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Tony Durrant, CEO of Premier Oil

Premier Oil has appointed finance director Tony Durrant to be the next CEO effective immediately, the company announced on Wednesday.

Durrant is taking over from Simon Lockett, who announced his departure in February.

During Lockett’s nine-years as CEO, the company saw production increase 56% and share price rise over 140%.

Durrant has been with Premier since June 2005.

“I believe now is an appropriate time for a change in leadership as the business moves into its next phase. I am also looking forward to pursuing new business opportunities, but in the meantime will continue to devote all my energies to ensuring the continued success of Premier,” Lockett said at the time of his resignation.