29 Apr 2020 13:54
Premier Oil plc
"Premier" or the "Group"
Court approves Schemes of Arrangement
29 April 2020
Premier is pleased to announce that the Court of Session in Edinburgh has today approved 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 (the "Schemes").
Premier notes that the single dissenting party has announced its intention to appeal the Court's judgment and, until that appeal process has concluded, the Group is unable to register the Court's order with Companies House.
Once the Court's order is registered the Schemes will become effective and the order will provide the necessary lender consents for Premier to carry out the proposed transactions, each of which themselves are subject to a number of conditions, including shareholder approval and the completion of an equity raise. Premier continues to assess the viability of satisfying those conditions and therefore of completing the proposed transactions in light of the current market conditions.
The Group will provide a further update to the market in due course.
Tony Durrant, CEO, commented:
"We are very pleased to have secured the Court's endorsement. This underlines the strength of our legal case and demonstrates that we are able to use a scheme of arrangement as a mechanism to secure lender consent for transactions designed to improve the business. We look forward to the early disposition of the appeal so that we can proceed to register the Court's order. We are also grateful for the continued support shown by the majority of our creditors in relation to the Schemes."
Enquiries
Premier Oil plc
Tony Durrant, CEO
Richard Rose, Finance Director
Tel: 020 7824 1116
Camarco
Billy Clegg
James Crothers
Tel: 020 3757 4983