Beacon Energy sells deepwater Gulf of Mexico assets to GOM 1 Holdings
(WO) – Beacon Offshore Energy LLC completed the divestment of its non-operated interests in certain fields in the deepwater Gulf of Mexico to 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.
Scott Gutterman, Beacon Chairman and Chief Executive Officer, said, “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.”
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.
