Talos Energy Announces Discovery at Green Canyon 237
September 17, 2014 – Talos Energy LLC ("Talos”) today announced its wholly owned subsidiary, Energy Resource Technology GOM, LLC ("ERT”), has successfully logged over 600 feet of net true vertical oil pay across six reservoirs in its Motormouth prospect. The prospect, known as the Green Canyon Block 237 #6-BP1 well, is located in the Phoenix Field, which is in the Gulf of Mexico in approximately 2,000 feet of water. Each of the reservoirs represents new reserves and Talos expects production to flow from new subsea infrastructure back to the central production facility located on the lease, the Helix Producer 1, by the end of the first quarter of 2015. Talos/ERT owns 60% of the well and is the operator. Minority partners include Deep Gulf
Energy III, LLC and Sojitz Energy Venture, Inc.
"I am very encouraged to see such a positive result from our developed deepwater drilling program this year. This is the second major discovery in the Phoenix Field since we announced
our acquisition of ERT in December of 2012,” said Tim Duncan, President & CEO of Talos. "Our technical and operational teams for the Phoenix Field have worked tirelessly on this project; they are creative, diligent, and dedicated professionals and I’m proud of their efforts. They deserve a tremendous amount of credit. I am particularly excited about this discovery because it helps to validate our team’s technical and operating approach and it is very encouraging with respect to the upcoming prospects that we intend to drill in the Phoenix Field over the next 12 months.”
Talos develops its drilling inventory using one of the largest seismic data sets among independent Gulf of Mexico operators, with over 33,000 square-miles of high quality, three dimensional seismic, much of which has been reprocessed. The company plans to drill 15 prospects in 2014 and 15 to 18 additional prospects in 2015, both in shallow water and on its developed deepwater acreage. In the Phoenix Field, Talos, as operator, intends to execute three additional drilling projects by the end of 2015.
CONTACT: INQUIRIES OF THE COMPANY
Timothy S. Duncan
President & CEO