Ann: AMOG Joint Venture & Strategic Partnership Update, page-5

Invictus Energy Ltd (ASX:IVZ) ("Invictus" or "the Company") is pleased to provide an update on the AMOG Joint
Venture and Strategic Partnership with Al Mansour Holdings (“AMH").
Invictus and AMH continue to finalise the partnership and governance framework through their joint venture
company Al Mansour Oil & Gas (“AMOG”).
As previously announced to the ASX on 27 August 2025 and 29 September 2025, AMOG was jointly
established by Invictus and AMH to acquire and invest in upstream producing and near-term development oil
and gas assets across Africa, and to pursue strategic corporate merger and acquisition (M&A) opportunities.
AMOG is currently in active negotiations on several potential high-impact transactions.
Concurrent with finalising the AMOG partnership framework, the parties have been negotiating to provide an
agreement structure pursuant to which AMH and certain other Qatari parties with a pathway to become a
50% shareholder of Invictus.
The proposed agreement structure contains provisions that will see ownership levels requiring Australian and
Qatari regulatory and governance clearances, including the provision of an Independent Experts’ Report
(“IER”) to Invictus shareholders as part of seeking shareholder approvals for the transaction, and potential
Foreign Invesment Review Board approval.
Subject to the new agreement being executed, the required regulatory approvals will then be sought followed
by an Extraordinary General Meeting of the Company’s shareholders. However, the Company can provide no
guarantee that Invictus or AMH will conclude the new proposed agreement.
As a result of the continuing negotiations and with the objective of concluding an agreement with AMH, the
settlement of the placement announced and updated to the ASX on 29 September 2025, has been deferred
to on or before 27 January 2026 to align with the above objectives.
All other terms and conditions of the placement announced to the ASX on 27 August 2025 are unaffected by
the new proposed agreement. The associated resolutions related to the placement and tabled for
shareholder approval at the Company’s Annual General Meeting on Thursday 27 November 2025 remain in
place. -END-
This announcement was approved for release by the Board.