Zimbabwe-focused Australian energy firm Invictus Energy Limited (Invictus) says it is in advanced negotiations with Qatari company Al Mansour Holdings (AMH) over a potential agreement that would give the Gulf investor a 50% stake in the firm.
The talks follow AMH’s landmark US$500 million funding commitment announced in August, aimed at accelerating Invictus’ bid to commercialise its Cabora Bassa oil and gas project in Zimbabwe’s Muzarabani district.
As part of the funding deal, Invictus and AMH also established a joint venture—Al Mansour Oil & Gas (AMOG)—to acquire, develop and operate oil and gas assets across Africa.
“Concurrent with finalising the AMOG partnership framework, the parties have been negotiating an agreement structure that would provide AMH and certain other Qatari parties with a pathway to acquire a 50% shareholding in Invictus,” the company said in a statement.
It added that the proposed structure includes provisions requiring regulatory and governance clearances in both Australia and Qatar, including an Independent Expert’s Report (IER) for Invictus shareholders and potential approval from Australia’s Foreign Investment Review Board.
If finalised, the agreement would initiate a series of regulatory steps culminating in an Extraordinary General Meeting at which shareholders would vote on the transaction.
“However, the company can provide no guarantee that Invictus or AMH will conclude the proposed agreement,” it cautioned.
Invictus said that, to allow negotiations to continue, settlement of the share placement announced on September 29 has been deferred to on or before January 27, 2026.
The placement involves issuing 398,368,131 new shares at AUD0.095 each, giving AMH a 19.9% stake under the current arrangement. The company noted that all other terms of the placement remain unchanged.
It also confirmed that placement resolutions scheduled for approval at Thursday’s annual general meeting are unaffected.
