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Premier Oil agrees new lending terms in exchange for control over project sanctions

Reuters - UK Focus

LONDON, Nov 17 (Reuters) - Oil producer Premier Oil (LSE: PMO.L - news) said on Thursday it had agreed with its lenders to extend the repayment of its debt in exchange for some control over which projects the company can invest in.

The refinancing is now expected to take place in the first quarter of next year after Premier Oil agrees the new terms with its bondholders, it said.

The London-listed firm, whose operations stretch from the Falkland Islands (LSE: FKL.L - news) to Indonesia, also said the weak pound meant its full-year investment budget would be lower than the expected $730 million and that it expected to spend just $300 million in 2017.

It has also ended exclusivity talks with a bidder for its assets in Pakistan and has resumed talks with previous bidders and new interested parties, it said. (Reporting by Karolin Schaps; editing by Jason Neely)