Africa-Press – Zimbabwe. AUSTRALIAN energy firm, Invictus Energy Limited (Invictus) has been granted national project status (NPS) by Zimbabwe, adding US$174,2 million to its market value after securing a landmark US$500 million funding deal with Qatar’s Al Mansour Holdings.
Last week, Invictus unveiled the Al Mansour Holdings partnership, which triggered a sharp re-rating of its shares.
A day before the announcement, the company’s market capitalisation stood at AU$84,98 million (US$55,2 million), climbing to AU$208,5 million (US$135,4 million) the following day and AU$352,77 million (US$229,6 million) as of Tuesday.
In total, Invictus has gained US$174,2 million in value since the deal was announced.
Now, in a statement by Invictus, it was revealed that the government has officially granted Invictus a NPS, which is reserved for developments deemed critical to Zimbabwe’s economic growth, as both parties finalised terms for the petroleum production sharing agreement (PPSA).
“Invictus Energy Ltd (ASX:IVZ) (Invictus or the company) has had its flagship Cabora Bassa project officially granted national project status (NPS) by the Zimbabwe Finance Minister Hon Prof Mthuli Ncube and following a series of constructive meetings, the parties have finalised terms of the petroleum production sharing agreement, which is now being prepared for execution,” Invictus said.
“National project status is reserved for projects deemed of strategic importance to the country and considered critical to Zimbabwe’s economic growth and development.
“NPS status provides a range of fiscal and non-fiscal incentives, including duty exemptions, fast-tracked permitting and streamlined access to key infrastructure and services as the project moves towards the development phase.”
The PPSA with the government provides a stable, transparent, legal and fiscal framework for the exploration and production of oil and gas in Zimbabwe under Invictus’ Cabora Bassa Project.
The project is located in the Muzarabani district of Mashonaland Central province, northeast of Zimbabwe
“Agreement of the PPSA terms and the granting of National Project Status represent two pivotal milestones for Invictus and the Cabora Bassa project.
“The PPSA provides the stable and transparent framework required to progress development, while NPS delivers tangible fiscal benefits to reduce costs and accelerate execution,” Invictus managing director Scott Macmillan said.
“This recognition underscores the strategic importance of our discovery and the potential it holds to transform Zimbabwe’s energy landscape. These outcomes highlight the government of
“Zimbabwe’s strong commitment to unlocking the country’s energy potential. We are grateful for their support and look forward to executing the PPSA and moving towards development of the Cabora Bassa project.”
Ncube revealed that the government recognised the economic, energy security and social opportunity Cabora Bassa presents.
“We are pleased to be working closely with Invictus Energy through its recent strategic partnership with Al Mansour Holdings and to finalise the PPSA to ensure a transparent, fair and commercially sound agreement that benefits the people of our nation,” he said.
“The government is committed to fostering a competitive and attractive investment environment, and we are delighted to partner with Invictus Energy as this landmark project advances towards development.”
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