News Column

New Premier Oil boss poaches finance chief from rival Ophir

July 28, 2014


PREMIER Oil, the FTSE 250-listed energy explorer, will today announce that it has hired Richard Rose from Ophir Energy to be its finance director, just three months after rejecting a takeover bid from the rival firm.

Premier's chief executive Tony Durrant was promoted from finance director last month, leaving a vacancy. He replaced Simon Lockett who left amid shareholder fury at missed forecasts and production downgrades.

Rose, a former RBC analyst who is well-known in the City, became head of investor relations at Ophir last year. Before RBC, Rose was one of the founder shareholders of Oriel Securities.

Premier rejected a takeover approach from Ophir back in April, which would have created a 3bn combined oil and gas explorer.

Premier was thought to have snubbed the plan due to a lack of strategic fit between the two firms, partly due to geographic disparities. Premier has a large project in the Falklands, while Ophir is developing a field off Tanzania.

Earlier this month, Premier said it had sold its minority stakes in three UK North Sea fields to Hungarian oil and gas group MOL for $130m (76.1m), as part of its $300m divestment programme.

Deutsche Bank analysts said at the time that while the sale price was at a discount to their estimates, the deal gave "confidence that despite a period of leadership change, delivery of key targets are on track".

Premier's shares closed 1.1 per cent lower at 323.60p on Friday.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: City A.M. (UK)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters