Stone Energy Corp., Lafayette, La., (NYSE: SGY) plans to acquire various Gulf of Mexico assets from BP Plc, London, (NYSE: BP) for $204 million in cash.

The assets include a 75% operated working interest in five-block deepwater Pompano Field in Mississippi Canyon, a 51% operated working interest in adjacent Mississippi Canyon Block 29, a 50% nonoperated working interest in Mica Field, which ties back to the Pompano platform, and interests in certain deepwater exploration leases in the vicinity of Pompano Field.

Both Pompano and Mica fields produce oil and gas through the Pompano platform, approximately 120 miles southeast of New Orleans. The Pompano platform is in 1,300 feet of water with 23 producing wells and production capacity of 60,000 bbl. of oil per day and 135 million cu. ft. of gas per day.

Other interest holders in the assets include Anadarko Petroleum Corp. with 25% of Pompano; ExxonMobil Corp. with 50% of Mica, which it also operates; and Anadarko and Hunt Oil with 22% and 27% of Mississippi Canyon Block 29, respectively.

Pro forma, BP will continue to operate seven production platforms in the Gulf of Mexico. Among BP’s Gulf of Mexico assets are the giant fields Thunder Horse, Atlantis and Mad Dog, each of which have long production profiles and development programs.

The deal is expected to close in early 2012.

Global Hunter Securities analyst Michael Bodino says, “Shortly after selling off a small package of Main Pass properties to Energy Partners Ltd. and Apache Corp., Stone quickly moved forward to purchase this deeper-water facility that sits just five blocks from its Amberjack Field. This older field should provide not only exploitation opportunities but also step-out exploration opportunities in the area.”

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