Talos Initiates Production in Recent Deepwater Discovery in Gulf of Mexico

Posted on May 6th, 2013 with tags , , , , , , , , .

Talos Energy LLC, a privately held Houston-based oil and gas company, announced that its wholly owned subsidiary, Energy Resource Technology GOM, LLC. (“ERT”), has initiated production from the previously announced Green Canyon 237 #5 discovery, which is located in the Phoenix Field in Green Canyon block 237 in the federal waters of the Gulf of Mexico.

Production from the well has reached a sustained gross rate of 4,200 BOPD and 6,300 MCFPD and no water, or 5,250 BOEPD. ERT operates the Phoenix Field, located in 2,000′ of water, and the net production added from the discovery is approximately 2,750 BOEPD.

“Initiating production from our discovery in the Phoenix Field was an important milestone, and we are very pleased to have reached it so quickly after closing the ERT transaction,” said Tim Duncan , President & CEO of Talos Energy LLC. “Announcing a discovery in mid-December, completing a subsea well and hooking-up to the Helix HP-1 ship by May safely and on budget was a tremendous effort. Our operations team on this project deserves a great deal of credit. Gross production from the Phoenix Field has increased to approximately 17,000 BOEPD, and we are excited about the additional re-development and exploitation opportunities we have identified in this asset.”

Talos Energy, headquartered in Houston, is a portfolio company of funds affiliated with Apollo Global Management, LLC (NYSE: APO) and Riverstone Holdings LLC, which committed up to $600 million in equity to Talos in February of 2012.

Press Release, May 06, 2013

 

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