Premier Oil CEO, Simon Lockett, announced his plans to step down from the company once a successor can be found.
Lockett's move follows Premier Oil's concept select decision on the Sea Lion development, a 394MM boe project, in 450m water depth, 200km north of the remote Falkland Islands.
Marking Lockett's achievements during his nine-year tenure as CEO at Premier, the company said he had grown production from an average 37,400 boe/d in 2004 to 58,200 boe/d in 2013, a 56% increase.
Proven and probable reserves have grown from 177MM boe to 292MM boe, at the end of 2012, a 65% increase. Proven and probable reserves and resources have grown from 210MM boe to 773MM boe, a 268% increase.
Lockett said:“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. After nine years, I believe now is an appropriate time for a change in leadership as the business moves into its next phase.”
Simon Lockett joined Premier in January 1994, from Shell, and has worked in a variety of roles for Premier, including the management of investor relations, as commercial manager in Indonesia, and as country manager in Albania.
He became a member of the Premier board in December 2003, as Operations Director. He was appointed Chief Executive in March 2005. Mr Lockett is a member of Premier's Nomination Committee.
Sea Lion
Premier Oil says detailed planning is ongoing on development drilling and production facilities design for Sea Lion.
In January 2014, Premier announced that a development concept using a tension leg platform (TLP), with an integral drilling rig, had been selected.
Premier, and its associated partners, are now moving into FEED, ahead of scheduled project sanction in 2015. Once onstream, the field is expected to reach a gross production plateau rate of 80-85,000 bbl/d.
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