Enauta sells 20% stake in Atlanta oil field, Oliva discovery offshore Brazil for $301.7 million

March 26, 2024

(WO) – Westlawn Group LLC and Westlawn Americas Offshore LLC ("WAO") agreed to acquire a 20% working interest in the BS-4 concession offshore Brazil for $301.7 million. The working interest position, which is being acquired from the field's operator Enauta Energia S.A., will provide access to the Atlanta oil field, the Oliva oil discovery and other near-field exploration opportunities.

Atlanta is a large, deepwater oil field with gross in-place volumes exceeding 1 Bboe. The field is currently producing over 21,000 gross bopd and production is expected to increase to over 40,000 boepd by early 2025.

This potential acquisition will provide existing production and cash flow, expected near-term growth through ongoing field operations, planned Oliva development, and future near-field exploration potential.

The WAO team, led by Ivan Sandrea (CEO), Greg Hebertson (COO), and Elisabeth Eljuri (Chief Negotiator), said, “We are pleased to be partnering with Enauta, a leading independent operating company, in deepwater Brazil. Enauta has done a remarkable job in developing the Atlanta field. We look forward to working closely with the Enauta team to realize the full potential of this unique asset once the transaction closes."

Over the past 18 months, WAO has established a non-operated platform and assembled a high-quality portfolio of both production and growth assets in the U.S. Gulf of Mexico. This transaction will establish WAO as a regional player in the Americas with a sizeable entry into one of Brazil's newest developments located in one of the most prolific oil provinces in the world.

WAO is a Houston-based company focused on the acquisition and development of high-quality deepwater oil and gas assets. WAO targets opportunities in the Americas with a focus on the U.S. Gulf of Mexico, Latin America and the Caribbean.



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