Stone Energy to Acquire Ram Powell Field in Gulf of Mexico
[Click image to enlarge]
Stone Energy has agreed to acquire 100 percent working interest in the Ram Powell Unit, and related assets, from Shell Offshore, Exxon Mobil, and Anadarko US Offshore in the US Gulf of Mexico.
Stone entered into an asset purchase agreement with Shell, ExxonMobil, and Anadarko, to acquire a 100 percent working interest in the Ram Powell Unit, including six lease blocks in the Viosca Knoll Area, the Ram Powell tension leg platform, and related assets.
Production for the Ram Powell field averaged approximately 6,100 barrels of oil equivalent per day during 2017.
The Ram Powell TLP is located in 3,200 feet of water in Viosca Knoll Area, Block 956, and is capable of processing 60,000 barrels of oil per day and 200 million cubic feet of gas per day.
The acquisition is subject to customary closing conditions, and is expected to close in early May 2018, with an effective date of October 1, 2017.
“We are very excited to announce that we have reached an agreement to purchase the Ram Powell field. The additional scale and diversification this acquisition provides support the strategies associated with the previously announced combination with Talos Energy,” said Stone Energy interim CEO and president James M. Trimble.
“These assets will add meaningful reserves, production volumes, and cash flow to the combined company. I appreciate the efforts of the entire Stone team that contributed to this success,” added Trimble.
About Stone Energy
Stone Energy is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with an additional office in New Orleans. Stone is engaged in the acquisition, exploration, development, and production of properties in the Gulf of Mexico basin.
To stop by Stone Energy’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2018 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
