Talos Energy Getting The Zama Appraisal Plan Approved By The CNH

Talos Energy announced in late September that the CNH – National Hydrocarbons Commission, the Mexican oil & gas regulator, approved the appraisal plan for ZAMA’s discovery. The approval of the plan is a key component necessary to begin the appraisal of ZAMA discovery. The Commission is currently reviewing the application in regards to the drilling permits which are necessary in order to start the drilling operations. Talos Energy estimated that the appraisal program will be completed by the middle of next year and that it will spud the first appraisal well in the forth quarter of this year.

The Commission approved budget of $325 million for the plan, a sum that includes about $75 million of contingent operations. The budge includes the cost of performing a drill stem test in order to gather information about the reservoir productivity and continuity, the cost of drilling wells, hole coring across the reservoir, as well as collecting a number of fluid and rock samples. Talos Energy is expecting its share of the costs to be up to $80 million for the entire campaign, before any of the contingency costs.

Timothy S. Duncan, the President and Chief Executive Officer expressed excitement over meeting another important milestone with their partners in Mexico, after the announcement of the Pre-Unitization Agreement with Permex. He also stated that the approval allows the company to maintain their schedule of investments at an accelerated pace on the Zama project in Mexico, and to begin the drilling operations on the appraisal plan by the end of 2018. The CEO Stated that it will allow the company to stay on track for their ultimate goal of achieving initial production in 2022, thus providing local jobs, materially adding to the domestic production of Mexico, and increasing government revenues to the country.

Talos Energy is an independent company that operates in the oil and gas industry in the United States, Gulf of Mexico, and in the shallow waters off the coast of Mexico. The company was established in 2012, the team behind the company having a strong track record of positive results prior to founding Talos Energy.

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Talos Energy Grows Business In The Gulf Of Mexico

Talos Energy has been on an exciting and adventurous path recently. The company, based in Houston, Texas, began the summer with the acquisition of Stone Energy, a publicly traded company that filed for bankruptcy. The acquisition was risky due to Stone Energy being the same size as Talos Energy, but it would allow Talos to become a public entity without the trouble of a public offering. Today, Talos Energy Inc. (NYSE: TALO) is publicly trading and working towards more expanse in their business. Recently, they announced that they were listed as one of the top five bidders for a lease in the Gulf of Mexico that was previously held by Bureau of Ocean Energy Management (BOEM).

Following the news of their bidding status, Talos Energy announced that it was the top bidder and won the final sale of six deepwater blocks and eight shallow water blocks in the Gulf of Mexico. These blocks cover roughly 75,000 acres and will cost Talos Energy roughly $5.3 million. Twelve of the leases will have a five year lease while two will have a seven year lease. The company was excited to announce the purchase due to their efforts to expand both their inventory and production facilities, these leases will certainly aid in those goals. More details on these leases and the goals associated with them can be found here.

Just two months after Talos Energy announced the lease of those fourteen blocks, the company announced a preliminary agreement with Pemex, out of Mexico, which will decide weather or not the oil discovery Talos Energy made in the Gulf of Mexico also reaches into the blocks around them which are owned by Pemex. If this agreement holds, it will cover some of the shallow water areas in the Gulf of Mexico and will be the first time Pemex has made any deals of this nature. Just last year, in the same shallow water area, a well was drilled that led to the discovery of a deposit that is believed to hold somewhere between 1.2 and 1.8 billion barrels of oil. While this deal is not finalized yet, it is under review by Mexico’s incoming government, it is an exciting prospect for Talos Energy. More information on this deal and what it could mean can be found here.

Learn more about Talos Energy : https://www.ogj.com/articles/2017/11/gulf-of-mexico-producers-to-become-talos-energy-inc.html

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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Talos Energy, The New Face Of Oil And Gas Exploration And Production

Before Talos Energy merged with Stone Energy, there was a storm named Harvey that ravished Southeast Texas in 2017 with wind speeds of 130 mph. Talos Energy executive Tim Duncan, found himself, his wife, his 6-year-old-son and their 2 dogs on a FEMA rescue boat from their home in Kingwood, Texas-a suburb of Houston. 4-months prior to this, Duncan had begun brokering merger. Brokering such a deal is a challenge under normal circumstances needless to say, Hurricane Harvey made closing this deal, much more difficult. In spite of the hurricane, Duncan persisted and eventually closed the deal with Stone Energy Corporation. Making Talos a public entity without the expense of a public offering. Now, Tim Duncan presides over an oil company with an annual revenue of $900 million.

Talos Energy’s expertise lies in the acquiring of operated shelf and developed deep water assets in the Gulf of Mexico. Talos then explores, exploits and optimizes those assets using innovative and cutting-edge seismic technologies. The company, which is located in Houston Texas, was voted one of the Top Work Places in 2017. For example, Talos reexamined seismic data that enabled the ship Helix Producer to make new discoveries 3,000 feet deeper than the old reservoirs. You might recall that The Helix is the ship that helped to capture some of the 4 million barrels that gushed into the Gulf after the big Deep water Horizon oil spill in 2010. Talos Energy is also a company that prides itself on making the welfare of its employees, contractors, visitors and the general public a top priority! Maintaining compliance with applicable health, safety environmental laws and regulations is a constant focus and is fundamental to the company’s culture.

One thing that won’t change for the foreseeable future, is that oil and gas will continue to be the main source of energy. When it comes to recovering previously unreachable valuable resources, Talos Energy is a company that is focused on continued innovation in the exploration and production of these resources.

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