UK Premier Oil's chief executive resigns

February 5, 2014

The chief executive of Britain's Premier Oil, Simon Lockett, will step down after nine years in the role, the company said on February 4, sending its shares up 9 percent, Reuters has reported.

The move comes at a time when the FTSE 250 oil company, with assets in the UK, Vietnam, Indonesia and Pakistan, has been stung by successive downgrades to production guidance in 2013 as well as disappointing forecasts for this year.

Premier's share price had lost 33 percent since last May before the announcement, with some investors calling for Lockett's resignation.

Lockett, who joined Premier in January 1994 from Shell , will remain as CEO until a replacement has been found, and will also take part in the selection process, the company said. Lockett said in the statement he was "looking forward to pursuing new business opportunities."

Copyright: Reuters, 2014