Invictus Energy signs landmark PSA in Zimbabwe

Zimbabwe

HARARE, May 28, 2026 – Invictus Energy has signed a PSA with the government of Zimbabwe to advance its Cabora Bassa development, the company announced on Thursday.

The PSA was executed through Invictus Energy’s 80%-owned subsidiary Geo Associates, which holds and operates Special Grant 4571. It governs exploration, appraisal, development, production and commercialisation activities and supersedes an existing exploration and development agreement signed with Zimbabwe in March 2021.

“Execution of the Petroleum Production Sharing Agreement represents a landmark milestone for
both the Cabora Bassa Project and the broader development of Zimbabwe’s oil and gas industry,” said Invictus CEO and managing director Scott Macmillan.

Zimbabwe’s Minister of Mines and Mining Development Polite Kambamura added, “The execution of the PPSA marks a defining milestone in the advancement of Zimbabwe’s petroleum sector and reflects the significant progress made in establishing the foundations for a sustainable upstream oil and gas industry.”

Invictus noted that the agreement has been awarded National Project and Special Economic Zone status and will incorporate fiscal and non-fiscal incentives to facilitate equipment imports and accelerate development timelines, among other advantages.

The company will now focus on preparations for drilling the Musuma-1 exploration well in H2 2026, targeting estimated gross resources of 34 bcm (1.2 tcf) of gas and 73 million barrels of condensate.

Headquartered in Perth and Harare, Invictus Energy is an upstream oil and gas company focused on exploring and developing Zimbabwe’s Cabora Bassa Basin, where it has declared gas-condensate discoveries at Mukuyu and is progressing appraisal, exploration and commercialisation plans.

Photo courtesy of Invictus Energy