Australia’s Invictus Plunges After Qatari Deal Falls Through

Australian oil and gas explorer Invictus Energy Ltd.’s shares plunged more than half after it failed to reach an agreement on the terms of a deal announced last year with a Qatari investment firm.

The Africa-focused explorer agreed in August to sell a 19.9% stake to Al Mansour Holdings, which would also provide as much as $500 million in future financing to develop a gas project in Zimbabwe.