Completion of the acquisition of assets from E.ON

29 April 2016

Premier Oil plc

('Premier' or the 'Company')

Completion of the acquisition of UK North Sea assets from E.ON

The Board of Premier is pleased to announce that following receipt of all necessary approvals, the acquisition of the UK North Sea assets from E.ON has now completed.

Tony Durrant, Chief Executive, commented:

"We are pleased to have completed the acquisition of the UK North Sea assets from E.ON which strengthens Premier's position in the UK North Sea, adding high quality assets at a compelling valuation of only $1.6/boe. The acquired assets have had a strong start to 2016, performing ahead of expectation, adding immediate cash generative production of over 17 kboepd and provide future opportunities to enable us to deliver value for our shareholders."

For further information please contact: