RNS Number:5511N
Premier Oil PLC
15 July 2003


                                PREMIER OIL PLC
                                  ("Premier")

                             Restructuring  Update


Premier is pleased to announce that the next step in its corporate
restructuring, the Court hearing in order to sanction the scheme of arrangement,
took place at the Court of Session, Edinburgh on 9 July 2003 and that the scheme
became effective earlier today. As a result, the Premier group of companies has
a new holding company which, through changes of company name, is now called
Premier Oil plc.


Ordinary shares of the old holding company have ceased to be listed on the
London Stock Exchange and the Irish Stock Exchange, and the new ordinary shares
in Premier have been admitted to trading in London only. No action is required
by shareholders.


Premier is now proceeding with the other matters necessary to effect completion
of the restructuring including the Court hearing to confirm the reduction of
capital of Premier. Further details relating to the restructuring are set out in
the circular sent to shareholders dated 11 October 2002.

                                                                    15 July 2003


ENQUIRIES:

Premier Oil plc                                      Tel: 020 7730 1111
Charles Jamieson
John van der Welle

College Hill                                         Tel: 020 7457 2020
James Henderson






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