Premier Oil PLC Proposed acquisitions & creditor agreements update (7836R)
July 02 2020 - 2:00AM
UK Regulatory
TIDMPMO
RNS Number : 7836R
Premier Oil PLC
02 July 2020
Premier Oil plc
"Premier" or the "Company" or the "Group"
Update on proposed acquisitions and creditor agreements
2 July 2020
Premier is pleased to announce that the Group's creditors have
approved the acquisition of the Andrew Area and Shearwater assets
(together, the "BP acquisitions") under the amended terms. The BP
Acquisitions remain conditional on finalisation of the sale and
purchase agreement, the refinancing of Premier's existing credit
facilities, equity funding and customary other approvals, including
shareholder approval.
Premier also has the support from a subset of its creditors on
the terms of the "Stable Platform Agreement" to waive the Company's
financial covenants through to 30 September 2020. This has been put
to the creditor group for their formal approval by 8 July 2020.
Under its current financing arrangements, Premier is required to
provide a covenant compliance certificate to its lenders within 90
days of 30 June.
Separately, Premier notes today that it will not be pursuing the
purchase of the additional 25 per cent interest in Tolmount from
Dana Petroleum, following the termination of the Escrow Agreement
on 30 June 2020.
Enquiries
Premier Oil plc
Tony Durrant, CEO
Richard Rose, Finance Director
Tel: 020 7824 1116
Camarco
Billy Clegg
Georgia Edmonds
James Crothers
Tel: 020 3757 4983
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END
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