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Houston’s Beacon Offshore Energy has completed of the divestment of non-operated interests in certain deepwater Gulf of Mexico (GoM) fields.
The company said the interests were purchased by GOM 1 Holdings Inc., an affiliate of O.G. Oil & Gas Ltd. Financial details of the transaction weren’t disclosed.
Beacon divested an 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, according to a March 29 press release.
Scott Gutterman, Beacon chairman and CEO said the transaction demonstrated the value the company 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.”
The company has been part of the developments since 2017.
Gutterman said Beacon will now 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 Ltd. served as financial adviser to Beacon and Kirkland & Ellis LLP served as legal adviser.
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