LONDON Feb 4 The chief executive of Britain's
Premier Oil, Simon Lockett, has decided to step down
after nine years in the role, the company said on Tuesday.
Premier said Lockett would remain as CEO until a replacement
had been found, and that he would also take part in the
Lockett said in a statement he was "looking forward to
pursuing new business opportunities."
Premier struggled to hit production targets last year, twice
cutting forecasts due to problems at projects in Britain's North
Sea and Vietnam. Oil production for 2014 is expected to be flat
or at most grow 8 percent, due to maintenance and efficiency
issues in the wake of successive downgrades last year.
During Lockett's leadership, Premier's share price has
increased by over 140 percent, outperforming the FTSE 250 of
midcap shares, while average production has jumped 56
percent, the company said.