Premier Oil has announced that its current CEO Simon Lockett will be resigning following the appointment of a successor. The company did not specify a specific reason for his resignation. The company might provide further details at its Capital Markets Day on Thursday 06 January 2014. <p>
The appointment of a new CEO might lead to a change of strategy and perhaps address the share price’s underperformance relative to its peers. The company may especially have to address its exploration strategy. In the meantime we will be making no adjustments to our valuation and BUY recommendation. At current levels, it is trading at a significant discount to our core NAV valuation of 425p per share.
Merrion Stockbrokers Limited (registration no. 307878)
is a limited liability company whose registered office is at
Block C, The Sweepstakes Centre, Ballsbridge, Dublin 4, Ireland.