Invictus loses US$90m as Qatari deal collapses

Australian energy firm Invictus Energy Limited has suffered a major market setback after a planned strategic partnership with Qatari investment group Al Mansour Holdings (AMH) collapsed, wiping about US$89.81 million off the company's market value.

The failed deal, which could have injected up to US$500 million into Invictus and potentially handed AMH a 50 percent stake in the company, has sent shockwaves through the market and cast uncertainty over plans to advance the Cabora Bassa oil and gas project in northeast Zimbabwe.

Invictus announced yesterday that it had terminated a subscription agreement with AMH after negotiations broke down over revised terms the company said were unacceptable and inconsistent with Australian regulatory and governance requirements.

Under the original agreement, AMH was to acquire a 19.9 percent equity stake in Invictus, alongside a conditional commitment of up to US$500 million in future project funding for the Cabora Bassa Project.

The market reacted swiftly. Invictus' share price fell sharply from AU$0,14 (US$0,09) last Friday to AU$0,059 (US$0,04) by the morning of the announcement, erasing about AU$129,88 million (US$89,81 million) in market capitalisation.

"It has also become apparent to Invictus that Al Mansour Holdings does not intend to satisfy its contractual obligations under the subscription agreement," the company said in a statement.

"In light of AMH's conduct, which Invictus considers constitutes a repudiation of the subscription agreement, Invictus has elected to accept the repudiation and terminate the subscription agreement with immediate effect. Accordingly, Invictus has ceased all discussions with AMH and no further negotiations or transactions are being progressed between the parties."

The subscription agreement was first announced on August 27, 2025, with AMH agreeing to acquire 19.9 percent of Invictus for AU$37,8 million (US$26,14 million). Settlement was initially deferred to December 1, 2025, before a revised proposal unveiled on November 26 opened the door for AMH and other Qatari investors to acquire up to 50 percent of the company.

However, the parties failed to reach binding terms by the January 27 deadline.

Invictus said proposed provisions put forward by AMH were contrary to ASX listing rules and Australian Securities and Investments Commission (ASIC) requirements, describing the terms as non-commercial and incompatible with its governance framework.

While expressing disappointment, the company said walking away from the deal was ultimately in the best interests of shareholders.

"While the company is disappointed that it has not been possible to conclude the strategic investment under the Subscription Agreement or agree terms with AMH for the revised transaction, the board believes this outcome is in the best interests of Invictus and its shareholders," the statement said.

Invictus stressed that terminating discussions was necessary to protect its assets, maintain regulatory compliance and safeguard shareholder value.

Despite the setback, the company said it remains focused on advancing its Cabora Bassa Basin projects and is actively engaging alternative funding sources and strategic partners.

When approached for further comment, Invictus referred to its statement, saying: "No further comments can be provided at this time."