The area in question is around 10,800sqkm in size and the London headquarted company is thrilled with the deal.

"We believe this area has been overlooked despite the existence of oil seeps, and recent seismic data supports its prospectivity," said Premier CEO, Charles Jamieson.

Jamieson added that the company would assign a 42.5% ownership interest in the license to Pearl Energy and 15% to Philippines National Oil Co.

Premier's initial work on the site will consist of conducting technical studies and will include a seismic survey. Premier will be responsible for defining the specific drilling targets for exploration drilling.