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Invictus hunts for new chairperson

Business
File pic: Hiring

INVICTUS Energy — the Australia-based resources outfit that is hoping to make Zimbabwe’s first oil find — has commenced a “global search” for a new chairperson to replace Stuart Lake who resigned recently due to personal reasons.

Lake, who stepped down effective November 28, 2022, was appointed non-executive chairperson of Invictus on August 1, 2019 and he played a crucial role in the company’s successful operations in Zimbabwe’s Cabora Bassa basin.

This, according to the firm, 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 predrill 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 in 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,” the company said in a recent statement.

Invictus managing director Scott Macmillan said Lake 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 the potential 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.”

Lake said due to personal circumstances, he was unable to dedicate the necessary time and focus required for the increasingly demanding role. “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 complementary skillset to lead the commercialisation efforts as the company transitions from an explorer,” he said.

He expressed full confidence in the leadership of the company to manage, develop and optimise the opportunities going forward.

Former Delta chief executive officer, Joe Mutizwa, a non-executive director at the miner, is the deputy chairperson.

 

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