Update on the Sale of Wytch Farm

PREMIER OIL PLC

("Premier")

Update on the Sale of Wytch Farm

20 November 2017

Premier is pleased to announce that it has today entered into a sale and purchase agreement to sell its interests in Licences PL089 and P534, containing the Wytch Farm field, to Perenco UK Limited on materially the same terms as have been previously disclosed in an announcement released on 12 September 2017 and in a trading update released on 16 November 2017. These include unchanged cash consideration of US$200 million and the release of Premier from letters of credit totalling approximately US$75 million (the "Disposal").

As the Disposal constitutes a class 1 transaction for Premier under the Listing Rules, a circular setting out further information regarding the Disposal and containing the Notice for a General Meeting is expected to be posted to shareholders tomorrow.