RNS Number:0527N
Premier Oil PLC
02 July 2003


                                PREMIER OIL PLC
                                  ("Premier")

                   Restructuring  Update - Approval Received

Premier is pleased to announce, in connection with its corporate restructuring,
that details relating to the Yetagun pre-emption have now been finalised and
formal Government approval from the Myanmar authorities for the transfer of the
Myanmar business has been received.

Premier now expects the Court hearing regarding Premier's scheme of arrangement
to take place on 9 July 2003. Further details are set out in the notes below.


Charles Jamieson, CEO of Premier Oil, said:


"We are extremely pleased to report that this landmark deal is now due to be
completed. Premier will shortly be fully independent for the first time in eight
years, free to  pursue its stated strategy of adding value in its core areas in
West Africa, South and South East Asia and the UK."

                                                                     2 July 2003

ENQUIRIES:

Premier Oil plc                                      Tel: 020 7730 1111

Charles Jamieson
John van der Welle

College Hill                                         Tel: 020 7457 2020

James Henderson


Notes:

It is anticipated that the Court hearing in order to sanction the scheme of
arrangement of Premier (the "Scheme") will take place at the Court of Session,
Edinburgh on 9 July 2003 and that the Scheme will become effective on the
following business day. Upon the Scheme becoming effective, Premier's ordinary
shares will cease to be listed on the London Stock Exchange and the Irish Stock
Exchange, and the ordinary shares in the new group holding company will be
admitted to trading in London only.


Further details relating to the restructuring are set out in the circular sent
to Premier shareholders dated 11 October 2002 and further information regarding
the expected timetable for completion of the restructuring, including the Court
hearing to confirm the reduction of capital, will be provided in due course.


If for any reason the date of the Court hearing regarding Premier's scheme of
arrangement changes, Premier will place details of the revised date on its
web-site (www.premier-oil.com). Shareholders will have the right to appear and
be heard at this Court hearing. Any shareholders who are interested in attending
the Court hearing should contact Stephen Huddle at Premier.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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