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Premier Oil PLC   -  PMO   

Update on Schemes of Arrangement

Released 11:51 16-Jan-2020

RNS Number : 0572A
Premier Oil PLC
16 January 2020
 

 

Premier Oil plc

("Premier" or the "Group")

Update on Schemes of Arrangement ("Schemes")

16 January 2020

 

 

Premier announces that the convening hearing was held earlier today in connection with the Schemes required to implement the proposed UK North Sea Acquisitions, related funding arrangements and extension of its credit facilities (the "Proposed Transactions"), at which the Court granted Premier's request to start the scheme process. The Group will now convene the creditor meetings for the Schemes, to be held on 12 February 2020, with the Schemes sanction hearing expected to take place in March.

Since announcing the Proposed Transactions on 7 January, the level of support from creditors has continued to increase. Of the creditors subject to the Schemes, 86.03 per cent of Super Senior Commitments and 75.15 per cent of Senior Commitments have agreed to vote in favour of the Schemes at the creditor meetings. The Schemes must be approved by a majority in number and 75 per cent in value by total drawn and undrawn commitments of scheme creditors in each class attending and voting at those creditor meetings.

A copy of the explanatory statement in relation to the Schemes will be available for scheme creditors, free of charge, by contacting Lucid Issuer Services Limited, the information agent appointed in respect of the Schemes, at premieroil@lucid-is.com or via the Schemes website www.lucid-is.com/premieroil.  

 

Enquiries

 

Premier Oil plc

Tel: 020 7730 1111

Tony Durrant, Chief Executive

Richard Rose, Finance Director

 

 

Camarco

Tel: 020 3757 4983

Billy Clegg

James Crothers

 

 


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Update on Schemes of Arrangement - RNS