By: African mining market

Invictus Energy Ltd. has advised that the Petroleum Production Sharing Agreement process for its Cabora Bassa Project in Zimbabwe has been completed. The agreement is expected to be formally executed in January, providing the company a pathway to commence the next phase of its planned work program.

This completion represents a significant milestone, establishing a stable, transparent, and internationally competitive legal and fiscal framework for petroleum operations. With the PPSA execution anticipated, Invictus intends to progress its high-impact work program, which includes appraising the Mukuyu Gas Field and drilling the Musuma-1 exploration well.

Company Managing Director Scott Macmillan stated that the concluded process provides a competitive framework to govern the project's future development and highlights the government's commitment. The Honourable Minister of Finance, Prof. Mthuli Ncube, commented that the government recognizes the project's economic and energy security opportunity and that the new framework provides investor confidence to develop the nascent oil and gas sector.