Deferral of Financial Covenant Test

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PREMIER OIL PLC

("Premier" or "the Group")

Deferral of Financial Covenant Test

1 February 2017

As anticipated, Premier has received a monthly deferral in respect of the test of its financial covenants with the test for the 12 month period ending 31 January 2017 waived and replaced by a test for the 12 month period ending 28 February 2017.

Premier expects to announce full details of the commercial terms of its refinancing within the next few days.