Premier Oil is looking for a farm-out partner for its Sea Lion offshore oil development in the Falklands Islands.

The UK-based oil firm is operating the project with a 60 percent stake, with the remaining 40 percent currently held by Rockhopper exploration.

The company has been in talks to secure a loan to fund the development of the first phase of the 250 mmboe (gross) of resource in Phase 1 of the Sea Lion project.

In an update on Thursday, Premier reminded that it had recently signed a memorandum that might lead to the loan, adding it has also started a Sea Lion stake farm-down process, ahead of a final investment decision.

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