Alta Mar Invests in Winterfell Development in the Gulf of Mexico

Houston, TX, January 10, 2024. Beacon Offshore Energy LLC (“Beacon”), announced today that several of its subsidiaries have taken final investment decision to develop the Winterfell discovery which is operated by BOE Exploration & Production LLC (“BOE”) and will be developed as a cost effective/low emissions subsea tieback.

As the Winterfell operator, Beacon holds a 35.41% working interest in the Miocene aged project principally located in Green Canyon blocks 943, 944, 987, and 988 with a water depth of approximately 5,200 feet. Winterfell was initially discovered in 2021 with subsequent successful appraisal drilling conducted in 2022.  The field will be developed via a newly installed 13 mile subsea tieback to the Heidelberg spar located in Green Canyon Block 860 operated by Anadarko Petroleum Corporation.  First oil is expected to occur early in the second quarter 2024 and from three initial wells projected to deliver gross production of approximately 22,000 boepd.  Working interest parties include Beacon Offshore Energy Exploration LLC (35.08%), BOE (0.33%), a subsidiary of Kosmos Energy (25.04%), Westlawn GOM Asset 3 Holdco LLC (15.0%), Red Willow Offshore, LLC (12.5%), Alta Mar Energy (Winterfell), LLC (7.55%), CSL Exploration, LP (4.5%).

Commenting on the announcement, Scott Gutterman, CEO, said: “The investment decision represents an important milestone for the Winterfell project and reflects our commitment to safely and efficiently develop material operated resources located in the deepwater Gulf of Mexico.  Our technical and commercial teams continue to develop solutions that provide win-win outcomes for our partners. At Winterfell we are unlocking the sub-salt field’s potential via the execution of horizontal drilling technology applied to open hole completions while securing access to the nearby Heidelberg spar and associated downstream infrastructure with available ullage.  The Winterfell development once again demonstrates the ability to produce oil and natural gas in the US Gulf of Mexico with a lower carbon footprint than almost all other regions.”