Invictus executes production sharing agreement with Zimbabwe

Invictus Energy Ltd’s 80%-owned Geo Associates (Pvt) Ltd has executed the Petroleum Production Sharing Agreement with the Republic of Zimbabwe

Geo Associates remains the operator and holder of Special Grant 4571 in Zimbabwe that contains the Mukuyu gas-condensate discovery.

The occasion was marked by a formal signing ceremony in Harare, attended by senior representatives of Geo Associates and the Governement of the Republic of Zimbabwe. The PPSA was executed by the Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube; Minister of Mines and Mining Development, Engineer Polite Kambamura, and Minister of Energy and Power Development, July Moyo on behalf of the Republic of Zimbabwe.

Invictus CEO and managing director, Scott Macmillan, said, “Execution of the Petroleum Production Sharing Agreement represents a landmark milestone for both the Cabora Bassa Project and the broader development of Zimbabwe’s oil and gas industry.

“The PPSA establishes a robust, transparent and globally competitive framework that provides longterm certainty for all stakeholders, while creating a strong foundation to accelerate development
activities across the basin.

“Importantly, the agreement aligns the interests of Geo Associates, Invictus Energy, One Gas Resources, the Republic of Zimbabwe and the Mutapa Investment Fund in a genuine partnership structure designed to unlock the full value of the Cabora Bassa Project for our shareholders and the people of Zimbabwe.

“With this critical framework now in place, the Company is firmly focused on advancing the next phase of exploration, appraisal and development activities, including the upcoming high impact Musuma-1 exploration well.”

Kambamura said, “The execution of the PPSA marks a defining milestone in the advancement of Zimbabwe’s petroleum sector and reflects the significant progress made in establishing the foundations for a sustainable upstream oil and gas industry.

“The Cabora Bassa Project has already demonstrated the vast potential of the basin through the Mukuyu gas discovery, and the Government remains committed to supporting the continued exploration and appraisal of this strategic national resource.

“Through this agreement, Zimbabwe has established a framework that balances investor confidence with national participation and long-term value creation for the country.”