Deferral of Financial Covenant Test

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PREMIER OIL PLC

("Premier" or "the Company")

Deferral of Financial Covenant Test

30 November 2016

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 30 November 2016 waived and replaced by a test for the 12 month period ending 31 December 2016. As stated in our trading update on 17 November the Company is making good progress in finalising revised terms of its financial facilities and agreements. Premier expects to continue to receive monthly deferrals until negotiations with its lending group conclude.