Premier Oil has moved a step closer to proposed sanction later this year of its delayed Sea Lion field development off the Falkland Islands with submission of key documentation to prospective lenders.

A preliminary information memorandum, outlining technical, reservoir and other details of the proposed scheme, that will serve as the basis for a loan application has now been submitted to potential lenders, partner Rockhopper Exploration said in a statement.

Chief executive Sam Moody said the submission marked “a material milestone in the project financing process for the Sea Lion development”.