Stone Energy Corporation has agreed to acquire 100% working interest in the six-block Ram Powell unit, the Ram Powell tension leg platform (TLP), and related assets from Shell Offshore Inc., the operator of the Ram Powell field, ExxonMobil Corporation, and Anadarko US Offshore LLC. Although the purchase price was not disclosed in the press statement, a subsequent SEC 8-K filing by Stone revealed the total consideration under the 27 April 2018 agreement includes âa purchase price of USD 34Â million in cash, subject to customary closing adjustments, and the posting of financial assurance instruments totaling approximately $200Â million.â The deal is expected to close in early May 2018 and take effect on 1 October 2017. Due to the pending merger of Stone and Talos Energy LLC, the latter company was required to sign off on this acquisition. The Ram Powell acreage and TLP are situated in the Viosca Knoll area in the deepwater Central Gulf of Mexico, about 125 miles (200 km) southeast of New Orleans, Louisiana.  Stoneâs Interim CEO and President James M. Trimble stated, "We are very excited to announce that we have reached an agreement to purchase the Ram Powell field. The additional scale and diversification this acquisition provides support the strategies associated with the previously announced combination with Talos Energy.Â  These assets will add meaningful reserves, production volumes, and cash flow to the combined company.â  Viosca Knoll blocks 911 (G06892), 912 (G06893), 913 (G08784), 955 (G08474), 956 (G06896), and 957 (G08475) comprise the Ram Powell unit. The TLP is stationed in some 3,200 ft (975 m) of water in Viosca Knoll block 956. It has a throughput capacity of 60,000 b/d of oil and 200 MMcf/d of gas. Production for the Ram Powell field averaged approximately 6,100 b/d of oil equivalent during 2017, according to the press statement. Discovered in 1985, the field did not come online until 1997 when continuous production began. Since that time, the field has yielded 82.0 MMbbl of oil, 16.3 MMbbl of condensate, 880.3 Bcf of gas, and 19.7 MMbbl of water through December 2017. Production flows from multiple Miocene-aged reservoirs, with the main producing sand located at a depth of approximately 12,600 ft (3,840 m).
United States (Sigsbee Sub-basin (DWGoM B.)) Powell