Image sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Invictus Energy has appointed Dr Stuart Lake as Non-Executive Chairman effective from August 1 2019
  • Dr Lake brings over 34 years of experience in the petroleum industry
  • Yesterday, Invictus released its June quarterly report which outlined a significant increase in total resources at its Mzarabani Prospect in Africa
  • The prospect is estimated to contain 8.2 trillion cubic feet and 250 million barrels of gas

Invictus Energy has appointed Dr Stuart Lake as Non-Executive Chairman, effective from August 1 2019.

Dr Lake has over 34 years of global experience in the petroleum industry and brings significant expertise, having operated on assets in 20 countries.

He brings a combination of in-depth technical knowledge and a significant track record as an oil and gas finder. His success rate is 90 per cent, spanning over 300 wells in 11 countries.

Dr Lake has held a variety of roles in international oil and gas companies and was most recently CEO of AGM Petroleum.

During his time at AGM, he brought in Petrica Energy as the main shareholder for the Tano Block in Ghana. Dr Luke also obtained over 2000 square kilometres of 3D seismic survey data, which led to a new oil discovery for the company.

Before his role at AGM, Dr Lake was CEO of African Petroleum where he successfully concluded a number of farm-outs and commercial deals.

He also successfully transferred the company to the Oslo Bors in Norway from the National Stock Exchange.

Between 2009 and 2013 he served as Vice President of Exploration in the Hess Corporation and led prosperous exploration campaigns at seven deep-water discoveries in Ghana and 30 onshore discoveries in Russia.

Before this however, Dr Lake spent four years in the Apache Corporation overseeing Global New Ventures and exploration activity in Argentina and Chile.

He also spent over 19 years at Shell International where he held a variety of positions from exploration and production to Vice President of Shell in Russia.

Commenting on Dr Lake’s appointment, Managing Director Scott Macmillan is pleased to welcome him.

“He has an outstanding track record of finding oil and gas globally,”

“His recent exploration success in Ghana and farm-out deals across Africa will be pivotal to our success during the next exciting phase of Invictus and our development as a company,” he said.

Just yesterday, Invictus also released its June quarterly report.

The report outlined the significant increase in total resources at its Mzarabani Prospect in Africa, which was estimated from third party Getech Group.

The prospect is estimated to contain 8.2 trillion cubic feet and 250 million barrels of gas.

It has been described by Invictus management as ‘one of the largest conventional exploration targets globally’.

Invictus also signed a gas sale memorandum of understanding with Zimbabwe based Sable Chemical, to supply Sable with 35 million cubic feet of gas per day.

Shares in Invictus are up five per cent, trading for 4.2 cents at 11:38am AEST – with a market cap of $15.64 million.

IVZ by the numbers
More From The Market Herald
The Market Herald Video

" Metgasco (ASX:MEL) and Vintage Energy (ASX:VEN) JV receive ministerial approval for PRL 211 acquisition

Joint Venture parties Vintage Energy (ASX:VEN), Metgasco (ASX:MEL) and Bridgeport have received ministerial approval to acquire Beach…

" Beach Energy (ASX:BPT) grows revenue despite production fall

Beach Energy (BPT) has seen its quarterly production fall seven per cent to 5.3 million barrels…
Beach Energy (ASX:BPT) - CEO, Morné Engelbrecht

" Beach Energy (ASX:BPT) appoints Morné Engelbrecht as CEO

Following an extensive international recruitment process, Beach Energy (ASX:BPT) has appointed Morné Engelbrecht as Chief Executive…

" Beach Energy (ASX:BPT) profit jumps 66pc in first half of FY22

Beach Energy (ASX:BPT) has seen its profit jump 66 per cent to $213 million for the…