Operational
锟� Cabora Bassa Petroleum Production Sharing Agreement (PPSA) process expected to be
executed in Q1 2026.
锟� Preparation and planning continues for Musuma-1 drilling campaign, with activities
expected to commence H1 2026.
锟� Preparation and planning continues for appraisal activities at Mukuyu Gas Field.
Corporate
锟� Termination of Al Mansour Holdings (AMH) Subscription Agreement and Al Mansour Oil &
Gas (AMOG) Joint Venture strategic partnership.
锟� Ongoing discussions with a number of alternative strategic and funding counterparties, as
well as potential industry partners.
锟� All resolutions at the Company锟絪 AGM held on 27 November 2025 passed.
锟� Invictus Energy Chief Financial Officer (CFO) Vicky McLellan appointed Joint Company
Secretary.
锟� An independent upstream oil and gas company headquartered in Perth, Australia with
offices in Harare, Zimbabwe.
锟� Invictus is transitioning from explorer to developer, after making a significant gas
discovery at the Mukuyu Gas Field in the Cabora Bassa Basin in Zimbabwe.
锟� Invictus is committed to operating in a safe, ethical and responsible manner, respecting
the environment, our staff, contractors and the communities in which we work .
OPERATIONAL UPDATE
Cabora Bassa Petroleum Production Sharing Agreement (PPSA)
finalised
During the quarter, Invictus finalised the long-awaited Petroleum Production Sharing Agreement (PPSA)
process for the Cabora Bassa Project in Zimbabwe, representing a major regulatory, legal and
commercial milestone for the Company (refer ASX announcement 22 December 2025).
An agreement between the Company and Government of Zimbabwe, the PPSA establishes a stable,
transparent and internationally competitive legal and fiscal framework under which petroleum
production operations at Cabora Bassa can be conducted.
The final reviews of the various stakeholders have taken place over the last few weeks and the
agreement is expected to be formally executed between the parties in early Q1 2026.
Completion of the PPSA provides a clear pathway for Invictus to progress the next phase of planned
works programs in the Cabora Bassa Basin, including appraisal of Mukuyu Gas Field following the
Mukuyu-1 and Mukuyu-2 gas-condensate discoveries, and drilling of the Musuma-1 exploration well
targeting a new play in the eastern portion of the basin.
It also signals the Zimbabwe Government锟絪 commitment to recognising and addressing the nation锟絪
emerging gas industry as a key part of its future energy security mix, and the economic opportunities it
can deliver.
Musuma-1 high impact drilling campaign planning progress
Invictus is preparing to drill the Musuma-1 exploration with activities expected to commence in the
first half of 2026, targeting a new play in the eastern portion of the Cabora Bassa Basin.
The well is designed to test high-potential structural and stratigraphic targets and has the potential
to significantly expand the Company锟絪 resource footprint.
Preparations for the campaign including site mobilisation, planning for well pad site works and
advancing regulatory approvals, with drilling expected to provide important insights into the basin锟絪
hydrocarbon potential.
Musuma-1 is the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate
discovery area.
Should drilling be successful, it could unlock a substantial new resource base in addition to the
already proven Mukuyu Gas Field and provide valuable insights into the Eastern Margin plays that will
help refine Cabora Bassa锟絪 initial development phase.
Mukuyu Gas Field appraisal update
Invictus plans to commence appraisal activities at the Mukuyu Gas Field in 2026, building on the
Mukuyu-1 drilling campaign and Mukuyu-2 gas-condensate discovery.
The program is designed to delineate the field锟絪 size and reservoir quality, providing critical data to
de-risk the asset and support future development, positioning the Cabora Bassa Project for potential
commercialisation.
CORPORATE UPDATE
AMH strategic partnership update
Post quarter end, Invictus terminated the Subscription Agreement with Al Mansour Holdings (AMH) after
the parties were unable to agree on acceptable terms for a revised transaction, with certain proposed
provisions inconsistent with regulatory and governance requirements (refer ASX announcement 27
January 2026).
This occurred following Invictus announcing that AMH was seeking a pathway to become a 50%
shareholder of the Company following the binding Placement Agreement initial strategic investment
entered into in August 2025. (refer ASX announcement 26 November 2025)
The Company remains focused on advancing the Cabora Bassa project and is actively engaging with
alternative strategic and funding counterparties, as well as industry partners.
The Company is encouraged by the level of interest being received and believes the Company is well
positioned to progress value-accretive transactions and partnerships that support its forward work
programme and are aligned with shareholder interests.
Results of the Annual General Meeting
All resolutions at the Company锟絪 Annual General Meeting (AGM) held in Perth on 27 November 2025
were passed (refer ASX announcement 27 November 2025).
The Company锟絪 executive thanks those who attended and participated in discussions.
Appointment of Joint Company Secretary
Post quarter end, Invictus Chief Financial Officer (CFO) Vicky McLellan was appointed as Joint
Company secretary, effective immediately (refer ASX announcement 7 January 2026).
Gabriel Chiappini, Non-Executive Director and Chair of Governance for Invictus, will continues as a
Joint Company Secretary.
INFORMATION REQUIRED UNDER ASX LISTING RULES
1. ASX LR 5.3.5
During the quarter AUD $224,996 was paid to related parties of the Company relating to executive
director salary, non-executive director fees, company secretary fee and reimbursements of
expenses incurred.
2. ASX LR 5.3.1
The exploration and evaluation activity spend for the quarter totalled AUD $0.73million.
3. ASX LR 5.3.3
In accordance with ASX Listing Rule 5.3.3 the Company锟絪 tenements as at 31 December 2025 are:
This announcement was approved for release by the Board.