Invictus Energy (ASX:IVZ) said it did not make a statement about the petroleum production sharing agreement in Zimbabwe before May 28 because it "was not in possession of information that was sufficiently definite to warrant disclosure at an earlier time," according to a Wednesday ASX filing.

The firm was responding to an ASX Aware Letter dated June 4. The firm said it had not received confirmation that signing would proceed until the evening of May 26. Before that date, the execution of the agreement remained uncertain and subject to further governmental approvals and processes that were outside the firm's control.

Geo Associates, the 80%-Invictus-owned operator and holder of special grant 4571, and the Zimbabwe government executed a petroleum production sharing agreement for the Cabora Bassa project in the African country.

Invictus received notification from the Zimbabwe government on the evening of May 26 regarding its intention to sign the agreement after the close of trading. The firm said it requested a trading halt, effective from the commencement of trading on May 27, and a market announcement regarding the execution of the agreement was released on May 28.