TIDMPMO

RNS Number : 1235G

Premier Oil PLC

27 February 2015

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

Premier Oil plc (the "Company")

LONG TERM INCENTIVE PLAN - PERFORMANCE SHARE AWARDS AND EQUITY POOL AWARDS

Performance Share Awards and Equity Pool Awards have been granted to the Executive Directors named below under the Company's Long Term Incentive Plan (the "Plan"). The Performance Share Awards and Equity Pool Awards were granted on 27 February 2015.

Performance Share Awards are subject to a Total Shareholder Return ("TSR") performance condition which will require the Company's TSR to be at least at the median of a comparator group of international oil and gas sector peers over a three year performance period.

Equity Pool Awards are based on an allocation of points in the Equity Pool. The funding of the Equity Pool is based on three-year annualised compound growth in the Company's equity value per share over a three year performance period. Threshold performance requires compound growth in the Company's equity value per share of at least 10 per cent per annum at which point 1 per cent of the growth is credited to the Equity Pool.

Full details regarding the LTIP and performance criteria are available in the Directors' Remuneration Report contained within the Annual Report and Financial Statements available on the Company's website.

50% of any shares vesting from the Equity Pool Award and Performance Share Award will be subject to a mandatory deferral period of three years and will be eligible for a discretionary Matching Share Award, awarded as shares and subject to a further three year performance period.

 
 Director          Number of Points awarded under the Equity Pool      Number of Performance Shares awarded under the 
                           Award (% of total Equity Pool)                                  Plan* 
 Tony Durrant                      900.00 (6.00%)                                         510,161 
                 --------------------------------------------------  ------------------------------------------------- 
 Robin Allan                       637.50 (4.25%)                                         264,308 
                 --------------------------------------------------  ------------------------------------------------- 
 Neil Hawkings                     637.50 (4.25%)                                         264,308 
                 --------------------------------------------------  ------------------------------------------------- 
 Andrew Lodge                      637.50 (4.25%)                                         264,308 
                 --------------------------------------------------  ------------------------------------------------- 
 Richard Rose                      637.50 (4.25%)                                         224,148 
                 --------------------------------------------------  -------------------------------------------------

*The share price used to calculate the number of shares was GBP1.6730 (the closing middle market price on 26 February 2015)

The earliest Vesting Date for the Performance Share Awards and Equity Pool Awards is 1 January 2018.

Date Company informed of transactions: 27 February 2015

Date of notification: 27 February 2015

Rachel Benjamin

Premier Oil plc

+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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