Invictus Energy

Scott Macmillan is managing director of Invictus Energy, the Perth company that has spent years working up the Cabora Bassa basin in northern Zimbabwe. In this film he is speaking to shareholders after the quarter in which a long negotiation finally closed. On 28 May 2026 the company's Zimbabwe operator signed a petroleum production sharing agreement with the government in Harare. Macmillan describes it as the legal and fiscal framework that will govern the project from the first well through decades of production, which is why he treats the signature as the end of the slow part. With that finished, the work he wants to talk about is on the ground. The well in front of them is Musuma-1, confirmed for the second half of the year, and he is clearly pleased to be getting back to drilling.

Musuma-1 is the first high-impact well Invictus has planned outside the Mukuyu gas field, which is the discovery the company already has in the basin. The well is aimed at a new play on the eastern margin, and Macmillan says that a success there would grow the resource base well beyond Mukuyu on its own. He also talks about bringing a partner in to share the project, about adding a producing asset so the company has an income earlier than a frontier discovery usually allows, and about moving Cabora Bassa itself toward development. The shape he is describing is a business that can explore and produce across more than one asset, so the whole story does not rest on a single well. The production sharing agreement took a couple of years to negotiate. His point is that the paperwork is done, and the second half of the year is when the operations start to move again.