Premier Oil: No Senior Lenders Have Exited or Plan to Exit Loan Positions

By Ian Walker

LONDON--Premier Oil PLC (PMO.LN) said Tuesday that neither Lloyds Bank or any of its senior lenders have exited, or plan to exit their loan positions at this time.

The FTSE-250 listed independent exploration and production company added talks with various lending groups over its planned refinancing "continue to progress towards a near-term agreement of all parties." It added that the company had cash and undrawn facilities of about $800 million at June 30 and continues to have access to undrawn headroom under its main facility, with the agreement of its banks.

Premier was responding to recent press speculation and the fall in its share price. Reuters reported Monday that more lenders are selling out of the company's syndicated loans, as Premier struggles to complete a refinancing program.

Its shares are currently down 5.25 pence, or 8.9%, at 53.75 pence. They have fallen 13% over the past two days from Friday's close of 61.5 pence.

The company said it will provide a further update on Nov. 17 with its scheduled trading update.

Write to Ian Walker at [e-mail]; @IanWalk40289749

(END) Dow Jones Newswires

November 08, 2016 08:34 ET (13:34 GMT)

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