Talos Energy LLC is a publically traded firm that explores, develops, and produces oil and natural gas from its properties located in the Gulf of Mexico and along the Gulf Coast. They were established in Houston, Texas, in 2012 by entrepreneur Timothy Duncan who is the chief executive officer and president. The management team has decades of experience when it comes to exploring and recovering oil and natural gas from offshore sites using innovative techniques.
It was announced on August 16th that Talos Energy had acquired six deepwater and eight shallow water locations it was bidding on. The sale was held by the Bureau of Ocean Energy Management. The team at Talos Energy won all 14 bids it had placed which involves about 75,000 acres. In total, they paid $5.3 million for the right to these sites. They have a seven-year lease on two the deepwater sites and a five-year lease all of the remaining ones.
In other recent news, Talos Energy acquired another company in the oil and gas industry which was announced on September 4th. They acquired Whistler Energy II and the transaction was for $52 million. As part of this deal, $77 million in cash that Whistler had on hand for their surety bonds was released. This means that Talos Energy came out of this deal with an additional $31 million as well as $7 million that Whistler Energy II had when the acquisition was completed.
In July 2017, the team at Talos Energy made what is referred to as the Zama discovery. This discovery of a vast reserve of oil and natural gas was made in Mexico’s offshore waters. Because of this discovery, the Association of International Petroleum Negotiators awarded Talos Energy with their “Discovery of the Year” award. The Zama location was the first offshore exploration well in Mexican waters ever by a privately held firm. It holds somewhere between 1.4 and 2 billion barrels of oil which is in offshore waters that are 165 meters in depth.