Premier Oil has appointed its finance director Tony Durrant to replace its departing chief executive.
Earlier this year, Simon Lockett announced he would be stepping down from the post after nearly 20 years with the company.
But he deferred his departure until a replacement was found for the role he has held since 2004.
Durrant, who joined Premier in 2005, will take over the role with immediate effect.
“I am delighted to take on this role and to build on the already strong foundations that have been put in place,” Durrant said.
“Along with the team, I will be driving the business forward by maintaining our good recent momentum and, in due course, will update shareholders on the actions we will be taking to further Premier’s next stage of development.”
Under Lockett’s leadership the North Sea operator has seen its production increase by 56% and share price rise over 140%, the company said in February.
“The process to appoint Simon Lockett’s successor has been rigorous and comprehensive, including both internal and external candidates,” said Mike Welton, Premier Oil’s chariman.
“I would also like to express thanks to Simon, on behalf of the board, shareholders and staff for his enormous commitment and contribution to Premier over the past nine years. The board wishes Simon well as he moves on to new ventures and thanks him for helping to ensure a smooth transition for the business.”
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