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%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.