The SPAs related to the Andrew Area and its Shearwater assets and they reflect the revised terms announced last month. It follows the receipt of creditor approval for the acquisition.
Premier noted that the acquisitions are conditional on the refinancing of Premier’s credit facilities, equity funding, and other customary approvals (including shareholder approval).
As previously announced, Premier is to pay US$210mln upon completion and a further US$115mln would become payable subject to future oil and gas prices.
The transactions are slated to complete by the end of September.
"The signing of the SPAs with BP is another important milestone in completing the value-accretive BP acquisitions which consolidates the group's position in the UK North Sea, one of our core areas, while, at the same time, accelerates the deleveraging of our balance sheet," said Tony Durrant, chief executive.
In London, Premier Oil share price has increased by 1.73% to change hands at 41p.