Enauta Participações reported Thursday that it has signed a contract with Westlawn Americas Offshore (WAO) for the sale of a 20% stake in the BS-4 concession, which includes the Atlanta and Oliva fields.
The value of the purchase, by WAO affiliates, according to Enauta’s material facts, is $301.7 million.
“As part of the transaction it was agreed to disburse, within 60 days, $75 million as a loan, to be deducted from the amount to be paid at closing,” he added.
WAO, a portfolio company of Westlawn Group LLC, has several interests in the Gulf of Mexico offshore basins.
According to Enauta, the deal with WAO includes the option to sell a 20% stake in Atlanta Field BV, a subsidiary of Enauta, for $65 million to be exercised in 2024.
The agreement for the sale of the minority stake to WAO is in line with Enauta’s value generation strategy, which since the approval of the Atlanta Phase I investment in March 2022, has been sought by potential partners interested in participating in the project, the company said.
“We are pleased to expand into Latin America for the first time in partnership with Enauta. We share similar views on the long-term potential for the Americas and look forward to expanding our relationships elsewhere in the region,” said Greg Hebertson , WAO’s chief operating officer, according to a statement from Enauta.
The closing of the deal is still subject to approval from investors in the first and second series of Enauta bonds and the National Agency for Petroleum, Natural Gas and Biofuels (ANP), the company added.
Source: Terra
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