TIDMPMO

RNS Number : 8772C

Premier Oil PLC

01 July 2016

PREMIER OIL PLC

("Premier" or "the Company")

Lender discussions update

01 July 2016

As previously announced, Premier is in discussions with its lending group on the terms of its existing financial facilities. These are progressing well.

The lending group has agreed that the test of Premier's financial covenants at 30 June 2016 will be waived and replaced by a test for the 12 month period ending 31 July 2016. This deferral allows further time to agree amendments to Premier's medium term covenant profile and the resetting of its debt maturities. In return for the proposed amendments, it is anticipated that additional security will be provided for existing debt holders.

Premier expects negotiations to conclude during Q3 2016. Further deferral of the covenant test date will be sought if required.

Premier continues to have access to undrawn funds within its Revolving Credit Facility (RCF) to allow the company to meet its ongoing funding requirements.

 
 Enquiries 
 Premier Oil plc         Tel: 020 7730 1111 
 Tony Durrant, Chief 
  Executive 
 Richard Rose, Finance 
  Director 
 Bell Pottinger          Tel: 020 3772 2570 
 Gavin Davis 
 Henry Lerwill 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 01, 2016 02:00 ET (06:00 GMT)

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