What Invictus Energy does

Invictus Energy Ltd is an ASX-listed (ASX: IVZ) upstream oil and gas exploration and pre-development company headquartered in Perth, Australia, with operating offices in Harare, Zimbabwe. The company was founded in 2018 through a farm-in to the Cabora Bassa Project in northern Zimbabwe, where it now holds a dominant 360,000-hectare basin-scale acreage position across three licence areas (SG 4571, EPO 1848, EPO 1849). Its core asset is the Mukuyu gas-condensate field, discovered in late 2023 and ranked the second largest oil and gas discovery in sub-Saharan Africa in 2023, with estimated gross unrisked prospective resources of 230 mmboe or 1.3 Tcf of gas from the first two wells drilled in the 200 km² Mukuyu structure, and 35m of net pay identified in the Mukuyu-2 campaign.

The company's underlying technology is conventional upstream exploration: high-resolution 2D seismic acquisition (1,400+ km across the CB21 840km and CB23 425km infill surveys) plus modern reprocessing of legacy Mobil seismic data that originally revealed the Mukuyu prospect. Invictus's work programme has been to acquire and interpret 2D seismic, drill wildcat and appraisal wells, and define multiple play types and drill-ready prospects across the Cabora Bassa Basin — one of Africa's largest and last untested frontier rift basins. It is now preparing to drill the Musuma-1 exploration well, targeting 1.2 Tcf gas and 73 MMbbl condensate, with Exalo Drilling contracted and spud scheduled for H2 2026.

Invictus is pre-revenue and has not yet executed binding offtake agreements. Its intended business model is a phased multi-stream commercialisation: a pilot gas-to-power project at Eureka Gold Mine (MOU with Himoinsa and Dallaglio), industrial gas supply to Sable Chemicals (MOU), and full-field gas-to-power at scale into the Southern Africa Power Pool via Mbuyu/Tatanga Energy (MOU). The company is publicly listed on the ASX and the Victoria Falls Stock Exchange (INV), holds 80% of the Cabora Bassa Project (with Mutapa Investment Fund as Zimbabwe's sovereign strategic investor), and operates under a PPSA framework with the Republic of Zimbabwe. Capital is sought through a combination of equity raises and planned reserves-based lending, and a proposed $500 million financing arrangement with Al Mansour Holdings terminated in January 2026, triggering a 57.8% single-day share price decline.

Name

Invictus Energy

Legal name

Invictus Energy Ltd

Website

https://invictusenergy.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Invictus Energy Ltd is an ASX-listed upstream oil and gas explorer focused on the 360,000-hectare Cabora Bassa Basin in northern Zimbabwe, anchored by the Mukuyu gas-condensate discovery. The company is advancing phased commercialisation through pilot gas-to-power, industrial gas supply, and regional Southern Africa Power Pool offtake.

Ownership category

akta.pro rank

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Exploration and Appraisal Revenue (Future): Pre-revenue upstream oil and gas explorer. Revenue is expected to derive from gas and condensate sales under long-term offtake agreements, pilot gas-to-power projects, and full-field development. The company is pursuing a phased multi-stream commercialisation approach including pilot development, gas-to-power delivery, and piped gas distribution to industrial users.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Invictus Energy is a pre-revenue upstream oil and gas exploration and development company focused on the Cabora Bassa Basin in northern Zimbabwe. The company holds a dominant 360,000 hectare acreage position across three licence areas and has declared multiple gas-condensate discoveries at the Mukuyu Gas Field. It is advancing commercialisation through a phased strategy comprising pilot gas-to-power, full-field development, and regional piped gas supply to industrial and mining offtakers in southern Africa.

Product overview

Invictus Energy Ltd is an upstream oil and gas exploration and development company focused on the Cabora Bassa Basin in northern Zimbabwe. The company's portfolio comprises three interconnected offerings: the core Cabora Bassa Basin exploration acreage (360,000 hectares with drill-ready prospects), the discovered Mukuyu Gas Field (with estimated 1.3 Tcf of gas resources from initial discoveries), and a phased gas commercialization strategy. The Mukuyu Gas Field serves as the anchor asset for development, with the company pursuing a sequenced approach commencing with pilot gas-to-power projects before advancing to full field development and regional energy supply.

Differentiator

Problem solved

Functional benefit

Products and services

• Cabora Bassa Basin Exploration Upstream oil and gas exploration project covering 360,000 hectares in northern Zimbabwe across three licence areas (SG 4571, EPO 1848, EPO 1849), representing one of Africa's largest untested frontier rift basins with identified drill-ready prospects across three play types.
• Mukuyu Gas Field Discovered gas-condensate field with multiple hydrocarbon-bearing reservoirs in the Upper and Lower Angwa Formations, representing an estimated 230 mmboe or 1.3 Tcf of gas from initial wells within the 200 km² Mukuyu structure, serving as the anchor asset for development.
• Pilot Gas-to-Power Project Early-stage gas-to-power development initiative through an MOU with Himoinsa and Dallaglio to deliver a pilot gas-to-power project supplying energy to Eureka Gold Mine, providing a proof of concept prior to full field development.
• Gas-to-Power at Scale Full field development gas-to-power commercialisation programme through a gas sale MOU with Mbuyu Energy, intended to feed the Southern Africa Power Pool (SAPP) and supply energy users across the southern African region at scale.

Quantifiable outcome

• Second largest oil/gas discovery in sub-Saharan Africa in 2023 from just two wells in the Mukuyu structure

Named customers4 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• Exalo DrillingcoreTechnology or Integration · 7 July 2026Exalo Drilling is the contractor for Rig 202 and has been awarded contracts for site preparation and construction of the Musuma-1 exploration well. The company is mobilising a team in Zimbabwe to begin maintenance work and coordinate rig move procedures ahead of the drilling campaign targeting 1.2 Tcf gas and 73 MMbbl condensate.
• Himoinsa and DallagliominorStrategic or Co-development Partner · 1 January 2024MOU for pilot gas-to-power project to supply energy to Eureka Gold Mine, with Himoinsa (power generation equipment) and Dallaglio (development partner) as counterparties.
• Mbuyu EnergyminorChannel Partner/ Reseller/ Distributor · 1 January 2023Gas-to-power offtake MOU with Mbuyu/Tatanga Energy updated in 2023 for field development gas-to-power delivery at scale to feed into the Southern Africa Power Pool (SAPP) and supply energy users across the region.
• Polaris Natural ResourcescoreStrategic or Co-development Partner · 1 January 2021Seismic survey programs conducted in 2021 and 2023 in partnership with Polaris Natural Resources. The CB21 (840km) and CB23 (425km) seismic infill surveys were executed jointly, creating over 200 local jobs.
• Sable ChemicalsminorChannel Partner/ Reseller/ Distributor · 1 January 2019Gas sale MOU struck with Sable Chemicals for industrial gas supply, one of the earliest commercial offtake discussions pursued by Invictus.
• Forestry Commission of ZimbabwecoreStrategic or Co-development Partner · 1 January 2018Ngamo-Gwayi-Sikumi (NGS) REDD+ project, a 30-year partnership to protect indigenous forest and fully offset all Scope 1 and 2 emissions across the lifecycle of the Cabora Bassa project. This positions the project as potentially one of the world's first cradle-to-grave carbon neutral oil and gas developments.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Helium One Global: AIM-listed small-cap natural gas/helium explorer with a single frontier basin asset, a similar small-team ASX-style operating model, and comparable pre-revenue commercialisation dynamics. Closely analogous in risk-return profile and capital-raise cadence to Invictus today.
• Africa Energy Corp: Canadian-listed pure-play African upstream explorer with exposure to South African basin assets. Board chair John Bentley also serves on Africa Energy Corp, and both companies target early-stage African offshore and onshore frontier basins, seeking farm-in partners for development.
• Strike Energy: ASX-listed upstream gas developer commercialising the Walyering gas field in Western Australia for domestic supply. Same Australian listing, similar size, and similar staged path from exploration drilling to pilot gas-to-power and pipeline offtake agreements.
• AWE Limited: ASX-listed former producer of the Waitsia Gas Field (Perth Basin) where MD Scott Macmillan was previously Senior Reservoir Engineer. Operates the same Western Australian gas commercialisation playbook — drilling, appraisal, domestic gas sales — that Invictus is targeting in southern Africa.
• VAALCO Energy: Small-cap NYSE-listed independent E&P focused on West African assets (Etame Permit, Gabon). Comparable single-region African upstream operating model, dependent on field development capex and crude pricing.
• Tullow Oil: UK-listed African-focused E&P with a track record of major sub-Saharan African discoveries (Jubilee, TEN, Lokichar). Invictus' leadership team was built inside Tullow, and Tullow represents the canonical successful African frontier-basin E&P model that Invictus is trying to emulate at Cabora Bassa.
• Falcon Oil & Gas: AIM/TSX-listed small-cap explorer with frontier basin exposure (Beetaloo in Australia, Karoo in South Africa). Pre-revenue, single-asset focused company pursuing unconventional gas in southern Africa — direct analogue to Invictus' Cabora Bassa strategy.
• Calima Energy: ASX-listed small-cap oil and gas explorer/appraiser with a comparable market cap profile and pre-revenue Western Canadian Sediment Basin operations. Useful comp for ASX small-cap upstream risk-return and capital-raising dynamics.

Others

• Schlumberger / SLB: Largest global oilfield services and seismic contractor; provides the seismic interpretation, drilling, and completion technologies that frontier-basin explorers like Invictus depend on to derisk subsurface plays before drilling.
• EXPRO Group: Global oilfield services provider supporting drilling, completion and well-testing across frontier and mature basins, including significant African operations. Relevant ecosystem participant that supports Invictus' drilling campaigns (alongside Exalo Drilling).

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/energy_invictus
• YouTubeyoutube.com/channel/UCr6aw5Dp9TxpEH7snYTbFkQ
• Facebookfacebook.com/invictusenergyltd
• LinkedInlinkedin.com/company/invictus-energy-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invictus Energy