Operations

[embed]https://www.youtube.com/watch?v=9hu9Qx-wnKQ[/embed] Shenandoah is a world-class, proven and appraised oil and gas field in the deepwater US Gulf of Mexico and is Navitas Petroleum' most significant investment to date.  Navitas Petroleum's 49% working interest was acquired in a series of transactions in 2018 and 2019.  The Shenandoah development has been well underway since August 2021 (FID). The development is anchored by a semi-submersible floating production system (FPS) capable of producing and exporting approximately 100,000 barrels of oil per day (which is to be expanded to 120,000 barrels of oil per day to serve also the Monument asset). First oil is expected in December 2024 from four production wells. The total budget for the project is USD 1.8 billion (for 100% of the interests in the Project). Fully committed capital for the entire project has been raised in the form of equity and credit facility. An investment of USD 1.8 billion was made prior to the acquisition of Navitas Petroleum.   Partners

Buckskin is a deep water oil and gas field in the US Gulf of Mexico that began producing in 2019. The Buckskin project is tied back to the Lucius platform, which OXY manages and operates. The Buckskin development has exceeded expectations; in fact, two of the original wells are ranked among the top ten producing wells in the US Gulf of Mexico (for the years 2021 and 2022). In the near term, drilling plans include full-scale, organic development of the field over the coming decade. https://www.youtube.com/watch?v=5gCXDKnacAA Partners

Navitas Petroleum holds a 50% working interest in four conventional oil and gas assets in Southeast Texas - Webster, Thompson, Manvel, and East Hastings fields. Navitas Petroleum as an operator has successfully executed the first horizontal drilling campaign which was completed in 2022. Furthermore, Denbury executed an additional horizontal drilling and development campaign in 2023. There has been an increase in production from both campaigns. Partner

Neches is an onshore conventional oil and gas asset in East Texas. Navitas Petroleum operates and holds a 98% working interest in this 9,400-acre field.

Monument oil and gas discovery is located in the deepwater of US Gulf of Mexico, approximately 27 km from Shenandoah’s FPS. There will be a subsea tieback connection to Shenandoah FPS as part of the development of the project. The Monument development leverages the Shenandoah infrastructure, and the Shenandoah FPS capacity will be increased by approximately 20% to 120,000 barrels of oil per day. As part of this project, Shenandoah’s partners will provide production handling services. FID is expected by the end of 2023.    An investment of USD 300 million was made prior to the acquisition of Navitas Petroleum. Partners

Yucatan is an oil and gas discovery in the deepwater Gulf of Mexico, adjacent to theShenandoah field. In 2018, Navitas acquired a 41.8% working interest.  Potential futuredevelopment is cost-effective due to its proximity to the Shenandoah FPS. Partners