Shares at North Sea operator Premier Oil rose nearly 9% yesterday in the wake of news the firm’s chief executive Simon Lockett is set to step down after nearly a decade at the helm.
The independent, whose assets include the Balmoral area fields as well as interests in the Huntington and Scott & Telford fields in the UK North Sea, saw its share price rocket 8.6% to 291.1p after the announcement of its chief executive’s departure.
The Premier chief told the Press and Journal he is looking forward to his next challenge, and says he wouldn’t rule out a move to heading up a major in Aberdeen.
“I believe now is an appropriate time for a change in leadership as the business moves into its next phase,” he said.
Mr Lockett, 49, joined Premier from Shell in 1994, taking on the role of chief executive in June a decade later.
He has agreed to remain in the role until a replacement has been found.
During his time as chief executive, 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.
“I’m really proud of what the team has achieved over the last nine years. As an organisation, we have built a significant quality business around the world,” Mr Lockett told the P&J.
He said his primary focus at the moment is helping Premier find a new chief executive and ensuring a smooth handover to his successor.
In response to the leap in Premier’s share price, he said: “That’s good news because it means my shares are worth a lot more. It’s positive.”