Premier Oil announces that Simon Lockett, Chief Executive Officer, has notified the Board of his intention to step down.
Lockett has agreed to remain Chief Executive Officer until a successor has been identified and appointed by the Board, to ensure a seamless transition. Lockett has also agreed to assist the Board in their deliberations with respect to this appointment.
Under Lockett’s leadership the business has been transformed:
· 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.
Simon Lockett, Chief Executive Officer, commented:
“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.
“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.”
Mike Welton, Chairman, commented:
“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.”
Press Release, February 04, 2014