Mangwana Opportunities has acquired shares in Invictus Energy, an independent oil and gas exploration company focused on resources in sub-Saharan Africa. Mangwana Opportunities is a closed end, private equity fund established in Zimbabwe.
Under the terms of the deal, Mangwana Opportunities acquired 12.5 million shares for $440,000, media reports said. The raised capital will be used for future exploratory and development work associated with the oil and gas project at Invictus Energy in Muzarabani.
Invictus Energy, said in a statement, “The company is pleased to announce that it has completed the placement for an equivalent AUD$0,44 million with the Mangwana Opportunities Fund as announced on 30 April 2020 following approval received from the Reserve Bank of Zimbabwe Exchange Control authority.”
The oil and gas project has the capacity to produce 3.9 trillion cubic feet of natural gas and 181 million barrels of conventional gas, media reports said. “The agreement makes provision for a further equity investment by Mangwana for the project over the next 12months to 24 months as well as assisting the company in achieving its strategic goals in the country,” Invictus Energy said.