Update on Schemes of Arrangement

Premier Oil plc

("Premier" or the "Group")

Update on Schemes of Arrangement ("Schemes")

16 January 2020

Premier announces that the convening hearing was held earlier today in connection with the Schemes required to implement the proposed UK North Sea Acquisitions, related funding arrangements and extension of its credit facilities (the "Proposed Transactions"), at which the Court granted Premier's request to start the scheme process. The Group will now convene the creditor meetings for the Schemes, to be held on 12 February 2020, with the Schemes sanction hearing expected to take place in March.

Since announcing the Proposed Transactions on 7 January, the level of support from creditors has continued to increase. Of the creditors subject to the Schemes, 86.03 per cent of Super Senior Commitments and 75.15 per cent of Senior Commitments have agreed to vote in favour of the Schemes at the creditor meetings. The Schemes must be approved by a majority in number and 75 per cent in value by total drawn and undrawn commitments of scheme creditors in each class attending and voting at those creditor meetings.

A copy of the explanatory statement in relation to the Schemes will be available for scheme creditors, free of charge, by contacting Lucid Issuer Services Limited, the information agent appointed in respect of the Schemes, at [email protected] or via the Schemes website www.lucid-is.com/premieroil.