Tellurian Completes Haynesville Basin Acquisition

Source: www.gulfoilandgas.com 8/18/2022, Location: North America

EnSight IV Energy Partners, LLC and EnSight Haynesville Partners, LLC, two privately held companies, sold Tellurian Inc. (Tellurian) (TELL) their assets in the Haynesville. Tellurian Production LLC (TPC), a wholly owned subsidiary of Tellurian, has since completed the previously announced acquisition. Due to preliminary acquisition price modifications, the cash consideration at closing was lowered from the previously stated $125 million to $125.5 million. Cash on hand funded the consideration.

Tellurian President and CEO Octávio Simões said, “This closing represents significant progress for Tellurian and our business model. By owning and operating upstream assets, a pipeline network and the Driftwood LNG terminal, Tellurian will have the ability to sell natural gas into domestic or international markets. This combination of assets represents a compelling value for our shareholders.”

John Howie, President of TPC, commented, “The EnSight acquisition is an excellent strategic and operational fit for Tellurian. The combination of our existing assets with this acquisition results in an acreage position of more than 20,000 acres and an inventory of more than 275 high return, de-risked drilling locations, most of which we can drill opportunistically for incremental free cash flow.”

Preliminary production outlook

With the closing of the EnSight acquisition, TPC has current production of approximately 150 million cubic feet/day (MMcfd) from assets in the Haynesville basin. In addition, TPC operates 11 wells currently being drilled or completed, all of which TPC expects to turn to sales before the end of the year. These new wells are expected to increase TPC’s production rate to approximately 250 MMcfd.


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