- 01Zimbabwe gazettes Invictus’ Cabora Bassa PPSA, completing execution.
- 02Framework supports Mukuyu development; Musuma-1 drilling is next.
Invictus Energy (ASX: IVZ) has had its petroleum production sharing agreement (PPSA) published in the Zimbabwe Government Gazette, completing the formal execution requirements for the agreement between Invictus, (the operator), its 80%-owned subsidiary Geo Associates (the licence holder), and the Republic of Zimbabwe.
The publication formally establishes the long-term pathway underpinning the appraisal, development, and production of petroleum from the Cabora Bassa project in northern Zimbabwe, believed to be one of the last untested large frontier rift basins in onshore Africa.
Importantly, it provides the commercial and regulatory foundation for advancing the Mukuyu gas-condensate discovery toward development, providing greater certainty for the substantial investment required in upstream facilities and supporting infrastructure and associated downstream commercialisation opportunities.
It also establishes the basis for the Zimbabwean government to share in the economic benefits of successful petroleum development through agreed production, profit-sharing, royalty, and corporate taxation arrangements.
Advancing Cabora Bassa
Invictus managing director Scott Macmillan said the PPSA provided a “clear and enduring framework” to advance Cabora Bassa with prospective strategic and financing partners, providing an important foundation for the next phase of development.
“We appreciate the continued support and commitment of the government of Zimbabwe in establishing a framework that aligns the interests of the state, investors, and local stakeholders, while laying the foundation for the development of the nation’s emerging petroleum industry,” he said.
“Our immediate focus remains on the upcoming Musuma-1 exploration well, alongside advancing the appraisal and commercialisation pathway for the Mukuyu gas-condensate discovery.”
Together with National Project Status granted in September 2025, the PPSA forms a central pillar of the Cabora Bassa framework supporting long-term investment and strategic partnerships.
Musuma-1 Drilling
Invictus is preparing to drill Musuma-1 using the Exalo Drilling Rig 202 that had been previously mobilised at the Mukuyu-2 wellsite.
Musuma-1 will test a high-impact exploration prospect on the eastern margin of the Cabora Bassa basin and has potential to establish an additional material hydrocarbon accumulation within Invictus’ 3600-square kilometre licence area.
The well complements Mukuyu and provides the opportunity to demonstrate the broader prospectivity and scale of the Cabora Bassa basin.
It additionally gives Invictus optionality in guiding its initial development efforts in the basin for early monetisation.
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