By J. Brock (FINN)
Premier Oil plc has announced that Simon Lockett, Chief Executive Officer, has notified the Board of his intention to step down. The announcement went on to say that Mr Lockett has agreed to remain Chief Executive Officer until a successor has been identified and appointed by the Board, to ensure a seamless transition. Simon has also agreed to assist the Board in their deliberations with respect to this appointment.
Mr Locketts leadership has transformed the business in many ways, including: " Production has grown from an average of 37.4 mboepd in 2004 to 58.2 mboepd in 2013, a 56% increase; " Proven and probable reserves have grown from 177 mmboe to 292 mmboe at the end of 2012, a 65% increase; " Proven and probable reserves and resources have grown from 210 mmboe to 773 mmboe, a 268% increase; and " Operating cash flows have risen from $119 million in 2005 to $808 million in 2012, a 580% increase. During the same period, Premier's share price has increased by over 140%, outperforming the FTSE250.
"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. Building a world class independent exploration, development and production company takes vision, dedication and passion, and I have attempted to bring these to my time as CEO of Premier. Simon Lockett commented: We can be proud of what we as a team have achieved but, after 9 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 the continued success of Premier."
"I would like to thank Simon on behalf of the Board, shareholders and staff for his enormous commitment and contribution to Premier over the past 9 years. The Board wishes Simon well as he moves on to new ventures and thanks him for acting to ensure a smooth transition for the business until his successor is appointed," said Mike Welton, the Chairman