Africa-Press – Zimbabwe. QATARI firm Al Mansour Holdings will acquire a 19,9% stake in Invictus Energy Limited and has committed to injecting US$500 million to help the company bring its Cabora Bassa project into commercial production.
According to the transaction, 398 368 131 new shares at AUD0,095 each will be issued, and the deal will be completed on September 24.
According to Invictus, the strategic investment of A$37,8 million (US$24,54 million), before costs and at a share price of A$0,095, will provide funding for the near-term Cabora Bassa works programme.
These works include the drilling of the priority target Musuma-1 well in the eastern portion of the company’s acreage.
“Al Mansour Holdings has also agreed to provide the company with up to US$500 million of conditional future funding to bring the Cabora Bassa Project into commercial production,” Invictus said yesterday.
“The funding will be subject to entry into separate agreements and subject to timing relating to the ongoing development work at the Cabora Bassa Project.”
Al Mansour Holdings is backed by Qatar’s royal family.
Invictus and the Qatari firm have established a joint venture company, Al Mansour Oil & Gas (AMOG), an upstream oil and gas company focused on acquiring, producing and near-term development of oil and gas assets across Africa.
Scott Macmillan, Invictus managing director, said the strategic investment by Al Mansour Holdings and formation of AMOG, with the backing of His Highness Sheikh Mansour, “is a transformational milestone for Invictus”.
“It significantly enhances the growth trajectory for our Cabora Bassa Project and opens the door to strategic upstream opportunities across the African continent,” he said.
“Through our role in AMOG and the strategic investment by Al Mansour Holdings in Invictus, our shareholders will gain exposure to a diversified portfolio of development and producing assets, backed by world-class partners and capital strength.”
His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani said they were proud to launch AMOG in partnership with Invictus Energy, a company that “shares our vision for responsible and impactful energy development across the African continent”.
“Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa’s growth, energy security and economic transformation,” he said.
Since it began its gas and oil exploration efforts at its Cabora Bassa Project in Muzarabani, Mashonaland Central province, Invictus has achieved significant exploration success.
In September last year, Invictus announced eight new high-potential prospects had been defined in the eastern Cabora Bassa Basin, totalling an estimated 2,9 trillion cubic feet of gas and 184 million barrels of condensate.
Invictus has a Petroleum Exploration Development and Production Agreement and a Petroleum Production Sharing Agreement with the government that are currently being fast-tracked.
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