Refinancing update - Results of Scheme Meetings

PREMIER OIL PLC

("Premier")

Refinancing update - Results of Scheme Meetings

26 June 2017

Premier announces that, in connection with its proposed refinancing, the Scheme Meetings of the Super Senior Scheme Creditors and Senior Scheme Creditors (together the "Scheme Creditors") of Premier and Premier Oil UK Limited ("POUK") were held earlier today. 

The Scheme Meetings were held for the purpose of proposing resolutions to the Scheme Creditors to approve the schemes of arrangement under Part 26 of the Companies Act 2006 between Premier and POUK and the Scheme Creditors as set out in the Explanatory Statement dated 30 May 2017.

The resolutions at each of the Scheme Meetings were approved by the relevant majorities of the Scheme Creditors being a majority in number representing at least 75% in value of those present and voting (in person or by proxy). The schemes of arrangement were approved at the Scheme Meetings of the Super Senior Scheme Creditors by 100% in value of those voting and at the Scheme Meetings of the Senior Scheme Creditors by approximately 99.9% of those voting. 100% in value of the Super Senior Scheme Creditors voted. Approximately 98.1% in value of the Senior Scheme Creditors voted and approximately 0.4% in value of the Senior Scheme Creditors abstained.

As previously announced, following today's approval by the Scheme Creditors, the Scheme sanction hearing at the Court of Session in Scotland is scheduled for 18th July, being a date set according to the Scottish court rules, with the refinancing anticipated to become effective shortly thereafter on 28th July.