Australian oil and gas explorer Invictus Energy Ltd. said that it will sell a 19.9 percent stake to a Qatari investment firm, which will help fund one of its projects in Zimbabwe.
Al Mansour Holdings will purchase the stake for A$37.8 million ($24.5 million), Invictus said in a statement on Wednesday. The Qatari company has pledged to provide as much as $500 million in future financing to develop the Cabora Bassa project in the southern African nation, it said.
Separately, Al Mansour – set up by Qatari’s Sheikh Mansour bin Jabor bin Jassim Al Thani – and Invictus are forming a joint venture to acquire other oil and gas assets in Africa.
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