RNS Number:7881K
Premier Oil PLC
07 May 2003





                                PREMIER OIL PLC

                                  ("Premier")



                     Update on Restructuring and AGM Timing



In our preliminary results announcement of 25 March 2003, we stated that the
only significant outstanding issue remaining in respect of the approvals
required for our corporate restructuring was the finalisation of details
relating to the Yetagun pre-emption.



We are pleased to report that good progress has been made on this issue which
will enable the restructuring to complete in June 2003 on receipt of final
approval from the Myanmar authorities which is expected shortly.



As detailed in our circular dated 11 October 2002, the restructuring involves
the introduction of a new holding company of Premier. The Annual General Meeting
of this new holding company, which was planned for 9 May, will now be held at
The Drapers' Hall, Throgmorton Avenue, London EC2N 2DQ on Tuesday 15 July at
11.30am.



7 May 2003




ENQUIRIES:

Premier Oil plc                                      Tel: 020 7730 1111

Charles Jamieson
John van der Welle

College Hill                                         Tel: 020 7457 2020
James Henderson




Background For Editors:


Premier Oil plc is a leading independent oil and gas company with producing
interests in the UK, Indonesia, and Pakistan. Exploration is ongoing in the UK,
Indonesia, West Africa (Guinea Bissau and Gabon) and South Asia (Pakistan and
India).

On 16 September 2002 Premier announced a major restructuring involving the
transfer of interests in Myanmar and Indonesia to its major shareholders Amerada
Hess and Petronas in return for the cancellation of their combined 50 per cent.
holding in Premier, an injection of #145 million of cash and a repayment of #98
million of project debt. The restructuring leaves Premier as a fully independent
oil company in a good position to follow its strategy of value creation and
early realisation through oil and gas exploration and commercial deal-making.


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