MEXICO CITY, Sept. 21, 2018 /PRNewswire/ -- Petróleos
Mexicanos (Pemex) and Talos Energy (NYSE:TALO), as operator of the
Block 7 Consortium, are pleased to announce that Pemex and the
international Block 7 Consortium (Talos Energy, Sierra Oil and Gas,
and Premier Oil) have signed a Pre-Unitization Agreement (PUA)
related to certain tracts within the Amoca-Yaxche-03 allocation
(assigned to Pemex as part of Round 0) and the contiguous Block 7
production sharing contract (assigned to the consortium by the
National Hydrocarbons Commission as part of the first tender of
Round 1). Both areas are situated in the offshore portion of
Mexico's prolific Southeast
Basin.
This is the first Pre-Unitization Agreement ever to be signed in
Mexico. Under the country's
recently revamped legal and regulatory framework, this two-year
agreement enables information sharing related to the recently
announced Zama discovery and its potential extension into Pemex's
neighboring block. It also sets a clear path for the signing of a
Unit Agreement and Unit Operating Agreement in the event a shared
reservoir is confirmed, as it establishes a defined process based
on international practices to determine the resulting participation
of each party in the potential overall development.
As a result of the agreement, both parties will immediately form
a Working Group, with the objectives of maximizing operational and
informational efficiencies, defining activities on each tract that
optimize the collection of data in the area, and reducing any
potential hazards, all to maximize the benefits for México. The
Working Group will be comprised by legal and technical
representatives from the member companies.
The PUA has previously been approved by the Ministry of Energy
(SENER).
About Pemex
Pemex is the largest company in Mexico. It operates through the whole chain of
value of the industry, from exploration and production -upstream-
to industrial transformation, logistics and marketing
–downstream.
About the Consortium
The Block 7 Consortium comprises Talos Energy (Operator, 35%
interest), Sierra Oil and Gas (40%) and Premier Oil (25%).
About Talos Energy
Talos is a technically driven independent exploration and
production company with operations in the
United States Gulf of
Mexico and in the shallow waters off the coast of
Mexico. Our focus in the United States Gulf of Mexico is the exploration,
acquisition, exploitation and development of shallow and deepwater
assets near existing infrastructure. The shallow waters off the
coast of Mexico provide us high
impact exploration opportunities in an emerging basin. The
Company's website is located at
www.talosenergy.com.
About Sierra Oil & Gas
Sierra Oil and Gas is based in Mexico City, and is the leading and largest
independent company in Mexico. Sierra Oil & Gas and its
international partners, have won 6 blocks in highly competitive
auctions carried out by CNH in Mexico's southeast basin, by offering the
highest government take in each round and a total of six
commitment wells combined. Sierra Oil & Gas philosophy is
totally entrepreneurial, with an experienced team and core values
such as transparency, corporate ethics, and international
governance practices. Sierra Oil and Gas has established leading
collaboration with academic institutions UNAM and ITAM as well with
Instituto Mexicano del Petroleo (IMP) to advance research,
education and training in Mexico's
oil and gas sector. Sierra Oil & Gas is backed by
prestigious equity firms Riverstone, EnCap Investments and
BlackRock, as well as Afores (Mexican retirement and pension funds)
through local investment instruments CKD's, from Riverstone
(RIVERCK15) and BlackRock (ICUA2CK14).
About Premier Oil
Premier Oil is a FTSE 250 independent exploration and
production company with oil and gas interests in the UK,
Vietnam, Indonesia, the Falkland Islands, Mexico and Brazil.
Press contacts
Pemex
Carmen Rocha Maguey
+ 521 55 74813994
mcrocham01@pemex.com
Talos Energy
Sergio
Maiworm
+1.713.328.3008
investor@talosenergy.com
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