Talos Finds Oil Offshore Mexico

Talos Energy as operator, together with its joint venture partners Sierra Oil and Gas and Premier Oil, has made an oil discovery in Zama-1 exploration well, offshore Mexico.

Talos holds a 35% participation interest with Sierra and Premier holding 40% and 25% participation interests, respectively.

The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico. The well, located in 546 feet (166 meters) of water and approximately 37 miles (60 kilometers) from the Port of Dos Bocas, has reached an initial shallow target vertical depth of approximately 11,100 feet (3,383 meters).

“This is both a historic and significant discovery, and we could not be more proud of the highly skilled personnel from Mexico and the US who have been working together in a safe and efficient manner to make it a reality,” said Tim Duncan, president and chief executive officer. “We believe this discovery represents exactly what the energy reforms intended to deliver: new capital, new participants and a spirit of ingenuity that leads to local jobs and government revenues for Mexico.”

The well spud utilizing the Ensco 8503, a moored floating drilling rig. The company is currently setting a liner to protect the discovered reservoirs prior to drilling deeper exploratory objectives to a total vertical depth of approximately 14,000 feet (4,267 meters).

There are no plans for immediate well testing. Further evaluation will be required to calibrate the well with the existing reprocessed seismic to determine future plans and optimal follow up locations to define the extent of the discovered resource.

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