EnVen Energy Corporation Announces Acquisition of Neptune and Provides Operational Update at Lobster Field
May 24, 2021
EnVen Energy Corporation announced today that it closed a transaction to acquire 35% ownership interest in the Neptune field from BHP Billiton Petroleum (Deepwater) Inc. ("BHP") through its affiliate, EnVen Energy Ventures, LLC ("EnVen"). EnVen will increase its ownership interest in the Neptune field from 30% to 65% and assume the role of operator after regulatory approvals.
With a strategic deepwater infrastructure portfolio and an expansive inventory of quality subsea tieback projects, EnVen is committed to the deepwater Gulf of Mexico. This acquisition aligns with EnVen's strategy to own and operate infrastructure with steady production and nearby exploration prospects. The Company possesses a material leasehold position comprised of 85 leases with 44 primary term leases and 41 leases held by production. EnVen was the second highest acquirer of acreage in the most recent federal lease sale.
"We are excited to acquire Neptune which is consistent with our proactive and disciplined strategy to acquire assets that are accretive and provide optionality around operated and non-operated subsea tieback opportunities. These opportunities, coupled with company-owned infrastructure, provide tremendous potential to bolster near-term reserves and production growth," said Steve Weyel, EnVen's Chairman and Chief Executive Officer.
Additionally, EnVen's Lobster redevelopment program has surpassed expectations in terms of wells drilled, production rates and reserve adds. Over the last 4 years EnVen has drilled 18 wells and recompleted 3 wells, with additional projects on the schedule to continue the development program into 2021. EnVen owns a 67% ownership interest in the Lobster field and is the operator, with Chevron U.S.A. Inc. as a 33% ownership interest partner.
With a strategic deepwater infrastructure portfolio and an expansive inventory of quality subsea tieback projects, EnVen is committed to the deepwater Gulf of Mexico. This acquisition aligns with EnVen's strategy to own and operate infrastructure with steady production and nearby exploration prospects. The Company possesses a material leasehold position comprised of 85 leases with 44 primary term leases and 41 leases held by production. EnVen was the second highest acquirer of acreage in the most recent federal lease sale.
"We are excited to acquire Neptune which is consistent with our proactive and disciplined strategy to acquire assets that are accretive and provide optionality around operated and non-operated subsea tieback opportunities. These opportunities, coupled with company-owned infrastructure, provide tremendous potential to bolster near-term reserves and production growth," said Steve Weyel, EnVen's Chairman and Chief Executive Officer.
Additionally, EnVen's Lobster redevelopment program has surpassed expectations in terms of wells drilled, production rates and reserve adds. Over the last 4 years EnVen has drilled 18 wells and recompleted 3 wells, with additional projects on the schedule to continue the development program into 2021. EnVen owns a 67% ownership interest in the Lobster field and is the operator, with Chevron U.S.A. Inc. as a 33% ownership interest partner.
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