Invictus Energy Ltd (ASX:IVZ) Updates on PPSA and National Project Status
PPSA Update
Invictus Energy provides a positive update on the Petroleum Production Sharing Agreement (PPSA) for the Cabora Bassa Project. The company received the updated draft of the amalgamated agreement and is finalising terms with Zimbabwe’s line ministries. The timeline has been extended due to new terms introduced by external advisors.
National Project Status
The Ministry of Finance has agreed to grant National Project Status (NPS) to the Cabora Bassa Project, recognising its potential to deliver economic benefits, attract foreign investment, and create employment. NPS unlocks fiscal and non-fiscal incentives, including duty exemptions and fast-tracked permitting.
Project Developments
Contracting and procurement are underway for long lead items and services for the Musuma-1 well, targeting spud in the second half of 2025.
Executive Comments
Managing Director Scott Macmillan commented, “We are greatly encouraged by the Government’s continued support and the positive momentum towards finalising the PPSA. The Ministry of Finance’s agreement to provide National Project Status is a key milestone, and we look forward to completing the formalities in due course. We remain on track with preparations for Musuma-1 and are excited about the next phase of activity at Cabora Bassa.”
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