Completion of Merger with Chrysaor

Source: www.gulfoilandgas.com 3/31/2021, Location: Europe

Premier is pleased to announce that the all share merger between Premier and Chrysaor Holdings Limited ("Chrysaor") and the reorganisation of Premier's existing debt and cross-currency swaps were completed earlier ("Completion").

Premier also announces that it has changed its name from Premier Oil plc to Harbour Energy plc, with effect from today.

The Company's 925,532,809 existing ordinary shares and 17,585,119,330 new ordinary shares are expected to be admitted to trading on the London Stock Exchange on 1 April at 0800 BST. The Company's shares will trade under the name Harbour Energy plc and ticker symbol "HBR" and will be registered with ISIN GB00BLGYGY88.

Ownership structure on Completion
At Completion, the shares in Harbour Energy plc were owned approximately as follows:
· EIG Global Energy Partners 36%;
· Former EIG shareholders 33%;
· Former Premier creditors 18%;
· Chrysaor legacy investors 8%; and
· Former Premier shareholders 5%.

EIG Global Energy Partners' shares in Harbour Energy plc are subject to a 12 month lock up from Completion. Shares held by certain former EIG shareholders and certain Chrysaor legacy investors, representing approximately 40% of Harbour Energy, are subject to a six month lock up from Completion.

Approximately 23% of Harbour Energy's shares, comprising those held by former Premier shareholders and creditors, certain former EIG shareholders and certain Chrysaor legacy investors, are not subject to any lock ups.

Existing equity warrants
The Company confirms that the issue of certain new ordinary shares to creditors will result in an adjustment to the exercise price under the terms of the existing equity warrants issued by the Company in 2017. The exercise price will be adjusted from £0.4081 to £0.4017 with effect from 1 April 2021.


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