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01 Jul 2016

As previously announced, Premier is in discussions with its lending group on the terms of its existing financial facilities. These are progressing well.

The lending group has agreed that the test of Premier's financial covenants at 30 June 2016 will be waived and replaced by a test for the 12 month period ending 31 July 2016. This deferral allows further time to agree amendments to Premier's medium term covenant profile and the resetting of its debt maturities. In return for the proposed amendments, it is anticipated that additional security will be provided for existing debt holders.

Premier expects negotiations to conclude during Q3 2016. Further deferral of the covenant test date will be sought if required.

Premier continues to have access to undrawn funds within its Revolving Credit Facility (RCF) to allow the company to meet its ongoing funding requirements.

Enquiries

Premier Oil plc
Tony Durrant, Chief Executive
Richard Rose, Finance Director
Tel: 020 7730 1111

Bell Pottinger
Gavin Davis
Henry Lerwill
Tel: 020 3772 2570

01 Jul 2016 Lender discussions update (189KB PDF)

Premier Oil plc published this content on 01 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 July 2016 06:05:05 UTC.

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