4th Feb 2014 07:54
LONDON (Alliance News) - UK-based exploration and production company Premier Oil PLC said Tuesday that Chief Executive Officer, Simon Lockett, has notified the board of his intention to step down.
The company said that Lockett will remain in the role until a successor has been identified and appointed by the board, in order to ensure a seamless transition.
Premier Oil said that the company has been transformed under Lockett's nine years of leadership, citing that production has grown from an average of 37.4 mboepd in 2004 to 58.2 mboepd in 2013, a 56% increase. Other notable operational highlights include; proven and probable reserves and resources have grown from 210 mmboe to 773 mmboe, a 268% growth; and operating cash flows risen from USD119 million in 2005 to USD808 million in 2012, a 580% improvement, said the company.
For the same period, Premier's share price rose more than 140%, outperforming the FTSEUR250.
Premier Oil shares last traded at 268.1 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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