In mid-March 2020, Navitas Petroleum, via its local subsidiary ShenHai, farmed-out a 30.95% working interest share in Walker Ridge blocks WR 51, WR 52 and the northern half of WR 53 (8.852% in the southern half), site of the Shenandoah project, to LLOG Deepwater Development. The Shenandoah project is situated ~322km south of New Orleans, and is presently in the FEED phase, with LLOG targeting an FID in H1 2020 and first production in 2023. Shenandoah leases are currently held under a Suspension of Production ('SOP') and will be developed using a new FPS. The forward play for Shenandoah is to drill multiple wells to develop the estimated 100-400 MMbbls, targeting previously discovered oil-bearing Upper and Lower Wilcox-reservoirs. The oil and rock qualities for the Shenandoah development are both best-in-class for the emerging Wilcox production trend. The original Shenandoah discovery well, G25232 1 BP2, was drilled in late 2008/early 2009 on Block WR 52 and encountered more than 91m (300 feet) net of Inboard Early Tertiary oil pay. Following completion of the April 2020 transaction, equity in WR 51, WR 52 and the northern half of WR 53 is now shared between Beacon Offshore Energy Development (15.95% WI), ShenHai (53.1%) and LLOG Deepwater Development Company III (30.95%). Equity in the southern half of WR 53 is split between Beacon Offshore Energy Development (4.556%), ShenHai (86.592%) and LLOG Deepwater Development Company III (8.852%). LLOG Exploration Offshore is the operator of all three leases.
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