INVICTUS Energy Limited (Invictus) has lost roughly AU$333,52 million (US$235,32 million) in market value from its September 2025 peak, with the valuation returning to levels seen before the firm’s proposed partnership with Qatari investment group Al Mansour Holdings collapsed.
Invictus and Al Mansour Holdings first announced a subscription agreement in August 2025 under which the latter would acquire a 19,9% equity stake, alongside a conditional commitment of up to US$500 million to advance the former’s Cabora Bassa Project.
The oil and gas development project located in the Muzarabani district of the Mashonaland Central province in Zimbabwe.
However, after months of negotiations, Invictus announced the agreement’s termination last month, stating that Al Mansour Holdings did not intend to fulfil its contractual obligations and that certain proposed revised terms were inconsistent with the Australian Securities Exchange (ASX).
On the eve of the August announcement, Invictus’s ASX market capitalisation stood at AU$84,98 million (US$55,2 million), which later surged to a 2025 high of AU$416,9 million (US$294,03 million) in September following the agreement.
As of yesterday, however, the company’s ASX market capitalisation stood at AU$83,38 million (US$58,8 million), effectively erasing the gains recorded after the partnership was first announced.
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This drop in market value translates to a AU$333,52 million loss.
“Post quarter end, Invictus terminated the Subscription Agreement with Al Mansour Holdings after the parties were unable to agree on acceptable terms for a revised transaction, with certain proposed provisions inconsistent with regulatory and governance requirements,” Invictus said in its latest update.
“This occurred following Invictus announcing that Al Mansour Holdings 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.”
However, the firm is still receiving interest in its business and believes it still remains poised to advance the Cabora Bassa project.
“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,” Invictus said.
“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.”
Before its termination, the Invictus and Al Mansour Holdings proposed deal had been deferred twice, first to December 1, 2025, and later to January 27, 2026.
This is because the parties had negotiated a revised transaction structure that could have given Al Mansour Holdings and other Qatari investors a pathway to acquire up to a 50% stake in Invictus.
“Located in northern Zimbabwe near the border of Mozambique, the Cabora Bassa has long been an area of natural energy resource exploration interest due to its geology and rift basin setting analogous to many hydrocarbon habitats,” Invictus said.
“Since acquiring the project in 2018, Invictus has undertaken an aggressive work programme acquiring 1 400km of 2D seismic and drilling two wildcat wells resulting in the significant Mukuyu gas-condensate discovery in late 2023.”
It added: “Invictus has further expanded its acreage to a dominant 360 000 hectare basin scale position, acquiring and interpreting high resolution 2D seismic data which has defined three major play types and identified multiple drill ready prospects.”