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Premier Oil confirms refinancing discussions with Chrysaor

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Oilfield Technology,

On 20 August 2020, Premier Oil announced that it had agreed a heads of terms for a long-term refinancing of the Group’s debt facilities with a subset of its creditors representing over 45% of the Group’s debt facilities. The proposed refinancing remains subject to a number of matters, including creditor approval, which is progressing, shareholder approval and a minimum US$325 million equity raise.

The company has confirmed that it has been in discussions with a number of third parties, including Chrysaor, regarding alternative forms of transactions to secure the long-term refinancing of the Group’s debt facilities. To date, terms of the transactions discussed do not, in Premier’s opinion, provide better outcomes for either its shareholders or creditors than those proposed under the heads of terms announced on 20 August 2020.

Discussions on such transactions continue to be explored, in the best interests of all of Premier’s stakeholders, but there can be no certainty that these discussions will reach agreement.

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