To acquire 60% WI in License P164 in the North Sea.
Premier Oil Plc, London, (London: PMO) plans to acquire 60% equity in License P164 in the North Sea from privately held, London-based Chrysaor Holdings Ltd., a Natural Gas Partners and Barclays Capital-backed company, for US$20 million.
Premier will participate in the development of Solan Field in the U.K.
Premier will also become development operator and will provide a loan to fund Chrysaor's remaining share of the project costs, which will then be repaid by a cash sweep from a share of their revenue.
Premier chief executive Simon Lockett says, "We look forward to adding Premier's project management skills to the significant work already put in by the Chrysaor team and together taking the Solan Field through the development process."