UK-based oil and gas company Premier Oil, which is set to merge with rival Chrysaor, said Wednesday that its CEO Tony Durrant had stepped down from the Board of Directors, and would step down as CEO at the end of the month.
Richard Rose will be the Interim Chief Executive from January 1, 2021, until the completion of the proposed merger with Chrysaor, in addition to his current role as Finance Director.
As previously reported, Chrysaor and Premier Oil announced their all-stock merger proposal in October.
In a joint statement released at the time, Premier Oil and Harbour Energy, Chrysaor's largest shareholder, said the proposed merger would create the largest independent oil and gas company by production and reserves listed on the London Stock Exchange with combined production of over 250 kboepd as at June 30, 2020.
In a separate statement on Wednesday, Premier Oil said that the General Meeting of Premier’s shareholders to approve the transaction has been scheduled for January 12, 2021. Subject to all necessary approvals, the transaction is expected to complete by the end of the first quarter of 2021.
New name
On completion of the merger, Premier will be renamed Harbour Energy.
The Board of Harbour Energy will comprise 11 directors: six independent non-executive directors, two non-executive directors appointed by funds managed by EIG Global Energy Partners (“EIG”), and three executive directors.
Blair Thomas, currently CEO of EIG, will be the Chairman of the Combined Group from completion. Linda Cook will be CEO of Harbour Energy and Phil Kirk will be President and CEO Europe from completion. It is expected that a new Chief Financial Officer will be identified prior to the completion of the merger. Premier Oil said.
Harbour Energy’s Board will also include, from completion: Simon Henry (Senior Independent Non-Executive Director); Anne L Stevens (Independent Non-Executive Director); Anne Marie Cannon (Independent Non-Executive Director); G. Steven Farris (Non-Executive Director)
It is expected that each of the current non-executive directors of the Board of Premier Oil, other than Anne Marie Cannon, will step down from the Board with effect from the completion of the Transaction. It is expected that the three additional independent non-executive directors will be announced prior to completion.
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