Update on Schemes of Arrangement

Premier Oil plc

"Premier" or the "Group"

Update on Schemes of Arrangement

6 May 2020

Premier reports that following the approval of the creditor schemes of arrangement required to implement the proposed UK North Sea Acquisitions, related funding arrangements and extension of the Group's credit facilities by the Court of Session in Edinburgh on 29 April 2020, the single dissenting party (Asia Research & Capital Management) has now lodged an appeal of the Court's judgment.

Premier notes that the Standby Underwriting Agreement entered into on 7 January 2020 in connection with the associated equity raise had an initial term of 120 days and therefore lapses today. Premier continues to work with its underwriters with the objective of entering into new underwriting arrangements if required once the outcome of the appeal process is known.

The Group will issue its Trading and Operations update for the period to the end of April on 13 May.

Enquiries

Premier Oil plc

Tony Durrant, CEO

Richard Rose, Finance Director

Tel: 020 7824 1116

Camarco

Billy Clegg

Georgia Edmonds

James Crothers

Tel: 020 3757 4983