Court gives Premier Oil all clear for restructuring

A court has approved North Sea operator Premier Oil’s debt restructuring plans.

The independent oil and gas company said the Court of Session in Scotland had given final sanction for the schemes of arrangement.

The refinancing is expected to become effective on July 28.

London-listed Premier Oil announced details of the restructuring earlier this year.

The proposals involved an extension of the bonds’ maturity date to the end of May 2022, with the interest rate remaining flat at 2.5% and no further charges.

As of the end of last year, Premier’s net debt stood at £2.3billion, nearly £500million more than a year earlier but down from a peak in the third quarter of last year.

The company’s shares soared last week after it said a field it is partnered on off the coast of Mexico could contain 1billion barrels of oil.

First oil from the North Sea Catcher area is scheduled for December.


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