AUSTRALIAN energy firm Invictus Energy Limited has suffered a major market setback, losing US$89.81 million after a planned strategic partnership with Qatari investment group Al Mansour Holdings (AMH) collapsed.
The deal, which could have delivered up to US$500 million in funding and potentially handed AMH a 50% stake in the company, fell through after the parties could not agree on revised terms.
The collapse has sharply affected Invictus’ share price and casts uncertainty over the company’s plans to advance its Cabora Bassa oil and gas project in northeast Zimbabwe.
Invictus announced yesterday that it had terminated a subscription agreement with AMH after negotiations broke down over terms deemed unacceptable and inconsistent with Australian regulatory and governance
requirements. Under the agreement, AMH was to acquire a 19.9% equity stake in Invictus, alongside a conditional commitment of up to US$500 million in future project funding for the Cabora Bassa Project.
Last Friday, Invictus’ share price stood at AU$0,14 (US$0,09), but by the morning of the announcement, it had fallen sharply to AU$0,059 (US$0,04), wiping about AU$129,88 million (US$89,81 million) off the company’s market value.
Keep Reading
- Invictus in potential hydrocarbon findings
- Invictus in US$8,95m surplus after drilling investments
- Invictus to begin drilling at second site in early Q3
- Invictus clarifies US$6,68 million placement
“It has also become apparent to Invictus that Al Mansour Holdings does not intend to satisfy its contractual obligations under the subscription agreement,” Invictus said in a statement
yesterday.
“In light of AMH’s conduct, which Invictus considers constitutes a repudiation of the subscription agreement, Invictus has elected to accept the repudiation and terminate the subscription agreement with immediate effect. Accordingly, Invictus has ceased all discussions with AMH and no further negotiations or transactions are being progressed between the parties.”
The subscription agreement was first announced on August 27, 2025, with AMH agreeing to acquire 19,9% of Invictus for AU$37,8 million (US$26,14 million). Settlement was deferred to December 1, 2025, and a revised deal announced on November 26 proposed that AMH and other Qatari investors could acquire 50% of the company. However, the parties were unable to agree on binding terms by the January 27 deadline.
Invictus cited proposed provisions by AMH that were contrary to ASX listing rules and ASIC regulatory requirements, describing the terms as non-commercial.
Consequently, this led to the cancellation of the deal.
“While the company is disappointed that it has not been possible to conclude the strategic investment under the Subscription Agreement or agree terms with AMH for the revised transaction, the board believes this outcome is in the best interests of Invictus and its shareholders,” Invictus said.
The company emphasised that terminating discussions was necessary to protect its assets, governance framework, and shareholder interests, and to maintain compliance with Australian regulatory standards.
Invictus said it remained focused on advancing its Cabora Bassa Basin projects and was actively engaging with alternative funding and strategic partners.
When approached for further comment, Invictus referred to its statement, noting: “No further comments can be provided at this time.”