Share price weakness

This announcement has been determined to contain inside information

PREMIER OIL PLC

("Premier")

Share price weakness

24 February 2017

Premier notes the recent weakness in its share price. 

As per the timetable previously guided, the Private Lenders are currently going through their formal credit committee approval process in respect of locking up to the terms of the refinancing and good progress is being made. Premier is also in the process of finalising agreement to the amended terms of its convertible bonds with additional significant bondholders who are also expected to lock up shortly. Premier expects to provide a refinancing update to the market in the next few days.

Current operational performance remains strong with production year to date averaging over 79 kboepd against market guidance of 75 kboepd, which remains unchanged.