Invictus Energy Ltd (ASX: IVZ) has announced the termination of its agreement with Al Mansour Holdings (AMH) to acquire a 19.9% equity stake in the company. The agreement, which was announced in August 2025, involved AMH investing A$37.8 million in Invictus and establishing a joint venture company, Al Mansour Oil & Gas (AMOG), to focus on upstream oil and gas assets in Africa.
According to Invictus, the termination was due to AMH’s failure to satisfy its contractual obligations under the agreement, which the company considers a repudiation of the Subscription Agreement. Invictus has elected to accept the repudiation and terminate the agreement with immediate effect.
The decision to terminate the agreement comes after extensive discussions between the parties failed to yield a suitable structure for a revised transaction, which would have seen AMH and other Qatari parties acquire a 50% stake in Invictus. The terms and conditions sought by AMH were deemed unacceptable to Invictus, including provisions contrary to Australian Security Exchange (ASX) Listing Rules and Australian Securities and Investments Commission (ASIC) regulatory requirements.
Invictus Energy’s Managing Director, Scott Macmillan, stated that while the company is disappointed with the outcome, the Board believes it is in the best interests of Invictus and its shareholders. The company will continue to focus on advancing its core asset portfolio in the Cabora Bassa Basin and exploring alternative strategic and funding partnerships.
Invictus Energy is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ) and is headquartered in Perth, Australia, with offices in Harare, Zimbabwe. The company has made a significant gas discovery at the Mukuyu field in the Cabora Bassa Basin and continues to develop and mature its exploration programme.
