HIGHLIGHTS
• A final independent review of the Petroleum Production Sharing Agreement (PPSA) by
external European legal counsel has been completed and is now with the relevant
Government authorities
• Finalisation of PPSA now expected in coming weeks in preparation for execution
• PPSA will provide a stable, transparent, and equitable legal and fiscal framework to
govern the country’s oil and gas sector
Invictus Energy Limited ("Invictus" or "the Company") is pleased to announce that the independent
review of the Petroleum Production Sharing Agreement (“PPSA”) has been submitted by external
European legal counsel.
This review, facilitated through the Africa Legal Service Facility, marks a significant milestone in the
development of the Company’s exploration and production activities.
Geo Associates (Pvt) Ltd (Geo Associates), the Company’s 80% owned subsidiary and holder of Special
Grant 4571 containing the Mukuyu gas-condensate discovery, has received indication that the PPSA will
be finalised for execution in coming weeks.
The PPSA is designed to ensure fair and equitable sharing of value generated from the Cabora Bassa
Project between the Government, Invictus and its partners, as well as providing a robust governance
framework for future management of the project.
Demonstrating the Government of Zimbabwe`s long-term support for the Cabora Bassa Project in July
2024, the Mutapa Investment Fund (MIF) committed to underwriting US$5 million of a US$10 million
capital raise.
Invictus Energy Managing Director Scott Macmillan commented:
“Completion of the PPSA review by external independent counsel is a significant milestone for Invictus
and underscores the Company’s commitment to adhering to international best practices and fostering
robust partnerships with host governments.
“Once executed the PPSA represents a key step in ensuring the long-term success of the Company’s
operations and contributing positively to the development of the region's energy sector.
“We are proud to play a pivotal role in Zimbabwe’s critical oil and gas industry and remain committed to
delivering sustainable benefits for all stakeholders, including the communities where we operate.
“With the PPSA execution imminent, we look forward to progressing our exploration and production
efforts and delivering long-term value for our shareholders.”
This announcement was approved for release by the Board.
