AUSTRALIAN firm Invictus Energy has moved its corporate headquarters to Harare, shifting its operational base to Zimbabwe, while remaining legally domiciled in Australia.
The move follows a landmark US$500 million funding commitment from Qatari investment group Al Mansour Holdings (AMH), announced in August.
The firm is now advancing plans to develop oil and gas from its flagship Cabora Bassa Project in Muzarabani District, Mashonaland Central province.
Since the deal, Invictus’s market capitalisation on the Australia Stock Exchange has soared from US$55,2 million to US$168,9 million as investor interest grows.
“Activity will be supported from our new corporate headquarters in Harare to facilitate ongoing growth, as well as accommodate senior expatriate staff while in the country during field activities,” Invictus managing director Scott Macmillan said in a letter attached to the firm’s annual report for the period ended June 30, 2025.
He outlined that the next 24 months will include well testing and appraisal drilling at its Mukuyu site, plus planning for a gas-to-power pilot.
This pilot project, a deal signed with Dallaglio Investments and Himoinsa Southern Africa, will see Invictus supply gas to power Dallaglio’s Eureka Gold Mine.
The Cabora Bassa Basin is estimated to hold about 1,38 billion barrels of oil and condensate, worth approximately US$90 billion at current prices.
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“Planning for high impact exploration drilling at the Musuma-1 well is advanced and will provide valuable insights into the Eastern Margin plays, refining our focus for the project’s initial development phase,” Macmillan added.
Invictus also strengthened its financial position through a US$12 million placement with Mangwana Capital.
The subsequent AMH deal contributed US$24,5 million, with the US$500 million secured as conditional future financing to bring the project to commercial production.
