Invictus Energy (ASX:IVZ) said an external European legal counsel completed an independent review of the petroleum production sharing agreement for the Cabora Bassa project in Zimbabwe, according to a Friday filing with the Australian board.
The agreement is designed to ensure a fair and equitable distribution of value generated from the company's 80%-owned Cabora Bassa Project among Invictus Energy, its partners, and the Government of Zimbabwe.
Invictus Energy's unit Geo Associates has received indications that the agreement will be finalized for execution in the coming weeks, the filing added.
The Government of Zimbabwe's Mutapa Investment Fund committed in July to underwriting $5 million of a $10 million capital raise.
Shares of the company rose almost 5% in recent Friday trade.
Price (AUD): $0.07, Change: $+0.003, Percent Change: +4.61%
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