offshore

US-based Whistler Energy has received a $110m acquisition and redevelopment capital from Commerce Oil, a subsidiary of Freepoint Commodities, and its partners Apollo Global Management and Summit Partners Credit, for oil and gas blocks in the US Gulf of Mexico.

With the capital, Whistler will buy 100% working interests in two oil and natural gas producing blocks Green Canyon 18 and 60 in the Gulf of Mexico, which are owned by ExxonMobil affiliate and W&T Offshore.

Whistler additionally acquired the GC 18 offshore production platform as part of the transaction.

The GC 18 platform is situated 150 miles offshore of Louisiana in 750ft of water and recorded peak production at 30,000 barrels per day.

Whistler CEO Scott Frankel said, "I view this partnership as a perfect opportunity to redevelop a world-class asset with our new partners."

"Whistler will buy 100% working interests in Green Canyon 18 and 60 in the Gulf of Mexico."

Freepoint managing director and head of structured finance Brian Cumming said, "This transaction is another example of how Freepoint is well-positioned to provide both financing and physical trading capabilities to the upstream energy sector."

The company has the right to serve as the physical offtaker of existing and future oil and natural gas production from the platform.

In March 2013, Freepoint acquired 66 natural gas producing wells from a unit of Canadian exploration and production company Bucking Horse Energy.


Image: The Heidelberg comprises of Green Canyon blocks 859, 860, 903, 904 and 948 in the US GoM.Photo: courtesy of Anadarko.

Energy