GOM 1 Holdings Inc., an affiliate of O.G. Oil & Gas Ltd., has completed the acquisition of certain non-operated interest in deepwater Gulf of Mexico fields from Beacon Offshore Energy LLC, Houston.
The previously executed definitive agreement called for GOM 1 Holdings to acquire 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 floating production system/lateral infrastructure, and 32.83% interest in the Sicily discovery.
The transaction value was not disclosed, but Scott Gutterman, Beacon chairman and chief executive officer, said in a Mar. 29 release that with completion of the divestment, the company “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.”