Premier takes charge of Solan

Offshore staff

LONDON – Premier Oil has signed a sale and purchase agreement with Chrysaor to acquire equity in UK offshore license P164.

This allows Premier to participate in development of the Solan field west of Shetland for an upfront consideration of $10 million, a further $10 million following project sanction, and a partial carry for the development costs.

Premier will hold 60% equity and become development operator. It will provide a loan to fund Chrysaor’s remaining share of the project costs, which will eventually be repaid via Chrysaor’s share of the revenue.

05/31/2011

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