Australia Stock Exchange listed oil and gas exploration junior Invictus Energy Limited Chairman Dr Stuart Lake has stepped down from the company via a speech delivered at the company’s Annual General Meeting (AGM).
The Invictus chairman recommended the company appoint a leader that is going to take it to the next level because it is nearing oil and gas discovery.
The following is Dr Lake’s speech,
“It has been my sincere honour to serve as a Non-Executive Director and the Chairman of Invictus Energy, and I am grateful to Scott Macmillan, our CEO, Mukoma Joe Mutizwa, the Deputy Chairman for his continued in-country support, Gabriel Chiappini Non-Executive Director and Company Secretary and prior Board members for this opportunity.
‘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 effective Monday, 28 November 2022. 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 skill set to lead the commercialisation efforts as the Company transitions from an explorer.
‘I have been fortunate to work collaboratively and strategically with my fellow board members on many positive and meaningful accomplishments during my tenure, including the signing of the PEDPA, finalising the PPSA, acquiring new seismic, receiving four farm-in offers, extending the licence area with the Sovereign Wealth Fund, conducting extensive pre-drill subsurface work to de-risk the portfolio and of course, drilling the first exploration well in Zimbabwe.
‘The well is hopefully the first step towards energy independence for Zimbabwe and the ability for Zimbabwe to supply energy to adjacent countries. The Government of Zimbabwe, our local partner One Gas Resources led by Paul Chimbodza and the local community support have been pivotal to this shared success. I thank those stakeholders and our shareholders for their continued support.
‘ 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. I am a significant shareholder of the Company and intend on being a long-term shareholder and supporting the Company as it grows.
‘ While I am regrettably stepping down due to personal reasons, should my circumstances change, I would have no hesitation in re-joining the board of Invictus if there is an opportunity for me to do so.”