Wedoany.com Report-Nov 30, Invictus Energy has announced the completion of an independent review of a PPSA in Zimbabwe by European legal counsel.
This review, facilitated by the Africa Legal Service Facility, is a key milestone for Invictus Energy’s exploration and production activities in Zimbabwe, specifically concerning the Cabora Bassa Project.
Geo Associates, Invictus Energy’s 80%-owned subsidiary, has received indications that the PPSA will be finalised for execution in the coming weeks.
The company holds Special Grant 4571, which includes the Mukuyu gas-condensate discovery.
The agreement aims to ensure fair value sharing among the Government of Zimbabwe, Invictus and its partners.
The PPSA will also provide a robust governance framework for the future management of the Cabora Bassa Project.
The Government of Zimbabwe is providing support for the project through the Mutapa Investment Fund by committing $5m (Z$129.08m) of a $10m capital raise in July 2024.
Invictus Energy managing director Scott Macmillan said: “Completion of the PPSA review by external independent counsel is a significant milestone for Invictus and underscores the company’s commitment to adhering to international best practices and fostering robust partnerships with host governments.
