Independent oil and gas exploration company Invictus Energy has completed an independent review of a Petroleum Production Sharing Agreement (PPSA) in Zimbabwe.
The review, conducted by external European legal counsel via the Africa Legal Service Facility, has been submitted to the relevant government authorities for final approval and execution.
“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,” Managing Director Scott Macmillan said in a statement.
The PPSA establishes a transparent and equitable legal and fiscal framework to govern the country’s oil and gas sector and ensures fair value-sharing from the Cabora Bassa Project – home to the Mukuyu gas-condensate discovery – among the Government of Zimbabwe, Invictus Energy and its partners.
In July 2024, the Zimbabwean sovereign wealth fund Mutapa Investment Fund committed to underwriting $5 million of a $10 million capital raise.
