Rule 2.10 Disclosure

11 October 2011

Rule 2.10 Disclosure:

U.S. $250,000,000 2.875 per cent. Guaranteed Convertible Bonds (the "Bonds") due in 27 June 2014 issued by Premier Oil Finance (Jersey) Limited unconditionally and irrevocably guaranteed by Premier Oil plc ("Premier")

In accordance with Rule 2.10 of the Takeover Code, Premier confirms that US$250,000,000 represents the principal amount of the Bonds currently in issue and admitted to trading on the Professional Securities Market of the London Stock Exchange under the International Securities Identification Number (ISIN) XS0304206161. Each US$1000 principal amount of a Bond may at the option of the holder, subject to the applicable terms and conditions of the Bonds, be converted indirectly into Premier shares at the current exchange price of £3.39 per Premier share. This exchange price is subject to adjustment as detailed in the terms and conditions of the Bonds.

There are currently 468,052,032 Premier shares in issue and admitted to trading on the main market of the London Stock Exchange under the International Securities Identification Number (ISIN) GB00B43G0577. Certain Premier shares in issue are represented by ADRs under the International Securities Identification Number (ISIN) US7405361079.