Invictus Energy has provided a positive update on the progress of the Petroleum Production Sharing Agreement (PPSA) for its 80%-owned and operated Cabora Bassa Project in Zimbabwe, along with the agreement to award of National Project Status \u2013 a key milestone in the Project\u2019s development journey.
Following the Company\u2019s previous announcement regarding the decision by the Republic of Zimbabwe
(RoZ) to consolidate the Petroleum Exploration Development and Production Agreement (PEDPA) and
the PPSA into a single, streamlined agreement, Invictus has now received the updated draft of the
amalgamated agreement.
The Company has been working closely and constructively with the relevant line ministries to finalise
the terms of the PPSA. While the process has taken slightly longer than initially anticipated due to the
introduction of additional provisions by external legal advisors, all parties remain committed to finalising
a robust, balanced, and transparent agreement that meets international standards and supports longterm success.<\/p>\n\n\n\n
In parallel, the Ministry of Finance has agreed to provide National Project Status (NPS) to the Cabora
Bassa Project, recognising its potential to deliver broad-based economic benefits, attract foreign
investment, and create employment. The Company is currently completing the formal process required
for the official granting of National Project Status, which will unlock a suite of fiscal and non-fiscal
incentives including duty exemptions, fast-tracked permitting, and streamlined access to key
infrastructure and services.
A series of stakeholder meetings are scheduled to conclude the PPSA and associated instruments. The
Government of Zimbabwe has reiterated its strong support for the Project and its commitment to putting
in place a fair and durable commercial framework.
Invictus is progressing the contracting and procurement of long lead items and critical services in
preparation for the Musuma-1 exploration well, scheduled to spud in the second half of 2025.<\/p>\n\n\n\n
The Honourable Minister of Finance commented:
\u201cThe Cabora Bassa Project is a nationally significant development, and we are working closely with
Invictus to finalise the PPSA and ensure a transparent, fair and commercially sound agreement. The
Government looks forward to the successful formalisation of National Project Status and the long-term
benefits the project will bring to Zimbabwe.\u201d<\/p>\n\n\n\n
Invictus Managing Director Scott Macmillan commented:
\u201cWe are greatly encouraged by the Government\u2019s continued support and the positive momentum
towards finalising the PPSA. The Ministry of Finance\u2019s agreement to provide National Project Status is a
key milestone, and we look forward to completing the formalities in due course. We remain on track with
preparations for Musuma-1 and are excited about the next phase of activity at Cabora Bassa.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"