PMO.L Regulatory News (PMO)

PREMIER OIL PLC

("Premier" or "the Company")

Refinancing update

15 June 2017

Result of General Meeting

Premier announces that, in connection with its proposed refinancing, a General Meeting of the Company was held earlier today. 

The ordinary resolution to approve the potential allotment of new shares in connection with the issue of warrants to certain creditors and in connection with amendments to the terms of Premier's convertible bonds was decided on a poll and passed by shareholders at the General Meeting.

The total number of shares in issue on 13 June 2017, the deadline for casting votes by proxy in advance of the General Meeting, was 510,824,261 shares. A total of 145,113,043 votes were validly cast representing 28.41% of the Company's issued share capital as at 13 June 2017.

* Votes Withheld are not votes in law and are not counted in the calculation of the properties of the votes 'For' and 'Against' the resolution.

In accordance with Listing Rule 9.6.2, a copy of the resolution passed will shortly be submitted to the National Storage Mechanism and will be available for viewing at www.Hemscott.com/nsm.do. The poll result will also be available on the Company's website at www.premier-oil.com.

Amendments to terms of convertible bonds approved

Premier is pleased to announce that the amendments to the terms of its $245m Convertible Bonds have been approved by bondholders by way of a written resolution under the terms of the Convertible Bond Trust Deed. Accordingly, the Convertible Bondholder Meeting previously scheduled to be held at 11am on 21 June 2017 is no longer required and has been cancelled.

Outlook

As previously announced, the Scheme Creditors vote will take place on 26 June and the requisite majority by value of the Scheme Creditors has already been obtained via the lock up agreements, committing them to vote in favour of the proposed refinancing. The Scheme sanction hearing is scheduled for 18 July, being a date set according to the Scottish court rules, with an anticipated effective refinancing date of 28 July.

IMPORTANT NOTICE

This announcement is for information purposes only and is not intended to, and does not constitute or form part of, any offer or invitation to purchase or subscribe for, or any solicitation to purchase or subscribe for, any warrants or shares or any other securities of Premier Oil plc. The information contained in this announcement is not for release, publication or distribution to persons in the United States and should not be distributed, forwarded to or transmitted in or into the United States or any jurisdiction where to do so might constitute a violation of local securities laws or regulations. The securities have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or with any securities regulatory authority of any state or any other jurisdiction of the United States, and may not be offered, sold, resold, pledged or otherwise transferred in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with all applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of any securities in the United States.