Online Reporter
Business Reporter
Invictus Energy, the Australian-listed oil and gas firm, has secured a landmark strategic partnership with Qatar’s Al Mansour Holdings (AMH), a move set to provide significant funding for its Cabora Bassa project in Zimbabwe.
The agreement, which was formally signed at a ceremony in Harare attended by Zimbabwean Government representatives, includes a substantial equity investment and a commitment to future financing.
Under the terms of the deal, AMH will acquire a 19.9 percent strategic equity stake in Invictus through the issue of approximately 398 million shares, representing a A$37.8 million ($24,5 million) investment. The share subscription took place at a premium to the prevailing market price.
In addition to the equity stake, AMH has also agreed to provide up to US$500 million in conditional future funding to assist in bringing the Cabora Bassa Project to commercial production.
As part of the new alliance, the two companies have established a new joint venture, Al Mansour Oil & Gas (AMOG). The new entity will be chaired by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani of Qatar, with Invictus Managing Director Scott Macmillan serving as deputy chairman. AMOG will focus on acquiring and developing oil and gas assets across Africa. Invictus will be responsible for identifying and managing the assets within the AMOG portfolio, while AMH will finance all of the venture’s activities.
Mr Scott Macmillan, the managing director of Invictus, described the deal as a “transformational milestone” that will “significantly enhance the growth trajectory” of the Cabora Bassa project.
Sheikh Mansour commented that the investment and joint venture reflect a “long-term commitment to Africa’s growth, energy security, and economic transformation”.
