CAPE TOWN: Qatari investment firm Al Mansour Holdings has taken a 19.9% stake in Australia's Invictus Energy and will provide up to $500 million to help the company develop its Cabora Bassa gas project in Zimbabwe, the companies said on Wednesday.

The equity stake, acquired at a cost of A$37.8 million ($24.56 million), will fund near-term work including the drilling of the priority Musuma-1 well.

Under the partnership, Al Mansour Holdings, led by royal member Sheikh Mansour bin Jabor bin Jassim Al Thani, will also form a joint venture with Invictus, called Al Mansour Oil & Gas, which will look to acquire oil and gas assets across Africa.

Seismic survey data covering the eastern Cabora Bassa Basin has identified eight high-potential prospects totalling an estimated 2.9 trillion cubic feet of gas and 184 million barrels of condensate, according to Invictus Energy.

The Basin contains the Mukuyu gas field, discovered in 2023 and considered by analysts as one of the largest finds in Sub-Saharan Africa that year.

The Qatari investment "significantly enhances the growth trajectory for our Cabora Bassa Project," Invictus Managing Director Scott Macmillan said in a joint statement.

Invictus shares more than doubled in price to their highest level since December 2023 after the announcement, valuing the company at A$208 million.

Last week, Al Mansour Holdings also committed to invest $12 billion in neighbouring Botswana across a range of economic sectors.

"Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa's growth, energy security and economic transformation," Sheikh Mansour bin Jabor bin Jassim Al Thani said. ($1 = 1.5389 Australian dollars) (Reporting by Wendell Roelf; Editing by Sfundo Parakozov and Sonali Paul)