Creditor support for proposed merger with Chrysaor

Premier Oil plc

"Premier" or the "Company"

Creditor support for the proposed merger with Chrysaor

3 November 2020

Further to Premier's announcement of 6 October 2020, the Company is pleased to announce that it has received the requisite level of support from each class of its creditors for the proposed merger of Premier and Chrysaor Holdings Limited and the reorganisation of Premier's existing finance arrangements with those creditors entering into a binding support letter. 

Under the support letter the creditors have, among other things, irrevocably undertaken to vote in favour of the Court-approved restructuring plans, and have agreed to waive Premier's financial covenants until completion of the Transaction. As such, the merger agreement between Premier, Harbour, funds managed by EIG and Chrysaor has been released from escrow.

Premier will launch the restructuring plan processes through the issuance of a practice statement letter, immediately after the Prospectus for the Transaction is published, which is currently anticipated by the end of 2020. The Transaction is expected to complete by the end of Q1 2021.

Terms defined in the announcement of 6 October shall have the same meaning in this announcement.

Enquiries

Premier Oil plc

Tony Durrant, CEO

Richard Rose, Finance Director

Tel: 020 7824 1116

Camarco

Billy Clegg

Georgia Edmonds

Tel: 020 3757 4983