TIDMPMO

RNS Number : 6255S

Premier Oil PLC

09 July 2015

Premier Oil plc

(the "Company")

S430(2B) of the Companies Act 2006 - Andrew Lodge

Further to the announcement by the Company on 26 February 2015, Andrew Lodge stood down as an Executive Director and left the Company with effect from 30 June 2015.

The information required to be made available by section 430(2B) of the Companies Act 2006 is set out below.

In accordance with the service agreement of Andrew Lodge and the Remuneration Policy Report, the following has been agreed.

Payment in lieu of notice

Andrew Lodge had a 12 month notice period and the Company will be making a payment of 12 months' salary and benefits of GBP436,120 gross calculated as (a) base salary of GBP353,750 and (b) payment in lieu of benefits of GBP82,370 comprising car allowance, subsidised gym membership and pension.

The Company will continue to provide life assurance cover (plus up to GBP3,000 for tax payable by Andrew Lodge on this cover) and private medical insurance for the period of Andrew Lodge's notice on the same basis as currently provided.

2015 Annual Bonus Payment

Under the terms of his contract, Andrew Lodge is entitled to receive his annual bonus payment for 2015 which will be reduced on a time worked basis to reflect his departure date of 30 June 2015. The amount of his annual bonus will be confirmed in the 2015 Directors' Remuneration Report and will be worked out as follows:

-- in respect of the corporate target element of the bonus, the same percentage awarded to the other executive directors; and

-- in respect of the individual target element of the bonus, 15% of Andrew Lodge's annual salary as at 30 June 2015.

Long Term Incentive Awards

Andrew Lodge's existing share incentive benefits will be treated in accordance with the rules of the applicable plan and will remain subject to the terms contained therein. The 2013, 2014, and 2015 LTIP awards will be pro-rated on a time worked basis. These awards will vest, subject to performance, at their normal vesting date, in accordance with the good leaver provisions in the Company's LTIP rules. This information will be updated in the Directors' Remuneration Reports relating to financial years ending 31 December 2015, 2016 and 2017.

Pension - Related Benefits

In relation to the Company's contractual obligations to Andrew Lodge to provide a pension substantially as if he was a member of the defined benefit pension scheme without the earnings cap, the Company's obligations were settled by a lump sum payment of GBP338,200 gross.

Legal fees

Andrew Lodge will also receive a contribution of up to GBP5,000 plus VAT towards legal fees incurred in connection with his departure.

Further enquiries:

   Rachel Benjamin, Company Secretary          Tel: +44(0)20 7730 1111 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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