Walter Simpson will take on the chief executive reins at Drillsearch Energy following the departure of Brad Lingo earlier this year.

Simpson has been working in an acting CEO capacity since July. Simpson joined Drillsearch as COO in March 2015 from BG Group subsidiary QGC.

Drillsearch chairman Jim McKerlie said the board was confident Simpson could lead Drillsearch through its next phase of growth.

“Walter is a high-calibre executive with a wealth of experience in Australia and overseas and a huge passion for the oil and gas industry,” he said.

McKerlie said the board considered both internal and external candidates for the CEO position but became impressed with the leadership qualities that Simpson demonstrated during this time.

“These qualities, combined with Walter’s extensive experience in the oil and gas industry, convinced the board that he is undoubtedly the best choice to take Drillsearch forward,” he said.

Simpson has more than 30 years of experience in oil and gas, working in a number of roles in the industry for BG and other companies, including Baker Hughes and BP.

Before joining Drillsearch, Simpson was the operations/technical and commercial director for QGC.

Simpson said he was excited to be given the opportunity to lead Drillsearch.

“Drillsearch is an outstanding business, with an exceptional team, a robust financial position and a pipeline of organic growth opportunities across our core Cooper Basin operations, even during these challenging times,” he said.

“As CEO, my focus will be to ensure the successful execution of our long-term strategy, short-term plans, and the continuation of Drillsearch’s enviable track record of performance and growth.”

Drillsearch is Australia’s third biggest onshore oil producer, but like its peers, has suffered a significant decline in its share price value as a result of the oil price rout and persistent market volatility.

Despite a capital constrained environment, Simpson has put in place plans to grow Drillsearch’s production by more than 50% over five years.

The company aims to produce 2.8 million to 3.2 million barrels of oil equivalent in the 2016 financial year.