Premier Oil Defers Test Of Financial Covenants

Reuters

July 1 (Reuters) - Premier Oil Plc, which is in talks with its lending group on the terms of its existing financial facilities, said on Friday that the lending group had agreed to defer the test of its financial covenants.

The company, which along with rivals has slashed costs and boosted operating efficiency to weather weak oil prices, said the test of its financial covenants at June 30, 2016 would be waived and replaced by a test for the 12 months ending July 31 2016.

This would allow more time to agree amendments to Premier's medium-term covenant profile and the resetting of its debt maturities, the company said.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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