Shares at North Sea operator Premier Oil were on the up this morning in the wake of news the firm’s chief executive Simon Lockett is set to step down after nearly a decade at the helm of the independent.
Mr Lockett has agreed to remain in the role until a replacement has been found and appointed by the board
During his time in the role – he took on the chief executive position in 2004 – average production has increased by 56% to 58.2 million barrels of oil equivalent per day, and proven and probable reserves have risen by 65% to 292million barrels.
“It has been a privilege to lead Premier during a transformational period in the company’s history, through the global financial crisis and Premier’s 75-year anniversary,” said Mr Lockett.
“We can be proud of what we as a team have achieved but, after nine years, I believe now is an appropriate time for a change in leadership as the business moves into its next phase.
“I am also looking forward to pursuing new business opportunities but in the meantime will continue to devote all my energies to ensuring a continued success for Premier.”
Last month Premier appointed two new non-executive directors to its board.
Ann Marie Cannon, who has more than 30 years experience working in energy and banking roles at Shell, British Borneo and most recently Morgan Stanley, joined the board on February 1 while David Barnford will join the firm on May 1.
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