This farm-out is a separate exercise from Premier’s plans to sell $300 million worth of undeveloped assets this year.
Possible sales candidates include Bream, Luno and Froy in Norway, Aceh in Indonesia and Rochelle in the UK.
Sea Lion holds about 290 million barrels of recoverable oil plus 1.5 trillion cubic feet of in-place gas.
The operator estimates it will cost $5.2 billion to exploit via a tension-leg platform and floating storage and offloading vessel.
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