Statement re press speculation

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

Premier Oil plc

("Premier" or the "Group")

Statement re press speculation

15 September 2020

On 20 August 2020, Premier announced that it had agreed a heads of terms for a long term refinancing of the Group's debt facilities with a subset of its creditors representing over 45 per cent of the Group's debt facilities. The proposed refinancing remains subject to a number of matters, including creditor approval, which is progressing, shareholder approval and a minimum $325 million equity raise.

Premier notes this afternoon's press speculation and confirms that it has been in discussions with a number of third parties, including Chrysaor, regarding alternative forms of transactions to secure the long term refinancing of the Group's debt facilities. To date, terms of the transactions discussed do not, in Premier's opinion, provide better outcomes for either its shareholders or creditors than those proposed under the heads of terms announced on 20 August 2020.

Discussions on such transactions continue to be explored, in the best interests of all of Premier's stakeholders, but there can be no certainty that these discussions will reach agreement.

Enquiries

Premier Oil 020 7824 1116

Tony Durrant, CEO

Richard Rose, Finance Director

Camarco 020 3757 4983

Billy Clegg

Georgia Edmonds

The information contained within this announcement is deemed by Premier to constitute inside information as stipulated under the Market Abuse Regulation. By the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of Premier is Andy Gibb (General Counsel).

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