HOUSTON, Jan. 3, 2024
/PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE:
TALO) today announced that it has successfully started oil and
natural gas production at Talos's Lime Rock and Venice discoveries, located near its 100%
owned and operated Ram Powell platform in the U.S. Gulf of Mexico. Talos owns a 60% working
interest in both wells.
The Lime Rock and Venice wells
were brought safely online in late December
2023 and have achieved an initial combined gross production
rate of over 18,500 barrels of oil equivalent per day, averaging
about 45% oil and 55% liquids. The estimated combined gross
ultimate recoverable resources of these two discoveries are
approximately 20 to 30 million barrels of oil equivalent. In
addition to Talos's net production, we will collect volume-based
production handling fees ("PHA fees") from non-operated partners in
both discoveries.
The Lime Rock prospect was acquired in Lease Sale 256 in
November 2020 and is approximately
seven miles from the Ram Powell facility. The Venice prospect was identified within the
existing Ram Powell unit acreage approximately three miles from the
Ram Powell facility. Talos initially held a 100% working interest
in both prospects before successful farm-downs to achieve its
targeted 60% working interest.
Talos President and Chief
Executive Officer Timothy S. Duncan
commented: "The safe start-up of Lime Rock and Venice in less than 12 months is an
extraordinary achievement by our operations team, which included
new subsea installation and facility upgrade work. These prospects
exemplify our strategy of utilizing purchased infrastructure and
seismic imaging technology expertise to identify new and valuable
investment opportunities to grow reserves and production to meet
growing energy demand. With these production additions, the Ram
Powell facility is expected to achieve the highest combined
sustainable production rate since approximately 15 years ago.
Demonstrating our ability to successfully leverage existing
infrastructure also provides a blueprint for future optimization,
development, and exploration opportunities around our existing and
potential new assets."
ABOUT TALOS ENERGY
Talos Energy (NYSE: TALO) is a
technically driven, innovative, independent energy company focused
on safely and efficiently maximizing long-term value through its
Upstream Exploration & Production and Low Carbon Solutions
businesses. We currently operate in the
United States and offshore Mexico. We leverage decades of technical and
offshore operational expertise to acquire, explore, and produce
assets in key geological trends while developing opportunities to
reduce industrial emissions through carbon capture and storage
projects along the U.S. Gulf Coast. For more information, visit
www.talosenergy.com.
INVESTOR RELATIONS
CONTACT
investor@talosenergy.com
FORWARD-LOOKING STATEMENTS
This communication may
contain "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact
included in this communication, regarding our strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects, plans and objectives of management are
forward-looking statements. When used in this communication, the
words "will," "could," "believe," "anticipate," "intend,"
"estimate," "expect," "project," "forecast," "may," "objective,"
"plan" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on our current expectations and assumptions
about future events and are based on currently available
information as to the outcome and timing of future events.
We caution you that these forward-looking statements are subject
to numerous risks and uncertainties, most of which are difficult to
predict and many of which are beyond our control. These risks
include, but are not limited to, changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; political or regulatory developments; reservoir
performance; the outcome of future exploration efforts; timely
completion of development projects; technical or operating factors;
the uncertainty inherent in projecting ultimate recoverable
resources and future rates of production and cash flows and the
other risks discussed in "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31,
2022 and "Risk Factors" in our Quarterly Reports on Forms
10-Q filed with the U.S. Securities and Exchange Commission.
Should one or more of the risks or uncertainties described
herein occur, or should underlying assumptions prove incorrect, our
actual results, including project plans, production rates and
resource recoveries, could differ materially from those expressed
in any forward-looking statements. All forward-looking statements,
expressed or implied, included in this communication are expressly
qualified in their entirety by this cautionary statement. This
cautionary statement should also be considered in connection with
any subsequent written or oral forward-looking statements that we
or persons acting on our behalf may issue. Except as otherwise
required by applicable law, we disclaim any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this communication. References to "recoverable
resources," "oil-equivalent barrels," and other quantifies of oil
and gas include estimated quantities that are not yet classified as
proved reserves under SEC definitions.
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SOURCE Talos Energy