UK independent Premier Oil, struggling under a $2.8 billion debt pile, is closing in on a refinancing package with lenders that it hopes to finalise later than expected in February.
Premier had hoped to agree a deal with lenders before the end of last year but the process has taken slightly longer than expected, the company said last week.
Premier — headed by chief executive Tony Durrant — said in a trading update that “all substantial” commercial terms have now been agreed with its lenders and a “long-form term sheet” is expected to be circulated to them for formal approval shortly.
