HOUSTON, Dec. 22,
2023 /PRNewswire/ -- Talos Energy Inc. ("Talos" or
the "Company") (NYSE: TALO) today announced that it was named as
the apparent high bidder on 13 deepwater blocks comprising
approximately 74,000 gross acres (approximately 48,000 net acres)
in the U.S. Gulf of Mexico Outer Continental Shelf Federal Lease
Sale 261 held by the Bureau of Ocean Energy Management ("BOEM") on
December 20, 2023. Leases for all
blocks remain subject to normal-course, formal award by the
Department of the Interior.
Separately, Talos executed Lease Exchange Agreements with BP
Exploration & Production Inc. ("bp"), Chevron U.S.A. Inc. ("Chevron"), and Hess Corporation
("Hess") under which the parties are consolidating acreage across
15 blocks in the deepwater Green Canyon area of the U.S.
Gulf of Mexico. The consolidation
provides the parties the ability to execute prospective drilling
opportunities more efficiently upon developing the contributed
acreage, which includes several identified prospects. Talos's
participation in these blocks is expected to be between 15% and
20%.
Talos President and Chief
Executive Officer Timothy S. Duncan
commented: "I am pleased with the results of our bidding efforts
and for achieving broad success with a high level of activity in
Lease Sale 261, adding acreage and prospects to Talos's robust
portfolio. The proximity of these prospects to our existing assets,
including Ram Powell, Pompano, Prince, and Brutus facilities,
bolsters our infrastructure-led, near-field strategy in the
Gulf of Mexico while providing
opportunities to lower the overall carbon intensity of our assets
over time.
"Furthermore, as we look to future growth opportunities, we
believe that consolidating prospective lease positions with bp,
Chevron, and Hess validates the potential of the acreage we are
contributing and could lead to the efficient development of
reliable, responsible energy. Combined with our recently announced
Repsol joint venture, our lease sale activity and acreage
consolidation agreements provide Talos with inventory depth and lay
the groundwork for future exploitation and exploration
opportunities. We are excited about the resource potential these
efforts may contribute to our drilling programs," concluded
Duncan.
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, the uncertainty inherent in the
consummation of the arrangements described herein, successful
development of these prospects, estimating resource potential,
implementing successful drilling programs, projecting future
production, the possibility that the anticipated benefits of these
acquisitions are not realized when expected or at all, 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 and plans 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.
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SOURCE Talos Energy