EnVen Energy Corporation Announces Acquisition of Neptune and Provides Operational Update at Lobster Field

Push Release

current: May perhaps 24, 2021 15:40 CDT

EnVen Power Corporation announced right now that it shut a transaction to obtain 35% possession interest in the Neptune field from BHP Billiton Petroleum (Deepwater) Inc. (“BHP”) by its affiliate, EnVen Energy Ventures, LLC (“EnVen”). EnVen will improve its ownership curiosity in the Neptune subject from 30% to 65% and believe the part of operator after regulatory approvals.

With a strategic deepwater infrastructure portfolio and an expansive stock of high-quality subsea tieback projects, EnVen is fully commited to the deepwater Gulf of Mexico. This acquisition aligns with EnVen’s method to individual and function infrastructure with continual output and close by exploration potential customers. The Company possesses a substance leasehold position comprised of 85 leases with 44 main term leases and 41 leases held by manufacturing. EnVen was the next best acquirer of acreage in the most recent federal lease sale.

“We are fired up to receive Neptune which is dependable with our proactive and disciplined technique to obtain property that are accretive and provide optionality around operated and non-operated subsea tieback chances. These options, coupled with enterprise-owned infrastructure, give incredible opportunity to bolster in the vicinity of-phrase reserves and manufacturing growth,” said Steve Weyel, EnVen’s Chairman and Chief Govt Officer.

Furthermore, EnVen’s Lobster redevelopment plan has surpassed expectations in terms of wells drilled, creation rates and reserve adds. About the very last 4 a long time EnVen has drilled 18 wells and recompleted 3 wells, with extra projects on the routine to go on the improvement application into 2021. EnVen owns a 67% possession fascination in the Lobster discipline and is the operator, with Chevron U.S.A. Inc. as a 33% ownership fascination spouse. 

About EnVen

EnVen is an unbiased vitality firm engaged in progress, exploitation, exploration, and acquisition of strategic infrastructure in the deepwater region of the U.S. Gulf of Mexico. As a principal operator in the U.S. Gulf of Mexico, EnVen is proud to deliver in an spot that contributes some of the most secure and most environmentally sustainable creation in the environment.

Forward-on the lookout Statements

This release has ahead-on the lookout statements. When employed in this release, the text “could,” “feel,” “foresee,” “intend,” “estimate,” “hope,” “job” and very similar expressions are supposed to establish ahead-looking statements, even though not all ahead-hunting statements consist of such identifying terms. These forward-looking statements are based mostly on EnVen’s recent expectations and assumptions about upcoming events and are based mostly on now obtainable data as to the final result and timing of potential events. Apart from as in any other case needed by relevant legislation, EnVen disclaims any responsibility to update any ahead-searching statements, all of which are expressly capable by this statement, to replicate gatherings or situations just after the day of this launch.

Trader and Media Relations Contact:

EnVen Electricity Corporation
609 Key Avenue, Suite 3200
Houston, Texas 77002

Resource: EnVen Electricity Corporation

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