Investment Overview
Invictus Energy Limited (ASX: IVZ, OTCQB: IVCTF) is an Australian-listed independent oil and gas company focused on high-impact exploration and production (E&P) assets in sub-Saharan Africa.
The company’s flagship asset is its 80% operated interest in the multi-Tcf Cabora Bassa basin in northern Zimbabwe, one of Africa’s last remaining frontiers with elephant-scale potential. The position is anchored by the immense Mukuyu structure, with additional high-impact targets across the Central Fairway and Basin Margin trends.
Exploration drilling in 2022 and 2023 delivered the first-ever hydrocarbon discoveries in Zimbabwe, confirming a working petroleum system across multiple stacked reservoirs and validating the basin’s charge, reservoir and seal model. On the back of these results, Invictus is now preparing to spud the Musuma-1 exploration well, a 1.2 Tcf gas and 73 million barrel condensate lead, in the coming months. This will be followed by a broader program including a multi-well exploration and appraisal campaign, extensive 3D seismic acquisition and the planned re-entry and flow testing of Mukuyu-2.
Most significantly, on 27 August 2025, Invictus announced a landmark strategic partnership with Al Mansour Holdings (AMH), a sovereign-backed investment group with direct ties to Qatar’s royal family. The deal sees AMH acquiring a 19.9% stake in Invictus for US$25 million. More importantly, AMH has committed to providing up to US$500 million in conditional development financing, providing a pathway to rapidly transition the Cabora Bassa to commercial production.
The announcement also unveiled the creation of Al Mansour Oil & Gas (AMOG), in which Invictus holds a 10% free-carried stake, while Al Mansour Holdings will provide 100% of the capital funding. AMOG plans to become the largest private Qatari E&P company outside of Qatar, acquiring currently producing and near-term development assets across Africa. Several high-impact transactions are already in advanced discussions, with the first expected to close before year-end. Crucially, Invictus will lead the technical, operational and commercial aspects of AMOG, ensuring the company and its shareholders capture the JVs' multi-billion-dollar portfolio.
Unlocking One of Africa’s Final Energy Frontiers - Cabora Bassa Basin
Spanning an immense 360,000 hectares in northern Zimbabwe near the Mozambican border, the Cabora Bassa basin is regarded as one of Africa’s last unexplored rift frontiers. It is also one of Africa’s largest remaining undrilled onshore basins, with multiple play types offering multi-billion-barrel oil-equivalent exposure to predominantly conventional gas yet complemented by condensate and light oil.
Cabora Bassa shares key geological characteristics with other highly productive East African Rift basins, including Uganda’s Albertine Graben (6.5+ billion barrels recoverable) and Kenya’s South Lokichar Basin (1+ billion barrels discovered). Its proven geological setting is reinforced by more than 1,875km of 2D seismic data, legacy data from Mobil’s 1990s above-ground campaigns and Invictus’ two successful exploration wells.
Since acquiring the asset in 2018, Invictus has confirmed a working petroleum system through its high-impact campaigns. Mukuyu-1 (2022) discovered light oil, condensate and gas and was followed by Mukuyu-2 (2023), which intercepted multiple gas-bearing reservoirs in the Upper and Lower Angwa Formations. In 2024, Wood Mackenzie independently ranked the Mukuyu structure as the second-largest discovery in Sub-Saharan Africa with an estimated 230 million barrels of oil equivalent (1.3 TCF) following the two successful campaigns.
Importantly, Mukuyu represents just one structure within the entire Cabora Bassa basin. Additional prospects have been identified in the Central Fairway and Basin Margin, offering multiple high-impact opportunities. Independent assessments estimate the entire basin’s prospective resources at more than 2.1 billion barrels of oil equivalent, placing it alongside some of the largest onshore frontier basins globally.
With an 80% operating interest alongside local partner One Gas Resources (20%), Invictus Energy is now advancing the early commercialisation of the basin, now backed by Qatar’s sovereign-linked Al Mansour Holdings Group. In parallel, the Zimbabwe Ministry of Finance is granting National Project Status (NPS) to the Cabora Bassa project, recognising its potential to deliver broad economic benefits, attract foreign investment and create local employment.
Historic Basin Opening Success
Mukuyu-1
The Mukuyu-1 exploration well, drilled in late 2022, marked the first-ever basin-opening campaign and was designed to assess the entirely new petroleum province. Targeting stacked objectives across the Post-Dande, Pebbly Arkose and Upper and Lower Angwa formations, the well evaluated an immense structural closure covering more than 200 km² with a vertical relief exceeding 1,500 meters.
Drilled to a total depth of 3,923 meters, Mukuyu-1 delivered clear evidence of a working petroleum system. Wireline logging, mud-gas analysis and fluorescence testing confirmed the presence of light oil, condensate and natural gas across multiple intervals. Elevated gas shows were recorded over a combined 1,000 meters of gross section, with strong background gas up to 135 times above baseline in the Upper Angwa. Hydrocarbon samples recovered indicated moveable light oil and condensate, validating the basin’s charge, reservoir and seal model.
Although the well was ultimately plugged and abandoned without a flow test, Mukuyu-1 achieved its primary objectives as a wildcat well. It proved the existence of a working petroleum system in the Cabora Bassa, confirmed the presence of high-quality reservoirs and de-risked billions of barrels of prospective resources across the licence. The data gathered from the well laid the technical foundation for the Mukuyu-2 appraisal campaign in late 2023.
Mukuyu-2
The Mukuyu-2 exploration well, drilled in late 2023, was a 7 km step-out from Mukuyu-1, to test the southern portion of the Mukuyu structure. It was designed to confirm reservoir quality and hydrocarbon presence in the Upper and Lower Angwa formations, while materially de-risking the overall scale of Mukuyu.
Mukuyu-2 intersected multiple hydrocarbon-bearing zones across both formations, with Wireline logs, mud-gas analysis, fluorescence testing and downhole sampling confirmed the presence of moveable hydrocarbons, including gas-condensate and light oil. In the Upper Angwa, net gas pay exceeded 13 meters across several clean sand reservoirs, supported by four hydrocarbon samples recovered during wireline testing. The Lower Angwa also had significant gas shows, with over-pressured intervals below 3,400 meters and elevated mud-gas levels up to 120+ times above baseline, confirming liquids-rich condensate reservoirs and pressure support.
In total, 15 hydrocarbon samples were recovered across both formations, and preliminary evaluation indicated 35 meters of net pay. While this figure may appear modest, within the context of the structure covering more than 200 km² and being laterally connected between Mukuyu-1 and Mukuyu-2, it signifies Mukuyu as a world-class discovery capable of delivering transformative value for shareholders.
Mukuyu-2 also intersected additional gross sands that were excluded under the strict net-pay cut-off criteria. As CEO Scott Macmillan stated in a 2023 Fireside Chat, the first exploration wells in frontier basins often apply extremely conservative cut-offs, deliberately excluding thinner or lower-quality sands that routinely flow commercially once properly tested.
Most critically, Mukuyu-2 was also unable to drill through the entire Lower Angwa formation due to operational constraints, leaving deeper and highly prospective zones untested. As a result, the current net-pay figure only reflects part of the system and the overall hydrocarbon potential of the structure is almost certainly far greater than what has been reported so far.
Following the conclusion of the exploration campaign, the well was suspended with a 7-inch liner installed, ensuring the integrity of the hole and leaving it ready for re-entry and multi-zone flow testing in the next phase of operations.
2024/2025 Share Price Collapse
Until recently, Invictus Energy’s share price had been weighed down by the sharp collapse that followed the Mukuyu-2 discovery. This was triggered in part by a hostile institutional investor offloading a large block of shares in an attempt to cause panic in the market.
At the same time, the market recognised that Invictus Energy was effectively stalled, lacking the funding required to advance basin operations. With further equity raises set to cause significant dilution, the company began seeking farm-in opportunities with global E&P players. However, any transaction would likely require the finalisation of Zimbabwe’s Petroleum Production Sharing Agreement (PPSA), which defines the fiscal terms and profit split on production. Delays in executing this agreement significantly prolonged the share price stagnation however, the PPSA is expected to be executed within the next fortnight.
Whilst the financing standstill and share price decline were excruciating for investors, last week, Invictus announced a strategic partnership with Qatar’s sovereign-backed Al Mansour Holdings. This deal now delivers the capital support required to rapidly accelerate the early-stage commercialisation of the Cabora Bassa Basin. Just as importantly, it underscores the basin’s global significance, with major Middle Eastern sovereign investors now committing capital and recognising its potential on the world stage.
High-Impact Forward Working Program
The Mukuyu-1 and Mukuyu-2 wells have now materially de-risked the Mukuyu Structure, confirming a working petroleum system with multiple hydrocarbon-bearing reservoirs and high-quality gas-condensate. This also extends to the additional drill-ready prospects in the Central Fairway and Basin Margin plays, where seismic data calibration and direct hydrocarbon indicators (DHIs) have improved chances of success.
Following the Mukuyu-2 campaign in late 2023, the subsequent 18-month period enabled Invictus to extensively review its suite of data, including processing of the CB23 2D seismic survey and integration of Mukuyu well data. This has resulted in optimised basin models through enhanced seismic coverage, depth conversion and Pre-Stack Depth Migration velocities. Additionally, these refinements have enabled a projected 40% reduction in future drilling costs through optimised well design, data acquisition and long-term service contract.
Scott Macmillan, Managing Director of Invictus Energy, recently outlined elements of the company's near-term forward program, now fully enabled by financing from Al Mansour Holdings. Further details will be provided in the next Investor Presentation. With AMH’s backing, Invictus now moves from its extensive dormant period to sustained on-ground activity, prioritising high-impact wells like Musuma-1 and the accelerated commercialisation of the Cabora Bassa basin.
Musuma-1 Campaign
Selected as the next pivotal drilling location, Musuma-1 is supported by compelling DHIs, like up-dip brightening and consistent flat spots. The prospect targets 1.2 Tcf and 73 million barrels of condensate and has a 38% chance of success. Designed as a straightforward, low-cost well with a planned depth of 1,500 meters, Musuma-1 will test a new Dande Formation play on the eastern Basin Margin.
With the recent capital injection from Al Mansour Holdings, pad construction is expected to begin imminently, with spudding to follow in the coming months. The warm-stacked Exalo Rig 202 is undergoing upgrades for redeployment, while major service contracts are out to tender and long-lead items are now arriving at Invcitus’ Harare operations base.
If logs and pressures confirm moveable hydrocarbons during the campaign, Musuma-1 will be suspended with a liner to secure the reservoirs and preserve them for multi-zone flow testing. On re-entry, the liner would be perforated across selected sands, allowing hydrocarbons to be flowed to the surface under controlled conditions. This program will measure stabilised flow rates, pressure build-up and drawdown, while also capturing PVT samples to determine gas composition and condensate yield.
This stage is critical, as flow testing will demonstrate the commercial viability of the basin's reservoirs. Positive results would not only validate the new Dande Formation at Musuma but also materially de-risk the wider Cabora Bassa basin. Just as importantly, a successful flow is expected to unlock the US$500m in conditional financing provided by Al Mansour Holdings.
VOGC, a highly regarded ex-oil and gas professional, has published strong commentary on Musuma-1 via HotCopper.
3D Seismic Acquisition over Mukuyu
Simultaneous to the Musuma-1 campaign, Invictus plans to acquire 3D seismic of the entire Mukuyu structure. Musuma’s distance provides limited noise interference for the vibroseis trucks.
The planned program is designed to optimise Mukuyu appraisal by refining well locations, reducing drilling risk and underpinning an updated prospective resource estimate. While Mukuyu already has extensive 2D coverage, the 3D survey will close gaps and deliver a complete, high-resolution basin model. Calibrated against the Mukuyu-1 and Mukuyu-2 well data and existing basin models, processing is expected to be faster, with results anticipated during 2026.
Mukuyu-2 Deepening and Flow Testing
Following these activities, attention is expected to return to Mukuyu-2. The plan is to re-enter and deepen the wellbore in a 6-inch hole to fully penetrate the Lower Angwa Formation, which remained untested during the initial campaign. This deeper section is considered highly prospective, with elevated gas shows and over-pressured intervals already encountered above.
Re-entry would also enable multi-zone flow testing across both the Upper and Lower Angwa reservoirs. The program will perforate selected intervals, flow hydrocarbons to the surface and record sustained rates, pressure build-up and drawdown, while recovering PVT samples to confirm condensate yields and gas composition.
Successful flow testing at Mukuyu-2 would not only confirm commercial deliverability from the Angwa reservoirs but also elevate Mukuyu as a second cornerstone asset alongside Musuma-1, anchoring the early development strategy for the Cabora Bassa Basin.
Gas Pilot Plant
With successful flow tests at either Musuma-1 and/or Mukuyu-2 establishing commercial deliverability, Invictus intends to fast-track a proof-of-concept pilot production project to monetise the gas-condensate from the Cabora Bassa Basin.
Approved by Zimbabwe’s Environmental Management Agency in February 2025, the pilot adopts a low-cost, modular approach to early commercialisation, centred on gas-to-power generation for nearby industrial offtakers such as mines. The basin’s high-quality gas (low CO2 <2%, no H2S, helium up to 0.63%) is ideally suited for power generation, while condensate by-products provide additional revenue through both domestic and regional export.
The plant will also provide long-term reservoir performance data and test execution processes, all while generating early revenue to help fund further development.
Additional Forward Working Activities
Having secured conditional financing from Al Mansour Holdings, Invictus is now shifting from periodic single-well activities to integrated, multi-well campaigns. The next phase is expected to comprise three to four exploration and appraisal wells, followed by associated flow-testing.
As Scott Macmillian recently outlined, Invictus plans to secure longer-term contracts with service providers, significantly reducing campaign costs. In parallel, refinements to the company’s data suite and well designs are also projected to deliver up to a 40% cost reduction for future drilling costs.
Al Mansour Holdings Strategic Partnership
In a transformative announcement that has propelled Invictus Energy into a new era of growth, the company has secured a landmark strategic partnership with Qatar's Al Mansour Holdings (AMH), backed by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani, a senior member of the Qatari royal family.
Announced on August 27, 2025, the binding Memorandum of Understanding (MOU) and Share Subscription Agreement deal will inject US$25 million into the company with AMH acquiring a strategic 19.9% equity stake. The placement was priced at A$0.095 per share, representing a premium to the prior day’s close of A$0.052.
This capital injection now provides Invictus with the funding required to accelerate its near-term works program, including the imminent Musuma-1 spud, 3D seismic over Mukuyu and flow testing campaigns, without further diluting existing shareholders. Most critically, AMH has committed up to US$500 million in conditional future financing to advance the project through appraisal and into commercial production, contingent on milestones such as successful flow testing and reserves certification. This transforms Invictus from a capital-constrained junior into a fully funded operator capable of fast-tracking the Cabora Bassa Basin toward development.
Al Mansour Oil & Gas Joint Venture
As part of the landmark deal, Invictus and AMH also announced the creation of Al Mansour Oil & Gas (AMOG), a new joint venture targeting the acquisition of producing and near-term development oil and gas assets across Africa. Invictus holds a 10% free-carried stake in AMOG, managing its technical and operational activities, while AMH will provide 100% of the funding.
Backed by sovereign-linked Qatari capital, AMOG aims to build a diversified pan-African portfolio with ambitions to become the largest private Qatari E&P company outside of Qatar. Several advanced negotiations are already underway on undeveloped and underutilised assets, as well as M&A opportunities, with the first transaction expected before year-end.
AMOG is chaired by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani, with Invictus nominating two directors to the board. Ryan Singh, formerly IVZ’s Operations Manager, will transition to become AMOG’s CEO.
The decision by Al Mansour Holdings to partner with Invictus is a clear endorsement of the company’s management strength and technical expertise. Invictus’ leadership team brings decades of frontier exploration experience and has been directly involved in multi-billion-barrel discoveries across Africa, including basin-opening campaigns in Uganda, Mozambique and Kenya.
With exposure to a multi-billion dollar portfolio fully funded by its partner, Invictus is positioned to evolve into a full-cycle African E&P player well beyond the Cabora Bassa basin. Over the long term, Invictus’ 10% free-carried interest in AMOG has the potential to drive a material share price re-rating and place the company at the centre of Africa’s energy development.
For a deeper dive into the deal, investors can watch the recent Investor Webinar, where Invictus’ CEO, Scott Macmillian, provided further commentary:
"The AMOG and this new JV, I think that will ultimately dwarf what we are doing in Cabora Bassa. That (referring to CBB) will become a small part of our portfolio given the size and the scale of the assets we are targeting for the AMOG group."
"We are set to transform now rapidly, rather than going through a further appraisal and development period for Cabora Bassa. We are about to transform into a full-cycle E&P company very quickly, and we are uniquely positioned with very incredible backers through Sheikh Mansour and the Al-Mansour group.
" For Qataris to write a cheque for a few hundred million bucks is really not worth their time. This is why we were asked to put together this bigger JV across multiple countries so that it is a meaningful company and asset base. Initially, we were seeking US$200 million to get us to the starting line for us to be able to go for the commercial funding arrangements with traditional banks that we do here, that's not worth their time.”
“Question: Would you say (AMOG's potential transactions) are comparable to the Cabora Bassa basin in scale?
SM: Larger! That's why I said that it (CBB) will become a smaller part of our portfolio.”
Al Mansour’s African Investment Tour
In August 2025, His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani, a senior member of Qatar's ruling Al Thani family and Director of the Government Communications Office, embarked on a high-profile investment tour across sub-Saharan Africa through his private investment vehicle, Al Mansour Holdings.
The Sheikh met with the presidents of Botswana, Zambia, Mozambique, Zimbabwe, Burundi and the Democratic Republic of Congo, signing bilateral agreements pledging over US$102 billion to drive economic development across sectors including energy, mining, agriculture, infrastructure, tourism and housing. These commitments represent one of the largest private investment pushes into the continent.
The significance of Qatar’s involvement cannot be overstated. This is a nation that has transformed itself into one of the world’s largest LNG exporters, building a US$524+ billion sovereign fund from hydrocarbons. Few countries have unlocked such value from oil and gas, and now Qatar’s strategy, capital and global influence are being channelled into AMOG.
For Invictus Energy, the upside is truly extraordinary, yet the market is seemingly undervaluing the significance of this joint venture. If even 20% of AMH’s US$102 billion sub-Saharan pledge were directed into oil and gas transactions (US$20.4 billion), Invictus’ 10% free-carried stake would equate to an implied US$2.2 billion (A$3.3 billion) valuation.
Yet the real value uplift for Invictus will come once these underdeveloped and underutilised assets are fully financed, appraised and transformed into significant cash-generating projects.
Unlocking Cabora Bassa’s Commercial Potential
Southern Africa is in the midst of one of the world's most severe energy crises, plagued by persistent power shortages, unreliable grids, and heavy reliance on aging infrastructure and drought-vulnerable hydro. Zimbabwe alone endures rolling blackouts of up to 18 hours a day, while neighbouring South Africa, Zambia and Mozambique face similar challenges.
In light of this dire energy situation, the Cabora Bassa Basin has been identified as a potential game-changer for regional energy security and economic growth. To this end, Invictus has already signed key pilot-plant MOUs with Tatanga Energy for a 500 MW gas-to-power plant (initial 150 MW phase) and with Himoinsa Southern Africa/Dallaglio Investments for a 12 MW facility at the Eureka Gold Mine.
The basin's proximity to critical infrastructure further strengthens its commercialisation pathway, with the Southern African Power Pool (SAPP) grid located just 100 km from the Mukuyu structure. This access supports the development of a 1,000+ MW gas-to-power plant directly tied into SAPP, enabling a reliable domestic energy supply while providing regional export opportunities.
The economics are highly attractive, with Invictus benchmarking local gas pricing at US$10/GJ, more than double the current US Henry Hub levels (US$3–4/GJ). With an 80% operating interest and expected favourable PPSA terms, Invictus is positioned to capture the lion's share of this multi-billion-dollar asset. Crucially, the pathway to commercialisation is now dramatically accelerated by the US$500 million in conditional financing from Al Mansour Holdings.
Mitigated Sovereign Risk
While operating in Zimbabwe inevitably carries the perception of sovereign risk, Invictus has established a series of strategic alignments that materially de-risk its position and directly tie the success of Cabora Bassa to the national interest. These include:
- Zimbabwe's sovereign wealth fund, the Mutapa Investment Fund, owns approximately 5% of Invictus Energy. This direct ownership ensures the government has clear skin in the game, aligning national interests with shareholder value creation.
- Invictus’ listing on the Victoria Falls Stock Exchange (VFEX) has broadened local ownership by attracting high-net-worth Zimbabwean funds. These influential investors provide an additional layer of safeguard, as any government malpractice would directly threaten domestic capital and trigger strong resistance.
- Invictus’s Board includes Joe Mutizwa, one of Zimbabwe’s most respected business leaders, who also serves on the Presidential Advisory Council (PAC). Reporting directly to the President, PAC shapes policy on investment, economic growth and national development. Mutizwa’s role provides Invictus with a direct line to key decision-makers, enabling the company to navigate reforms and secure pro-investment outcomes.
- Zimbabwe’s Ministry of Finance recently awarded National Project Status (NPS) to the Cabora Bassa project, recognising its strategic national and regional importance for economic growth and development. This designation 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 commercialisation.
- Zimbabwe has established a clear legal and fiscal framework through the consolidated PEDPA and PPSA agreements. Together, these streamline approvals, define investor protections and set transparent profit-sharing terms once commercial production begins. Under the PPSA, Zimbabwe stands to generate billions in revenue that it desperately requires. Any government interference would directly jeopardise a critical national funding source.
- Al Mansour Holdings, now a 19.9% shareholder in Invictus Energy, has recently committed US$19 billion of investment into Zimbabwe across multiple sectors. This directly ties Invictus’ success to Al Mansour’s national investment strategy, meaning any adverse government action would put this US$19 billion commitment at risk.
World-Class Management Team
Invictus Energy is led by a world-class management team with decades of combined experience in frontier oil and gas exploration across sub-Saharan Africa. The team has a proven track record of delivering multi-billion-barrel discoveries and successfully navigating complex operations to generate substantial shareholder value.
- Scott Macmillan, Managing Director, is a Reservoir Engineer and founder of Invictus Energy. With more than 15 years of experience across exploration, field development planning, reserves and resources assessment, reservoir simulation, commercial valuations and business development, Macmillan brings both technical depth and leadership. Importantly, he is also a Zimbabwean national, providing strong in-country alignment.
- John Bentley, Non-Executive Chairman, has over 40 years’ experience in international resource development, with a particular focus on Africa's upstream oil and gas sector. He was instrumental in the formation of Energy Africa Ltd, which grew to operate across 12 countries, before being acquired by Tullow Oil for US$500 million in 2004.
- Robin Sutherland, Non-Executive Director, brings over 35 years of experience in African E&P, having held senior technical and leadership roles across the continent. He has been pivotal in numerous multi-billion-barrel discoveries across seven African countries, including leading Tullow’s exploration team through discovery and appraisal in Ghana and Kenya before being appointed the General Manager Exploration Africa in 2015.
- Joe Mutizwa, Deputy Chairman and Non-Executive Director, is one of Zimbabwe’s most respected business leaders. Formerly an executive at Delta Corporation, one of the largest companies on the Zimbabwe Stock Exchange, he now chairs Mangwana Capital, a leading investment firm. Mutizwa also sits on the Presidential Advisory Council (PAC), providing Invictus with a direct line to government decision-making and pro-investment reforms.
- Gabriel Chiappini, Non-Executive Director and Company Secretary, is a seasoned ASX director with more than 17 years of capital markets experience. He is currently the Managing Director of Black Dragon Gold and was formerly a director of Neon Energy.
- Vicky McLellan, Chief Financial Officer, brings over 20 years of experience in the oil and gas sector, with a proven track record in financial management and strategic growth across multinational energy companies. Before joining Invictus, McLellan served as the CFO at FAR Limited and spent nine years with Chevron.
- Barry Meikle, Country Manager, is a Zimbabwean national responsible for overseeing all in-country corporate, financial and operational aspects of Invictus’ activities. He brings extensive experience in managing projects and operations across the energy sector, with expertise in exploration, safety and environment and geophysical surveying.