Premier Oil, which has a big North Sea business, is making progress in long-running talks about a refinancing after winning the support required from a group of creditors. The London-based firm said that holders representing more than 75 per cent by value of its $245m (£190m) convertible bonds have now entered into the lock up agreement committing them to vote in favour of the proposed refinancing. This is a sufficient majority to pass the required resolution to implement the amended terms of the convertible bonds. Premier, which is led by Tony Durrant, said work on other aspects of the approval process for the refinancing is advanced.