current Releases
Beacon Completes Divestment of Non-operated Properties
Houston, TX, March 29, 2024. Beacon Offshore Energy LLC (“Beacon”) announced today the completion of the divestment of its non-operated interests in certain fields in the deepwater Gulf of Mexico in accordance with a previously executed definitive agreement with GOM 1 Holdings Inc., an affiliate of O.G. Oil & Gas Limited. The divestment includes Beacon’s 18.7% interest in the Buckskin producing field, 17% interest in the Leon development, 16.15% interest in the Castile development, 0.5% interest in the Salamanca FPS/lateral infrastructure, and 32.83% interest in the Sicily discovery.
Commenting on the announcement, Scott Gutterman, Beacon Chairman and Chief Executive Officer, stated: “The transaction demonstrates the value Beacon has created for its shareholders through the efficient development of high margin fields in the deepwater Gulf of Mexico and the timely monetization of these assets. We are proud to have been able to participate alongside of our partners in the development of the divested properties since our initial acquisition of the Buckskin asset in 2017. With the completion of the divestment, we will be able to allocate 100% of our focus and resources to our deep inventory of operated properties. Driven by our existing sanctioned operated developments, including Shenandoah and Winterfell, we expect to deliver material production and cash flow growth commencing in the second quarter 2024 and continuing through 2025.”
Jefferies International Limited served as financial advisor to Beacon and Kirkland & Ellis LLP served as legal advisor to Beacon.
About Beacon Offshore Energy
Beacon Offshore Energy is a Houston, Texas-based exploration and production company formed in 2016 with a focus on exploring, developing and acquiring upstream oil and gas properties in the deepwater Gulf of Mexico. Beacon is actively focused on developing its resource position and currently holds interests in 87 deepwater leases covering nearly 500,000 gross acres. Visit www.beaconoffshore.com for more information.
Contact
Beacon Offshore Energy
Marc Hensel
(346) 388-0172
publicrelations@beaconoffshore.com
Beacon Invests in Winterfell Development in the Gulf of Mexico
Houston, TX, January 10, 2024. Beacon Offshore Energy LLC (“Beacon”), announced today that several of its subsidiaries have taken final investment decision to develop the Winterfell discovery which is operated by BOE Exploration & Production LLC (“BOE”) and will be developed as a cost effective/low emissions subsea tieback.
As the Winterfell operator, Beacon holds a 35.41% working interest in the Miocene aged project principally located in Green Canyon blocks 943, 944, 987, and 988 with a water depth of approximately 5,200 feet. Winterfell was initially discovered in 2021 with subsequent successful appraisal drilling conducted in 2022. The field will be developed via a newly installed 13 mile subsea tieback to the Heidelberg spar located in Green Canyon Block 860 operated by Anadarko Petroleum Corporation. First oil is expected to occur early in the second quarter 2024 and from three initial wells projected to deliver gross production of approximately 22,000 boepd. Working interest parties include Beacon Offshore Energy Exploration LLC (35.08%), BOE (0.33%), a subsidiary of Kosmos Energy (25.04%), Westlawn GOM Asset 3 Holdco LLC (15.0%), Red Willow Offshore, LLC (12.5%), Alta Mar Energy (Winterfell), LLC (7.55%), CSL Exploration, LP (4.5%).
Commenting on the announcement, Scott Gutterman, CEO, said: “The investment decision represents an important milestone for the Winterfell project and reflects our commitment to safely and efficiently develop material operated resources located in the deepwater Gulf of Mexico. Our technical and commercial teams continue to develop solutions that provide win-win outcomes for our partners. At Winterfell we are unlocking the sub-salt field’s potential via the execution of horizontal drilling technology applied to open hole completions while securing access to the nearby Heidelberg spar and associated downstream infrastructure with available ullage. The Winterfell development once again demonstrates the ability to produce oil and natural gas in the US Gulf of Mexico with a lower carbon footprint than almost all other regions.”
About Beacon Offshore Energy
Beacon Offshore Energy is a Houston, Texas-based exploration and production company formed in 2016 with a focus on exploring, developing and acquiring upstream oil and gas properties in the deepwater Gulf of Mexico. Beacon is actively focused on developing its resource position including its operated Shenandoah project which remains on track for first oil by end of year 2024. The company currently holds interests in 89 deepwater leases with net resource potential in excess of 400 mmboe. Visit www.beaconoffshore.com for more information.
Contact
Beacon Offshore Energy
Marc Hensel
(346) 388-0172
publicrelations@beaconoffshore.com