Purchases of Shares

13 March 2014

Premier Oil plc

Purchases of Shares

On 27 February 2014, Premier Oil plc (the "Company") announced that the Board had approved a share buyback programme of up to £75 million of ordinary shares, to be reviewed on a quarterly basis by the Board. Further to that announcement the Company has now entered into a non-discretionary arrangement as part of this buy-back programme to repurchase, independently of and uninfluenced by the Company, ordinary shares in the Company. The share purchases, which will commence today, will be made on the Company's behalf and in accordance with the arrangement. The shares purchased will then be cancelled by the Company.

Any share purchases effected pursuant to the arrangement will be effected in a manner consistent with both the general authority vested in the Company to repurchase shares and Chapter 12 of the United Kingdom Listing Rules. The terms of the buy-back programme may only be amended or terminated by the Company when the Company is not in a prohibited period.

Further enquiries:

Premier Oil plc

Tel: 020 7730 1111

Tony Durrant

Bell Pottinger

Tel: 020 7861 3232

Gavin Davis

Henry Lerwill