Brazil's Enauta sells 20% in Atlanta, Oliva oil fields to WAO

Adds detail on deal, new share buyback

SAO PAULO, March 21 (Reuters) - Brazilian oil and gas company Enauta ENAT3.SA said on Thursday that it has signed a contract to sell 20% of its stake in the concession to the BS-4 block, which includes the Atlanta and Oliva oil fields, to affiliated companies of Westlawn Americas Offshore (WAO) for $301.7 million.

The transaction involves an initial loan of $75 million to be paid out within 60 days and will be taken off the total, Enauta said. The final amount is subject to adjustments, depending on the net cash flow from investing activities at the oil fields from between November last year to the end of the sale.

The deal also includes an option to sell a 20% stake in Enauta subsidiary Atlanta Field for $65 million, which must be exercised this year.

In a separate filing, Enauta announced a program to buy back up to 20 million shares over an 18-month period.

(Reporting by Andre Romani and Kylie Madry; Editing by Leslie Adler)

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