HIGHLIGHTS
- Binding MOU & Share Subscription Agreement signed for Al Mansour Holdings (AMH) to acquire a strategic 19.9% equity stake in Invictus at a premium to current market price
- AMH to provide up to US$500m in conditional future finance to advance Cabora Bassa Project to commercial production
- AMH led by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani of Qatar
- New Africa-focused upstream company Al Mansour Oil & Gas (AMOG) established as a joint venture (JV) between Invictus and AMH
- AMOG focused on acquiring producing and near-term development oil and gas assets as well as strategic corporate M&A across key African countries
- Invictus to lead technical, commercial and operational management of the JV portfolio
- AMH to fund acquisitions and development through its Qatar-based investors
- Shareholder briefing to be held to provide update
Invictus Energy has announced a strategic partnership with Al Mansour Holdings ('AMH') backed by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani, a senior member of the Qatar royal family.
Under partnership arrangements, AMH will acquire 19.9% of Invictus and provide up to US$500m in future finance to bring the Cabora Bassa Project to commercial production.
In parallel, AMH and Invictus have established a joint venture company, Al Mansour Oil & Gas ('AMOG'), an upstream oil and gas company focused on acquiring producing and near-term development oil and gas assets across key jurisdictions in Africa.
Both the investment in Invictus and the formation of AMOG were formally recognised in Zimbabwe’s capital Harare between the parties at a signing ceremony, also attended by key members of the Zimbabwean Government.
Invictus Managing Director Scott Macmillan commented:
'The strategic investment by Al Mansour Holdings and formation of Al Mansour Oil & Gas with the backing of His Highness Sheikh Mansour is a transformational milestone for Invictus.
'It significantly enhances the growth trajectory for our Cabora Bassa Project and opens the door to strategic upstream opportunities across the African continent.
'Through our role in AMOG and the strategic investment by AMH in Invictus, our shareholders will gain exposure to a diversified portfolio of development and producing assets, backed by world-class partners and capital strength.'
His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani commented:
'We’re proud to launch Al Mansour Oil & Gas in partnership with Invictus Energy, a company that shares our vision for responsible and impactful energy development across the African continent.
'Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa’s growth, energy security and economic transformation.
'Our goal with AMOG is to unlock the immense potential of Africa’s oil and gas sector in a way that benefits all stakeholders - host governments, communities and investors alike.
'We look forward to building a world-class African upstream portfolio and working closely with our partners to deliver energy for progress.'
Strategic 19.9% equity investment into Invictus Energy
Invictus and AMH have signed a binding Memorandum of Understanding ('MOU') and share subscription agreement under which AMH will acquire a 19.9% strategic equity stake in Invictus Energy Ltd, providing exposure and funding to the Company’s flagship Cabora Bassa Project in Zimbabwe.
The strategic investment of A$37.8 million (before costs) at a share price of A$0.095 will provide funding for the near-term Cabora Bassa works program, including the drilling of priority target Musuma-1 well in the eastern portion of the Company’s acreage.
AMH has also agreed to provide the Company with up to US$500 million of conditional future funding to bring the Cabora Bassa Project into commercial production. The funding will be subject to entry into separate agreements and subject to timing relating to the ongoing development work at the Cabora Bassa Project.
AMH will appoint one representative to the Board of Directors of the Company.
Al Mansour Oil & Gas (AMOG): A new force in African oil and gas
AMOG has been established to acquire and invest in upstream producing and near-term development oil and gas assets across Africa, as well as pursue strategic corporate merger and acquisition ("M&A") opportunities.
The venture will be underpinned by the technical and commercial expertise of Invictus with the financial backing of a sovereign-linked financial partner through AMH and the Al Mansour Group.
The focus will be on unlocking value from undeveloped or underutilised fields, delivering benefit to both the Company and host governments through increased production, infrastructure development, more reliable energy sources and socio-economic uplift.
Several high-impact asset transactions are at an advanced stage, with the first expected to complete before the end of the year.
Under the JV Invictus Energy is responsible for identifying and maturing upstream opportunities and managing acquired assets. Al Mansour Holdings will finance AMOG’s activities, including asset acquisitions, developments and operations, bringing strong institutional backing from Qatar.
AMOG’s Chairman is HH Sheikh Mansour, supported by Scott Macmillan as Deputy Chairman, and John Bentley and Gabriel Chiappini as Non-Executive Directors. Invictus Operations Manager Ryan Singh has been appointed Chief Executive Officer.
AMOG aspires to be the largest private Qatari E&P company with interests outside of Qatar. AMOG will serve as the energy sector anchor within a broader pan-African investment strategy by AMH.
This will be complimented by AMH’s active assembly of a diversified portfolio across the energy, mining, agriculture, infrastructure, logistics, hospitality, technology and real estate sectors in Africa.
Transformational opportunity for Invictus and its shareholders
This landmark partnership positions Invictus at the centre of a pan-African energy growth strategy, with exposure to a suite of world-class oil and gas assets and significant financial backing of Al Mansour Holdings and the State of Qatar. The creation of AMOG is a major step forward in the Company’s evolution from explorer and developer to a regional operator and asset consolidator.
About Al Mansour Holdings Group
Al Mansour Holdings Group is an investment vehicle established by Sheikh Mansour bin Jabor bin Jassim Al Thani to invest in Africa. AMH is a diversified business conglomerate based in Qatar, led by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani.
The group operates across various industries with a focus on strategic sectors that are pivotal to Qatar’s economic growth including the energy sector, real estate, finance and investments, construction, hospitality and tourism, technology and innovation and retail and consumer goods.
Source: Invictus Energy
