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Proposed acquisitions & creditor agreements update

2 Jul 2020 07:00

RNS Number : 7836R
Premier Oil PLC
02 July 2020
 

Premier Oil plc

"Premier" or the "Company" or the "Group"

Update on proposed acquisitions and creditor agreements

2 July 2020

 

 

Premier is pleased to announce that the Group's creditors have approved the acquisition of the Andrew Area and Shearwater assets (together, the "BP acquisitions") under the amended terms. The BP Acquisitions remain conditional on finalisation of the sale and purchase agreement, the refinancing of Premier's existing credit facilities, equity funding and customary other approvals, including shareholder approval.

 

Premier also has the support from a subset of its creditors on the terms of the "Stable Platform Agreement" to waive the Company's financial covenants through to 30 September 2020. This has been put to the creditor group for their formal approval by 8 July 2020. Under its current financing arrangements, Premier is required to provide a covenant compliance certificate to its lenders within 90 days of 30 June.

 

Separately, Premier notes today that it will not be pursuing the purchase of the additional 25 per cent interest in Tolmount from Dana Petroleum, following the termination of the Escrow Agreement on 30 June 2020.

 

EnquiriesPremier Oil plcTony Durrant, CEORichard Rose, Finance DirectorTel: 020 7824 1116

 

CamarcoBilly CleggGeorgia EdmondsJames CrothersTel: 020 3757 4983

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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