Premier Oil plc
Result of Scheme Meetings
12 February 2020
Premier announces that the Scheme meetings of the Super Senior Scheme Creditors and Senior Scheme Creditors (together the "Scheme Creditors") of Premier and Premier Oil UK Limited, were held earlier today.
The Scheme meetings were held for the purpose of proposing resolutions to the Scheme Creditors to approve the schemes of arrangement (the "Schemes") required to implement the announced UK North Sea Acquisitions, related funding arrangements and extension of Premier's credit facilities.
The resolutions at each of the Scheme meetings were approved by the relevant majorities of the Scheme Creditors in each class being a majority in number representing at least 75% in value of those present and voting (in person or by proxy):
· Of the Super Senior Scheme Creditors, 86.81% in value of those voting approved the Schemes with 99.30% in value voting.
· Of the Senior Scheme Creditors, 83.86% of those voting approved the Schemes with 96.51% in value voting.
The Schemes remain subject to approval by the Scottish Court of Session with the sanction hearing currently scheduled to commence on 17 March 2020.
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, CEO
Richard Rose, Finance Director
Camarco Tel: 020 3757 4983
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