HOUSTON, Sept. 5, 2024 /PRNewswire/ — Talos Power Inc. (“Talos”) (NYSE: TALO) immediately introduced that its Ewing Financial institution 953 properly (“EW 953 properly”) efficiently found business portions of oil and pure fuel. Individually, Talos entered into an settlement to take part within the Sebastian prospect, at the moment drilling within the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.
The EW 953 properly encountered roughly 127 ft of internet pay within the goal sand at roughly 19,000 ft true vertical depth (“TVD”). Preliminary information signifies an estimated gross recoverable useful resource potential of roughly 15 – 25 million barrels of oil equal (“MMBoe”) from a single subsea properly with an preliminary gross manufacturing fee of 8 – 10 thousand barrels of oil equal per day (“MBoe/d”). First manufacturing is anticipated in mid-2026. Present plans are for the properly to be tied again to the South Timbalier 311 Megalodon host platform, which Talos partially owns. Talos holds 33.3% working curiosity (“W.I.”) within the EW 953 properly, with Walter Oil & Fuel Corp. (Operator) holding 56.7% W.I. and Gordy Oil Firm holding 10% W.I.
The Sebastian prospect started drilling in late August 2024, concentrating on the regionally prolific Higher Miocene Okay-1 reservoir at roughly 12,000 ft TVD. This amplitude-supported prospect incorporates an estimated gross useful resource potential of 9 – 16 MMBoe with a possible preliminary manufacturing fee of 6 – 10 MBoe/d. Outcomes are anticipated late fourth quarter 2024. If profitable, the Sebastian prospect will likely be tied again to the Delta Home facility, the place Talos has a partial curiosity. Murphy Oil Company would be the operator.
Talos Interim President and Chief Government Officer Joe Mills acknowledged, “We’re excited in regards to the outcomes of the Ewing Financial institution 953 properly. The properly logged higher than anticipated rock properties, which we consider ought to result in a sturdy preliminary movement fee. This discovery follows a sequence of profitable single-well subsea exploitation wells tied again to Talos-owned present infrastructure, like Venice and Lime Rock, Sunspear, and Claiborne sidetrack. Moreover, we have been capable of embrace the Sebastian prospect in our second-half 2024 drilling portfolio with out requiring updates to our capital expenditures steering for the 12 months. These drill-ready initiatives exemplify our give attention to tactical, lower-risk alternatives that may be introduced on-line comparatively shortly and complement our bigger, longer lead drilling initiatives.”
ABOUT TALOS ENERGY
Talos Power (NYSE: TALO) is a technically pushed, modern, impartial vitality firm targeted on maximizing long-term worth by its Upstream Exploration & Manufacturing enterprise in the US Gulf of Mexico and offshore Mexico. We leverage many years of technical and offshore operational experience to amass, discover, and produce property in key geological tendencies whereas sustaining a give attention to secure and environment friendly operations, environmental duty, and group influence. For extra data, go to www.talosenergy.com.
INVESTOR RELATIONS CONTACT
Clay Jeansonne
investor@talosenergy.com
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This communication could include “forward-looking statements” inside the which means of Part 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Part 21E of the Securities Trade Act of 1934, as amended. All statements, apart from statements of historic truth included on this communication, concerning our technique, future operations, monetary place, estimated revenues and losses, projected prices, prospects, plans and goals of administration are forward-looking statements. When used on this communication, the phrases “will,” “might,” “consider,” “anticipate,” “intend,” “estimate,” “anticipate,” “undertaking,” “forecast,” “could,” “goal,” “plan” and comparable expressions are meant to establish forward-looking statements, though not all forward-looking statements include such figuring out phrases. These forward-looking statements are based mostly on our present expectations and assumptions about future occasions and are based mostly on at the moment accessible data as to the result and timing of future occasions.
We warning you that these forward-looking statements are topic to quite a few dangers and uncertainties, most of that are tough to foretell and lots of of that are past our management. These dangers embrace, however will not be restricted to, our potential to appreciate our 2024 capital expenditures steering; profitable growth of the prospects described herein; reservoir efficiency; the result of future exploration efforts; profitability and different outcomes of wells we anticipate to drill and different exploration actions; well timed completion of growth initiatives; technical or working elements; the uncertainty inherent in projecting future charges of manufacturing and money flows; our entry to capital to finance such alternatives; estimating useful resource potential; implementing profitable drilling applications and the opposite dangers mentioned in “Threat Elements” in our Annual Report on Type 10-Okay for the 12 months ended December 31, 2023 and “Threat Elements” in our subsequent Quarterly Experiences on Types 10-Q filed with the U.S. Securities and Trade Fee (the “SEC”).
Ought to a number of of the dangers or uncertainties described herein happen, or ought to underlying assumptions show incorrect, our precise outcomes, together with undertaking plans, manufacturing charges and useful resource recoveries, might differ materially from these expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included on this communication are expressly certified of their entirety by this cautionary assertion. This cautionary assertion also needs to be thought-about in reference to any subsequent written or oral forward-looking statements that we or individuals appearing on our behalf could problem. Besides as in any other case required by relevant regulation, we disclaim any obligation to replace any forward-looking statements, all of that are expressly certified by the statements on this part, to mirror occasions or circumstances after the date of this communication.
PRODUCTION ESTIMATES
Estimates for our future manufacturing volumes are based mostly on assumptions of capital expenditure ranges and the idea that market demand and costs for oil and fuel will proceed at ranges that enable for financial manufacturing of those merchandise. The manufacturing, transportation, advertising and marketing and storage of oil and fuel are topic to disruption as a result of transportation, processing and storage availability, mechanical failure, human error, hostile climate circumstances resembling hurricanes, world political and macroeconomic occasions and quite a few different elements. Our estimates are based mostly on sure different assumptions, resembling properly efficiency, which can fluctuate considerably from these assumed. Subsequently, we may give no assurance that our future manufacturing volumes will likely be as estimated.
RESERVE INFORMATION
Reserve engineering is a means of estimating underground accumulations of oil, pure fuel and pure fuel liquids (“NGLs”) that can’t be measured in a precise manner. The accuracy of any reserve estimate is determined by the standard of obtainable information, the interpretation of such information and value and price assumptions made by reserve engineers. As well as, the outcomes of drilling, testing and manufacturing actions could justify upward or downward revisions of estimates that have been made beforehand. If important, such revisions would change the schedule of any additional manufacturing and growth drilling. Accordingly, reserve estimates could differ considerably from the portions of oil, pure fuel and NGLs which are in the end recovered. As well as, we use the phrases “estimated gross recoverable useful resource potential,” “internet pay,” “true vertical depth,” and “estimated gross useful resource potential” on this launch, which aren’t measures of “reserves” ready in accordance with SEC pointers or permitted to be included in SEC filings. These useful resource estimates are inherently extra unsure than estimates of proved reserves or different reserves ready in accordance with SEC pointers.
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