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[February 05, 2014]
Premier Oil chief executive steps down after nine years at the top
(City A.M. (UK) Via Acquire Media NewsEdge) THE CHIEF executive of Premier Oil is to step down after nine years at the helm, the FTSE 250-listed energy explorer said yesterday.
Simon Lockett, who is leaving to pursue new business opportunities, has agreed to remain in the role until a successor has been found by the board, to ensure a smooth transition.
"It has been a privilege to lead Premier during a transformational period in the company's history," said Lockett.
During his tenure, production at the business grew by 56 per cent, while cash flows rose by 580 per cent to $808m (£495m) in 2012.
"In our view Simon Lockett presided over a positive transition at Premier Oil where it became a more focused business," said Nathan Piper, analyst at RBC Capital Markets.
"He also completed transformational deals including the acquisition of Oilexco and EnCore that relaunched Premier as a major player in the North Sea and lead to the Catcher discovery." Shares closed up 8.58 per cent.
(c) 2014 City A.M.
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