News & Press Releases
News & Press Releases
Talos Energy LLC Announces Initial Production from the Tornado Discovery
Houston, November 15, 2016 – Talos Energy LLC ("Talos” or the "Company”) announced today initial production from the Tornado exploration project in the Phoenix Field, located in Green Canyon Blocks 236, 237, 280 and 281 in approximately 2,700 feet of water. Initial production testing for the Tornado project commenced October 27, 2016 and the well (GC 281 T-9 well) is being tested at various flow rates to better understand the rock properties and impact on future development plans. At the end of the two week test period, gross production rates in excess of 20,000 boepd (85% oil) were achieved, although the company plans to flow the well at a gross rate between 13,000 and 16,000 boepd until a second well is drilled and completed for additional redundancy. Production from the Tornado well is flowing to the Helix Producer I, a dynamically positioned floating production unit, where minimal incremental lease operating expense is expected. The Company owns 50% of the well and is the operator. Minority partners include Deep Gulf Energy III, LLC and Sojitz Energy Venture, Inc.
Tim Duncan, President and Chief Executive Officer, stated, "We are pleased to announce first production from our Tornado discovery ahead of schedule and under budget. Our technical and operational teams for the Phoenix Field have worked tirelessly on this project resulting in first production less than one year after the commencement of drilling operations. They deserve a tremendous amount of credit and I am proud of the team’s efforts. The well test was conducted from our B-6 Lower Sand, one of four pay sands encountered in the Tornado discovery. We confirmed these reservoirs have excellent rock properties and we will use this data to update and potentially accelerate our development plan for this asset.”
ABOUT TALOS ENERGY LLC
Talos Energy is a technically driven independent exploration and production company focused on exploration, development and acquisition of oil and natural gas properties primarily on the Gulf Coast of Texas and Louisiana region of the United States, Offshore Mexico, and Gulf of Mexico Shelf and Developed Deepwater. More information about Talos Energy can be found on the company’s website at www.talosenergyllc.com.
The information in this press release includes "forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. 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 all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of oil, natural gas and NGLs. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks described in "Item 1A, Risk Factors” in the Company’s 2014 Annual Report.
Should one or more of the risks or uncertainties described in the Company’s 2014 Annual Report 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 the Company’s 2014 Annual Report 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 press release.
CONTACT: INQUIRIES TO THE COMPANY
Timothy S. Duncan
President & CEO