposure to a diversified portfolio of development and producing assets, backed by world-class partners and capital strength.”
His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani commented: “We’re proud to launch Al Mansour Oil & Gas in partnership with Invictus Energy, a company that shares our vision for responsible and impactful energy development across the African continent. “Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa’s growth, energy security and economic transformation. “Our goal with AMOG is to unlock the immense potential of Africa’s oil and gas sector in a way that benefits all stakeholders – host governments, communities and investors alike. “We look forward to building a world-class African upstream portfolio and working closely with our partners to deliver energy for progress.”
Invictus and AMH have signed a binding Memorandum of Understanding (“MOU”) and share subscription agreement under which AMH will acquire a 19.9% strategic equity stake in Invictus Energy Ltd, providing exposure and funding to the Company’s flagship Cabora Bassa Project in Zimbabwe. The strategic investment of A$37.8 million (before costs) at a share price of A$0.095 will provide funding for the near-term Cabora Bassa works program, including the drilling of priority target Musuma-1 well in the eastern portion of the Company’s acreage.
AMH 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.
