PMO.L Regulatory News (PMO)

PREMIER OIL PLC

("Premier" or the "Company")

Completion of the sale of Wytch Farm

21 December 2017

Premier is pleased to announce that following the receipt of all necessary approvals, the sale of its interests in Licences PL089 and P534 (containing the Wytch Farm field) to Perenco UK Limited has now completed.

As previously announced, the sale proceeds of US$200 million (before taking into account certain customary financial adjustments including working capital adjustments) will be used to pay down the Company's existing debt. In addition, Premier will release letters of credit totalling approximately US$75 million, which were issued in relation to future decommissioning liabilities which have now been transferred to the purchaser.