Al Mansour Holdings, Qatar, bets on Zimbabwean energy in a deal with Australia's Invictus
Al Mansour Holdings, a Qatari investment company, has acquired a 19.9% stake of Invictus Energy in Australia and will contribute up to $500m to the development of the Cabora Bassa Gas Project in Zimbabwe.
The equity stake acquired for A$37.8m ($24.56m) will be used to fund short-term projects, including drilling the Musuma-1 priority well.
Al Mansour Holdings will form a joint-venture with Invictus called Al Mansour Oil & Gas. This venture will be led by Sheikh Mansour Bin Jabor Bin Jassim Al Thani. It will acquire oil and natural gas assets in Africa.
Invictus Energy reports that seismic survey data in the eastern Cabora Bassa Basin identified eight high potential prospects, totaling an estimated 2.9 trillion cubic feet of gas and 18 million barrels condensate.
The Mukuyu field is located in the Basin. It was discovered in 2023, and analysts rated it as the biggest find in Sub-Saharan Africa in that year.
Invictus' Managing Director Scott Macmillan stated in a statement that the Qatari investment has "significantly enhanced our Cabora Bassa Project's growth trajectory".
Invictus' shares have more than doubled to their highest price since December 2023, after the announcement. This puts the company's value at A$208m.
Al Mansour Holdings committed last week to invest $12 billion across various economic sectors in Botswana, a neighbouring country.
Sheikh Mansour Bin Jabor Bin Jassim Al Thani stated that "our investment in Invictus, and our new AMOG joint-venture, reflects our commitment to Africa's long-term growth, energy security and economical transformation." Reporting by Wendell Roelf, Editing by Sfundo parakozov and SonaliPaul
(source: Reuters)
