Online Reporter
Nqobile Bhebhe
Zimpapers Business Hub
INVICTUS ENERGY says the 2026 financial year will be one of execution, marking a transition from partnerships and planning to tangible operational progress on the ground, as the company accelerates efforts to unlock the energy potential of the Cabora Bassa Project.
It said the past financial year laid a strong foundation through strategic partnerships, regulatory milestones and strengthened financial capacity, positioning the company for a new phase of exploration, development and commercial success.
“As we reflect on the year, we are energised by the foundation our company has built,” Invictus chairman Mr John Bentley and the firm’s managing director Mr Scott Macmillan said in a joint statement in the 2025 Annual Report for the year ended June 30.
“With the (Al Mansour Holdings) AMH partnership secured, AMOG established, national project status (NPS) awarded, petroleum production sharing agreement (PPSA) executed, and preparations underway for appraisal and new exploration drilling, Invictus is poised for a new chapter of exploration, development and commercial success.”
NPS is a designation given to large-scale projects with significant national impact and economic benefits. This status allows investors to benefit from incentives such as duty rebates on imported equipment and raw materials, tax holidays and exemptions from non-resident taxes.
The company said 2026 will mark a decisive shift towards implementation.
“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.”
Invictus said its participation in Al Mansour Oil & Gas (AMOG) will position it as a key regional player.
“Furthermore, through our participation in AMOG, we aim to secure a position as one of Africa’s leading players in the upstream sector, driving energy security, economic development and shareholder value.”
Over the past two years, the company has made major strides in exploration, with significant discoveries at Cabora Bassa.
“Over the past two years, Cabora Bassa exploration success has positioned Invictus as an emerging energy producer in Sub-Saharan Africa. The next 24 months will include well testing and appraisal drilling at Mukuyu, pilot production planning for our gas-to-power pilot at Eureka Gold Mine, and critical permitting and infrastructure approvals.”
“Planning for high-impact exploration drilling at the Musuma-1 well is advanced and will provide valuable insights into the Eastern Margin plays, refining our focus for the project’s initial development phase. While the precise timeline for development will ultimately be guided by the outcomes of appraisal activities, the work completed to date has established a strong foundation for the transition to development.”
Licence renewals (including Special Grant 4571 and EPO 1848 and 1849) provide extended tenure security across the basin, supporting ongoing exploration and development.
During the year under review, Invictus also enhanced its corporate and financial position through several key initiatives.
“A cornerstone US$12 million placement was completed with Mangwana Capital, reinforcing strong local institutional support. Subsequent to year-end, this was complemented by the landmark strategic investment from Al Mansour Holdings, which contributed US$24,5 million and secured conditional future financing of up to US$500 million to bring the Cabora Bassa Project into commercial production.”
The company said the Qatari investment was a strong vote of confidence in Zimbabwe’s economic direction.
“The Qatari investment demonstrates confidence that the Zimbabwean Government’s business-friendly policies provide a stable investment environment. The sovereign backing of Al Mansour Holdings underpins the establishment of Al Mansour Oil & Gas (AMOG), a joint venture platform with Invictus that will pursue broader upstream opportunities across Africa.”
Alongside these financial achievements, Invictus strengthened its executive team with seasoned leaders to ensure the organisation has the operational capacity to deliver the next phase of growth and development.
With a clear road map ahead, Invictus said it remains focused on executing its strategy and translating its exploration success into commercial outcomes that will contribute to Zimbabwe’s energy security and economic transformation.
