Engineering studies for thesubsea systems and wells for Bream in license PL407 were completed last year, but studies concerning the lifetime extension and upgrade of the targeted FPSO showed that the vessel was not suitable.
An alternative newbuild vessel has been identified, with negotiations under way with the contractor.
Premier, in addition to its 40% stake in the license, operates adjacent PL406, containing the Mackerel oil discovery and the Herring exploration prospect.
Last year, the company completed subsurface evaluations for Mackerel, and a subsea tieback to the Bream FPSO appears the most economic solution. An exploration well will be drilled on Herring as part of the development project.
Project sanction and a development submission will likely go forward early next year, with a view to produce first oil in 2017.
Elsewhere offshore Norway, Premier has held discussions with field owners in the Frøy area about developing a central processing hub for a number of discoveries close to the Frøy field. Equity alignment discussions are in progress with the operator of a nearby field.