Premier Oil PLC Result of Scheme Meetings (7982C)

TIDMPMO

RNS Number : 7982C

Premier Oil PLC

12 February 2020

Premier Oil plc

("Premier")

Result of Scheme Meetings

12 February 2020

Premier announces that the Scheme meetings of the Super Senior Scheme Creditors and Senior Scheme Creditors (together the "Scheme Creditors") of Premier and Premier Oil UK Limited, were held earlier today.

The Scheme meetings were held for the purpose of proposing resolutions to the Scheme Creditors to approve the schemes of arrangement (the "Schemes") required to implement the announced UK North Sea Acquisitions, related funding arrangements and extension of Premier's credit facilities.

The resolutions at each of the Scheme meetings were approved by the relevant majorities of the Scheme Creditors in each class being a majority in number representing at least 75% in value of those present and voting (in person or by proxy):

-- Of the Super Senior Scheme Creditors, 86.81% in value of those voting approved the Schemes with 99.30% in value voting.

-- Of the Senior Scheme Creditors, 83.86% of those voting approved the Schemes with 96.51% in value voting.

The Schemes remain subject to approval by the Scottish Court of Session with the sanction hearing currently scheduled to commence on 17 March 2020.

Enquiries

   Premier Oil plc                                                                 Tel: [phone] 

Tony Durrant, CEO

Richard Rose, Finance Director

Camarco Tel: [phone]

Billy Clegg

James Crothers

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February 12, 2020 08:14 ET (13:14 GMT)