Invictus Energy Ltd has advanced key milestones on its Cabora Bassa Project in Zimbabwe, with significant progress in negotiating an updated, amalgamated Petroleum Production Sharing Agreement. The revised agreement, which merges elements of the previous framework with additional provisions introduced by external legal advisors, is currently under finalisation with several Republic of Zimbabwe line ministries. The dialogue, described as constructive and committed, aims to secure a robust and transparent commercial framework that meets international standards. In a complementary development, Zimbabwe’s Ministry of Finance has agreed to award National Project Status to the Cabora Bassa Project. This status is designed to unlock a range of fiscal and non-fiscal incentives such as duty exemptions, fast-tracked permitting, and streamlined access to essential infrastructure, all of which are expected to attract foreign investment, boost employment, and generate broad-based economic benefits. This government backing underscores a strong commitment to ensuring a fair and enduring agreement. The company is also moving ahead with contracting and procurement activities for long lead items and critical services in preparation for its Musuma-1 exploration well, scheduled to spud in the latter half of 2025. This forward momentum, reinforced by successive stakeholder meetings and robust governmental support, positions the project well for its next operational phase. From a bullish standpoint, the updated draft of the PPSA and the granting of National Project Status signal solid government endorsement and the potential for significant economic incentives, enhancing the project’s long-term prospects. Conversely, the extended timeline and additional legal provisions may be seen as potential risks that could delay the project’s progress and introduce uncertainties regarding future negotiations. Overall, Invictus Energy Ltd appears well-positioned as it continues to balance regulatory challenges with promising developmental achievements.