Premier Oil and Rockhopper Exploration agreed in January 2020 to heads of terms with Navitas Petroleum to farm in for a 30% interest in the Sea Lion project. After the transaction, Premier will remain the operator with a 40% stake while Rockhopper and Navitas will have 30% each. A final sale and purchase agreement is expected during 1Q 2020 with regulatory approval and closing in 2Q 2020. The project will be developed in phases with phase 1 to be funded by senior debt financing and includes a contingent consideration payable to Rockhopper by Premier and Navitas of up to $48 million related to future phases of development in the North Falkland Basin. The Sea Lion licenses include PL032, PL004b (Isobel-Elaine area), and PL004c.