Revised conversion price for convertible bonds

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PREMIER OIL PLC

("Premier")

Revised conversion price for Premier's convertible bonds

23 March 2017

Further to the announcement on 1 March 2017 setting out the proposed changes to the terms of its $245m convertible bonds, Premier today confirms the amended conversion price will be 74.71p, a premium of 20% to the volume weighted average price of Premier's shares over the period from 1 March to 22 March 2017 (inclusive). The exchange rate to be used on any future conversion of the bonds will be re-set to a fixed rate of $1.2280/£. 

As previously announced, Premier will seek to implement the amendments to the terms of the convertible bonds by way of extraordinary resolution at a meeting of the convertible bondholders. The amendments will become effective on completion of Premier's refinancing.