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Invictus Energy Signs Petroleum Production Sharing Agreement With Zimbabwe Government; Shares Surge 42%

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Invictus Energy (ASX:IVZ) said its majority-owned Geo Associates subsidiary signed a petroleum production sharing agreement with the Zimbabwe government, according to a Thursday filing with the Australian bourse.

The agreement creates a legal and operational framework governing the Cabora Bassa oil and gas project through exploration, appraisal, development, and production, including incentives such as national project status and special economic zone status.

The agreement also formally enshrines the participation of Zimbabwe's sovereign wealth fund, while providing investment protection and development support pathways to cut the project's development costs, the company said.

Invictus Energy shares surged 42% in recent Thursday trade.

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