As part of the deal, Premier Oil will pay up to $3m a year, and up to $100m in royalty payments after Chyrsaor repays an outstanding loan of $530m.
The royalty payments and the net production interest (NPI) are expected to be payable at an average oil price above $75/bbl and $100/bbl, respectively.
In addition with the acquisition of complete stake, Premier has signed a deal with FlowStream Commodities to supply 15% of Solan field production for an upfront payment of $100m.
Premier Oil CEO Tony Durrant said: "The agreement with Chrysaor enables us to focus on delivering first oil from the Solan project without partner funding concerns, while the transaction with FlowStream reduces our balance sheet exposure to the project and releases capital to fund completion of the development."
Drilling at the second pair of producer-injector wells will begin soon, with first oil planned by the end of this year.
