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Talos Energy LLC Completes Operations on Zama-1 in Offshore Mexico

Houston, July 31, 2017 – Talos Energy LLC ("Talos” or the "Company”) as operator, together with its joint venture partners Sierra Oil and Gas S. de R.L de C.V. ("Sierra”) and Premier Oil Plc ("Premier”), is pleased to announce that the Zama-1 exploration well, offshore Mexico, has completed drilling operations, reaching a total depth of 13,480 feet (4,109 meters). Zama-1 is the first offshore exploration well to be drilled by the private sector in Mexico. 

Well results confirmed the base of the reservoir section, with no penetration of an oil-water-contact. The well drilled deeper into a higher risk formation and no additional hydrocarbons were encountered. The initial oil in-place volumes for the Zama-1 well are, as previously announced, from 1.4 to 2.0 billion barrels. The gross oil bearing interval is over 1,100 feet (335 meters). Talos finished drilling operations ahead of schedule and under budget. The well has been suspended as a future producer.

Talos, together with its joint venture partners Sierra and Premier, is now analyzing all the data gathered from the Zama-1 well and evaluating the best way to appraise and develop this historic discovery.

"To announce such a historic discovery less than two years after being awarded the block, safely and without incident, is an excellent example of the benefits of having smaller operators participate in the reforms – we can match the operational sophistication of our larger peers, but with a heightened sense of urgency” said Tim Duncan, President and Chief Executive Officer. "We look forward to our appraisal activities on Zama and continuing to explore additional prospects on our acreage.”


Talos is a technically driven independent exploration and production company focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Gulf of Mexico Developed Deepwater and Shelf and on the Texas and Louisiana Gulf Coast, with year-end net proved reserves of over 100 million BOE and production of approximately 30,000 BOE/day net to the Company’s interest. During 2015, we leveraged our technical and operational expertise in the Gulf of Mexico and expanded our acreage position into two shallow water exploration blocks off the coast of Mexico. The Company’s website is located at www.talosenergyllc.com.


Laura Williams