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An offshore oil and gas platform of Premier Oil (Image credit: Premier Oil)

Premier Oil receives creditors’ support on proposed merger

JAKARTA ( – UK-based oil and gas company Premier Oil Plc said the company has received supports from its creditors over the proposed merger with Chrysaor Holdings Ltd.

“Further to Premier’s announcement of 6 October 2020, the company is pleased to announce that it has received the requisite level of support from each class of its creditors for the proposed merger of Premier and Chrysaor Holdings Limited and the reorganisation of Premier’s existing finance arrangements with those creditors entering into a binding support letter,” the company’s CEO Tony Durrant said in a statement.

Under the support letter, the creditors have, among other things, irrevocably undertaken to vote in favor of the Court-approved restructuring plans, and have agreed to waive Premier’s financial covenants until completion of the Transaction.

As such, the merger agreement between Premier, Harbour, funds managed by EIG and Chrysaor has been released from escrow, he said.

Premier will launch the restructuring plan processes through the issuance of a practice statement letter, immediately after the Prospectus for the Transaction is published, which is currently anticipated by the end of 2020.

The Transaction is expected to complete by the end of Q1 2021. (*)

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