The Mutapa Investment Fund (MIF) has announced a strategic investment of $10 million into Invictus Energy, a move that CEO Dr. John Mangudya believes will significantly contribute to long-term economic revitalization efforts.
Invictus Energy recently issued 151,515,152 shares valued at $10 million in a private placement. The MIF will underwrite $5 million of the share issue, with the remaining $5 million being injected by Mangwana Capital, a private equity fund. This capital injection supports Invictus’ ongoing oil and gas exploration in the Zambezi Basin, an asset managed under the MIF.
Dr. Mangudya highlighted the strategic importance of this investment, both in terms of its potential financial returns and its contribution to Zimbabwe’s energy needs. “Although our stake is about 10% as a local partner, it was logical to support Invictus through this $10 million capital call, especially as they seek to further explore the Zambezi Basin,” he stated.
Mangudya, who previously served as the Reserve Bank of Zimbabwe’s governor, emphasized that Invictus’ two existing exploration wells have shown significant promise, making the investment a valuable asset for the country. He expressed optimism about the project’s potential to increase the domestic energy supply from gas, which he sees as a critical enabler of economic growth.
“In the long term, our goal is to help boost the country’s energy supply from gas. Energy is the backbone of any economy, and we are hopeful that as Invictus continues drilling, we will discover more resources. This project has the potential to be a game changer for our economy,” Mangudya added.
The investment in Invictus Energy aligns with Zimbabwe’s broader efforts to secure energy independence and stimulate economic development through strategic resource exploitation.