Australian Securities Exchange-listed gas explorer, Invictus Energy Ltd has requested a trading halt on its shares and options as it closes in on a long-negotiated Petroleum Production Sharing Agreement (PPSA) with the Government of Zimbabwe.

In a deal that could unlock the country’s first major onshore gas venture, the trading pause, confirmed by the ASX in a market notice on Wednesday, will remain in effect until normal trading resumes on Friday, 29 May 2026, or until the company releases the anticipated announcement, whichever comes first.

The development signals that years of talks over the Cabora Bassa gas project in northern Zimbabwe may be nearing a formal conclusion.

In its formal request to the exchange, Invictus explained that the halt was necessary while it finalises an update concerning the production sharing agreement.

The company stated that the agreement is expected to define how future gas production, revenues and operational responsibilities would be shared between the Zimbabwean government and Invictus if commercial production proceeds.

A breakthrough after years of negotiation

The Cabora Bassa project has been under negotiation for several years and is regarded as Zimbabwe’s first major onshore gas venture.

Invictus announced a gas discovery at the Mukuyu field in December 2023, following nearly a decade of exploration activity in the Cabora Bassa Basin, which is considered one of the largest underexplored onshore rift basins in Africa.

However, the project remains in the exploration and appraisal phase.

A company spokesperson has previously noted that additional drilling and technical studies are still required before commercial production can begin.

“Exploration wells drilled to date were designed to identify the presence of hydrocarbons rather than produce gas commercially,” the company clarified in past disclosures.

Invictus is currently seeking further investment funding to drill additional wells aimed at determining the scale, quality and recoverability of the gas resource.

Should the project advance successfully, the company would still need to develop production wells, pipelines and associated infrastructure before gas can be supplied to the market.

Invictus has previously indicated that several prospective customers have already signed memoranda of understanding expressing interest in purchasing gas from the project.

The company’s trading halt request, approved by its board, stated that it was not aware of any reason why the halt should not be granted.

When Zimbabwe began developing the project, the country had no existing legal framework governing a domestic gas sector.

Authorities therefore enlisted support from the African Legal Support Facility, a specialist advisory body affiliated with the African Development Bank, to assist in structuring and negotiating the production sharing arrangements.

The project has also attracted significant local institutional investment.

According to public statements, 35 Zimbabwean pension funds reportedly hold stakes in the venture, while Zimbabwe’s sovereign wealth vehicle, Mutapa Investment Fund, retains rights to a shareholding in the project.

Invictus, headquartered in Perth with offices in Harare and a secondary listing on the Victoria Falls Stock Exchange, reiterated that the halt was requested while it finalises the “petroleum production sharing agreement tied to its Cabora Bassa gas project.”

Market analysts expect the pending announcement to clarify the fiscal terms and operational framework for what could become a landmark energy asset in southern Africa.

Trading is scheduled to resume on Friday unless the company releases its statement earlier.