Invictus Energy (ASX:IVZ) has completed an independent review of its petroleum production sharing agreement, a step forward in its oil and gas operations in Zimbabwe's Cabora Bassa Basin.
The review, conducted by external European legal counsel, has been submitted to the Zimbabwean government authorities for finalisation and execution in the upcoming weeks.
The development underpins Invictus Energy's strategic exploration efforts across its 360,000-hectare portfolio, which includes the significant Mukuyu gas field discovery.
Geo Associates, Invictus' 80% owned subsidiary that holds special grant 4571, anticipates the PPSA finalisation as a robust framework for equitable benefit-sharing.
"The completion of the PPSA review by external independent counsel is a significant milestone for Invictus and underscores the company's commitment to adhering to international best practices and fostering robust partnerships with host governments," stated Scott Macmillan, Managing Director of Invictus Energy.
The petroleum production sharing agreement will provide a stable legal and fiscal framework to govern Zimbabwe's oil and gas sector, ensuring fair sharing of project value while highlighting Zimbabwe's long-term commitment with US$5 million ($7.9 million) underwritten by the Mutapa Investment Fund for a recent capital raise.
Invictus continues its exploration efforts in one of the last untested frontier basins in onshore Africa, committed to delivering sustainable benefits to stakeholders, including Zimbabwean communities, and enhancing regional energy sector development.
At the time of reporting, Invictus Energy's share price was $0.069.