Talos Energy is an oil and gas drilling company based in Houston. Talos Energy recently announced that its business unit, Talos Production, has completed the acquisition of ERT, a subsidiary of Helix Energy Solutions Group. Located in the Gulf of Mexico, the ERT owns an average of 15,155 barrels of oil. ERT has recently announced the success of exploration of a well at Wang, which encountered over 100 feet of high-quality oil in Phoenix, Green Canyon Block 237. Helix will retain certain exploration prospects and royalty interest in the Wang discovery.
Tim Duncan, the CEO and President of Talos Energy feels excited to reach such a significant milestone of acquiring ERT. He feels encouraged by ERT’s success in the Wang discovery. Combining its 24,000 squares miles of seismic data and experienced professionals with ERT’s oil-weighted assets and high cash flow will position Talos Energy to build an influential company in the lower Gulf Coast and the Gulf of Mexico.
Located in Houston, Talos Energy is a portfolio company affiliated with Appolo Global Management, which committed over $600 million worth of equity to Talos in 2012. In a joint venture with Premier Oil and Sierra Oil, Talos Energy has announced the completion of the Zama-1 exploration well. It is Mexico’s first offshore exploration well to be drilled by a private company. Even without the use of hydrocarbons, the well dug deeper into a high-risk formation. Drilling results confirmed that there was no penetration of oil into the water. The initial volumes of oil in the Zama-1 remain as previously announced.
Talos Energy completed drilling operations under budget and ahead of schedule. Nonetheless, Mexico has suspended the well as a future producer. Talos Energy is in the process of analyzing the data gathering from the Zama-1 well. Talo, together with its joint venture partners are looking for ways to appraise and develop this historic discovery. Talos Energy intends to explore additional prospects on its acreage and to appraise activities of Zama-1 well. Considering the significance of Zama-1 well on the Mexico energy market, it ranks among the most valuable exploration oils in Mexico.
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