WESTLAWN GROUP AND WESTLAWN AMERICAS OFFSHORE ANNOUNCE AGREEMENT TO ACQUIRE WORKING INTEREST IN BS-4 CONCESSION IN BRAZIL

HOUSTON, March 22, 2024 – Westlawn Group LLC (“Westlawn”) and Westlawn Americas Offshore LLC (“WAO”), a portfolio company of Westlawn, are pleased to announce the signing of a definitive Purchase and Sale Agreement to acquire a 20% working interest in the BS-4 concession in Brazil.  The working interest position, which is being acquired from the field’s operator Enauta Energia S.A. (“Enauta”), 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 billion barrels of oil. The field is currently producing over 21,000 gross barrels of oil equivalent per day (boepd) 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), commented, “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 leading 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.

Completion of this transaction is subject to regulatory approvals and other customary closing conditions. 

ABOUT WESTLAWN AMERICAS OFFSHORE
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. The management team is comprised of a senior leadership and technical team with significant deepwater experience and a best-in-class track record of value creation. WAO is committed to delivering the team’s unique technical expertise, significant capital and flexible deal structures to build a top-quality portfolio in partnership with best-in-class operators.

ABOUT WESTLAWN GROUP
Founded in 2021, Westlawn is a Houston-based, private investment firm focused on long-term investment in the global oil and gas industry. Westlawn seeks to acquire operated and non-operated interests in producing, development and exploration assets, as well as technologies that improve production. Westlawn is focused on investments throughout the United States (Lower 48, Gulf of Mexico and Alaska), Latin America, the Caribbean and the Middle East.

For more information, please visit www.westlawn.com.

Media contact: investment@westlawn.com