RBC Capital Markets comments on Premier Oil CEO appointment

RBC Capital Markets

Following the appointment of Tony Durrant as CEO of Premier Oil, Nathan Piper, an analyst with RBC Capital Markets, made the following comments on the executive change:

“In our view, Tony Durrant's appointment as CEO, validated by an extensive internal and external search process, makes sense. It allows the company to continue to focus on delivering its revised strategy outlined at the February Capital Markets Day that has seen the share price increase over 20% since the lows of early February. Near term, we anticipate limited changes to this strategy.

Tony Durrant appointed chief executive of Premier Oil: The board of directors has announced the appointment of Tony Durrant as chief executive of Premier Oil with immediate effect. Tony joined Premier in 2005 serving as finance director, prior to which he was head of the European Natural Resources Group at Lehman Brothers. The appointment follows the announcement on Feb. 4 when Simon Lockett announced his intention to step down as CEO.

Delivering on 2014 strategy: Following a difficult 2013, Premier has established a clear strategy this year, elements of which include 1) achievable production targets (currently producing 3-4kboe/d ahead of guidance), 2) commitment to farm down Sea Lion (interested parties requested early look at data, ahead of in-depth data room later in 2014), 3) return value to shareholders through buybacks and dividends, 4) $300 million non-core asset sales, 5) complete refinancing (expected imminently), and 6) a disciplined approach to exploration spend.

Search for new finance director begins: Following the appointment of Tony Durrant, we understand the company will look to find a replacement finance director shortly with some potential candidates already identified.”



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