Invictus Energy (IVZ) Investor update summary

Strategic partnership and investment

• Entered a two-part transaction with Al Mansour Holdings, backed by Sheikh Mansour of Qatar, including a 19.9% equity stake for $25 million at a premium to market price.

• Secured a pathway to commercial production for the Cabora Bassa project, maintaining existing equity and gaining access to $500 million in finance, contingent on demonstrating commerciality.

• Al Mansour Holdings will take a board seat, and Invictus will have a 10% carried stake in the new JV, AMOG, which targets upstream oil and gas opportunities across Africa.

Joint venture and portfolio expansion

• Established Al Mansour Oil & Gas (AMOG), a JV focused on acquiring and developing large-scale African energy assets, with Invictus as the technical and management lead.

• AMOG is fully financed by Al Mansour Holdings, with Invictus free carried for its 10% stake, and will pursue both asset-level and M&A opportunities.

• AMOG's asset targets are larger than Cabora Bassa, positioning Invictus for significant portfolio growth.

Operational and governance updates

• Invictus will nominate two directors to AMOG's board, and its COO will become AMOG's CEO, ensuring operational continuity.

• The company will soon release a detailed work program, including drilling and flow testing at Musuma, with drilling potentially starting before year-end.

• The $500 million finance is unlocked by demonstrating commercial flow rates and entering commercial sales agreements.