LONDON (Reuters) – Premier Oil is set to buy stakes in North Sea oilfields Andrew and Shearwater from BP for $625 million and increase its stake in the Tolmount gas project in a deal with Dana worth $191 million, Premier said on Tuesday.

Premier said the acquisitions would generate over $1 billion in free cash flow by the end of 2023 and add 23,000 barrels of oil equivalent per day cash-generative production and 82 million barrels of reserves and resources to its portfolio.

The acquisitions are funded by a $500 million equity raise “which has been fully underwritten on a standby basis”, existing cash and, if needed, a loan of $300 million.

“Premier expects that the equity raise will include both a placing and rights issue component with any shares issued under the placing qualifying for the subsequent pre-emptive rights issue,” it said.

“It expects to confirm the structure and terms in Q1 2020 following consultation with major shareholders.”

It also said it had extended its debt maturity timeline to the end of November 2023.

In a string of announcements on Tuesday, Premier’s partner in the Sea Lion project off the Falklands Islands, Rockhopper, said they had signed a preliminary deal for Navitas Petroleum LP to buy a 30% stake.