The company will acquire a 60% interest in the license for an upfront consideration of $10m, with $10m to follow upon sanction as well as a partial development carry.

Premier, which will become development operator, will also provide a loan to fund Chrysaor’s remaining share of the project costs that will then be repaid by a cash sweep from a share of their revenue.

Premier chief executive Simon Lockett said that the company looks forward to adding its project management skills to the significant work already put in by the Chrysaor team and together taking the Solan field through the development process.