AWARD WINNING TALOS ENERGY COMPLETES MERGER WITH STONE ENERGY

Talos Energy LLC completed its merger with Stone Energy Corp in November 2017 marking a strategic combination that will see the energy giant leverage its expertise to tap into capital projects in the US Gulf of Mexico and offshore Mexico. The boards of the two companies sealed the merger with the parent’s shareholders acquiring 63 percent of the combination. It was further agreed that Stone’s shareholders retain 37 percent of the company. The company also enlisted in the NYSE bourse and is trading as “TALO.”

Headquartered in Houston, Texas, Talos Energy has a market capitalization of $1.9 billion and a company value of $2.5 billion. Further, it has $450 million in liquid assets with $150 million in cash. Recently, the company obtained a credit facility of $300 million. With such a strong financial base, the company is positioned to tap into potential business development prospects.

Talos Chief Executive Officer, Timothy S. Duncan, was recently quoted hailing the new partnership arguing that it would improve their scale of operations. With the Gulf of Mexico and the Gulf Coast region, Talos Energy seeks to utilize its seismic experience to explore energy. The company will also leverage its extensive geological, geophysical and procedural expertise to advance its cause. All these efforts will enable the company to tap into resources considered unreachable. The company’s goal is to exploit and explore significant amount of energy resources.

Already, the merger is proving fruitful. Talos Energy became the first private equity firm to drill oil offshore in Mexico around the Zama oil basin. The basin is expected to hold between 1.4 and 2 billion barrels of oil. CEO Timothy S. Duncan described the discovery as historical and important. Talos acquired 35 percent in the block it co-owns with Sierra Oil and gas, 40 percent, and Premier Oil, 25 percent. Following the discovery, the company also bagged the “Discovery of the year 2017”. The prestigious award, dubbed WoodMac’s award, brings together more than 200 senior business executives and experts to mark their ballot on the most exciting discoveries. The future indeed looks bright for the company.

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