Loyz Energy Limited (Loyz Energy or the Group), a fast-growing Singapore-based upstream energy group, announced Monday that it has appointed Simon Charles Lockett as the Group’s deputy chairman and independent director, with effect from Dec. 1.
Adrian Lee, the Group’s managing director, said: “Since he became an adviser to the board of directors (Board) of Loyz Energy in August, Lockett has provided both impetus and inspiration, helping to shape and advance our ongoing plans to grow the Group’s revenues and concessions portfolio. With Lockett helming the Board, we expect to make even greater strides towards our goal of becoming a reputable player in the industry, bolstered by his singular expertise and experience in the oil and gas (O&G) sector.”
Previously, Lockett was CEO of Premier Oil Plc, a leading O&G exploration and production company listed on the London Stock Exchange. While in charge, he was able to significantly boost production, which grew from 37,000 barrels of oil equivalent per day (boepd) in 2004 to 58,200 boepd in 2013, while operating cashflows increased from $205 million (GBP 119 million) in 2005 to $1.35 billion (GBP 808 million) in 2012. Meanwhile, Premier’s share price rose by more than 140 percent, outperforming the FTSE 250 Index.
The Group’s outgoing Chairman, Vincent Lien Jown Jing, will also retire as an independent director of the Board with effect from Dec. 1. Lien is stepping down due to additional responsibilities with a third party which may result in a potential conflict situation.
Lee noted: “Lien has played a key role in a slew of recent initiatives by Loyz to expand its reach and tap fresh income streams, while working tirelessly to enhance the Group’s standing within the industry in Asia and beyond. The Board stands united in thanking Lien for his staunch efforts on the Group’s behalf, as well as his steadfast conviction in our ability to distinguish Loyz as an enterprise to watch in the upstream energy sector.”
On picking up the mantle, Lockett said: “Loyz Energy has made such exceptional progress in the past year alone that it is now well on its way to achieving many of the targets set out originally. The journey ahead is one that we shall all look forward to, and I see Loyz Energy marking further milestones, despite the challenging environment, as we fully exploit our existing assets and seek out other producing concessions to bolster earnings growth.”
The Group recently reported a net attributable profit (PATMI) of $0.5 million for the first quarter ended Sept. 30 (1Q FY15). This healthy performance was driven largely by contributions from its Thai assets, which brought overall revenue to $6.9 million and EBITDAX (earnings before interest, taxation, depreciation, amortization and exploratory expenses) to $4.5 million. The Group owns 20 percent of three producing concessions in Thailand, which lie in the Phetchabun Basin north of Bangkok.
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