Invictus Energy has terminated its strategic investment and subscription agreement with Qatar-based Al Mansour Holdings (AMH), ending months of negotiations over a proposed equity injection and broader partnership. Unable to agree acceptable terms for the revised deal, the Australian listed explorer has ceased all discussions with AMH and resumed fundraising efforts to advance its Cabora Bassa Basin project in Zimbabwe.
Breakdown of negotiations
The termination follows a series of deferrals of the original subscription agreement reported by Energy Capital & Power in August 2025, under which AMH agreed to acquire a 19.9% stake in Invictus for A$37.8 million before costs. The settlement date was repeatedly extended as the parties sought to align their strategic priorities and seek a revised deal structure that would potentially make AMH and its affiliated Qatari investors major shareholders.
Invictus said that despite extensive discussions, the parties were ultimately unable to reach an agreement on structural amendments. The company said certain conditions sought by AMH were non-commercial and, in some cases, inconsistent with ASX listing rules and regulatory requirements set by the Australian Securities and Investments Commission. According to Invictus Energy, these conditions made the conditions unacceptable from a governance and compliance perspective.
Background of AMOG and conditional financing
In addition to an equity investment, the initial transaction included the creation of Al Monsour Oil and Gas (AMOG), a joint venture aimed at pursuing production and near-term development of oil and gas assets across Africa. AMH had also applied for up to US$500 million in conditional future funding, subject to separate binding agreements and development milestones, to support the commercialization of the Cabora Bassa gas project in Zimbabwe. Due to the termination of the Subscription Agreement and related strategic discussions, these funding commitments will no longer be made.
Cabora Bassa strategy remains the same
Invictus emphasized that its operational and strategic focus remains unchanged. The company continues to strengthen its core asset portfolio in the Cabora Bassa Basin, with approximately 360,000 hectares of land across multiple licenses. The basin is home to the Mukuyu gas field, which will be the largest discovery in sub-Saharan Africa in 2023, with the potential to hold trillions of cubic feet of gas.
“Zimbabwe is not an oil and gas producer, but we want to change that,” Invictus Energy board member John Bentley told attendees at Africa Energy Week 2025, describing the Cabora Bassa project as a “basin-scale opportunity.”
The company is therefore moving forward with gas-to-power development, supported by environmental approvals, while preparing for further exploration drilling, including the Musuma-1 well. Invictus is positioning Cabora Bassa as a domestic and regional energy project, rather than a purely export-focused development.
Next steps and funding prospects
Looking ahead, Invictus said it will actively engage with alternative strategic investors, funding partners and industry partners. The board said it believes inbound interest remains strong and the company is well-positioned to secure value-creating partnerships that align with its future engagement program, governance standards and long-term shareholder priorities.
Scott McMillan, Invictus Energy’s managing director, previously told Energy Capital & Power that the company is focused on maintaining strategic flexibility and governance discipline as it moves forward with Cabora Bassa, noting: “We have significant capital in our licenses, which gives us flexibility on a number of fronts.”
He also highlighted Invictus’ ability to pursue alternative funding routes, saying that following the Mukuyu 2 discovery in December 2023, the company has “de-risked the asset and the concrete resource base has opened up additional options to fund future work programs.”
