Invictus Energy confirms that Non-Executive Chairman Dr Stuart Lake has stepped away from his role at the Company for personal reasons, effective 28 November 2022.

Dr Lake was appointed Non-Executive Chairman of Invictus on 1 August 2019 and has played a crucial role in the Company’s successful operations in Zimbabwe’s Cabora Bassa basin.

This includes his involvement in the signing of a Petroleum Exploration Development and Production Agreement and extending the licence area with the Sovereign Wealth Fund of Zimbabwe.

During his tenure, Invictus acquired new seismic data and carried out extensive pre-drill subsurface work, which de-risked the portfolio and resulted in a significant increase in prospective resources across the Company’s Cabora Bassa acreage.

This culminated with the drilling of the first conventional oil and gas exploration well in Zimbabwe, Mukuyu-1, which has already proven to be a working hydrocarbon system.

The Board has commenced a global search for suitable Chairperson candidates and anticipates an appointment to the role in the first quarter of 2023.

Dr Stuart Lake commented:
“Due to personal circumstances, I am unable to dedicate the necessary time and focus required for the increasingly demanding role and I will be stepping down from the Board.

“With the presence of hydrocarbons in our first exploration well, this is an opportune time for the Company to bring in a new Chairman with a complimentary skill set to lead the commercialisation efforts as the Company transitions from an explorer.

“I have full confidence in the leadership of the Company to manage, develop and optimise the opportunities going forward and wish our Company every success on its future pathway.”

 Managing Director Scott Macmillan added:
“The Board wishes to thank Stuart for his commitment to Invictus over the past three years.

“He has played a significant role in our history making exploration campaign in Zimbabwe, which has already proven a working hydrocarbon system in the Cabora Bassa basin.

“While Stuart is regretfully stepping away for personal reasons, I am pleased he will continue with us on this exciting exploration journey as a major shareholder as we look to unlock thepotential of the Cabora Bassa basin.

“We have commenced the search for suitable candidates to Chair the Company through the potential next phase of exciting growth as we look to build on our exploration success to date.”

KeyFacts Energy: Invictus Energy Zimbabwe country profile