Talos Energy Announces New Discovery and Adds Additional 2024 Prospect in the Gulf of Mexico
The EW 953 well encountered approximately 127 feet of net pay in the target sand at approximately 19,000 feet true vertical depth ("TVD"). Preliminary data indicates an estimated gross recoverable resource potential of approximately 15 – 25 million barrels of oil equivalent ("MMBoe") from a single subsea well with an initial gross production rate of 8 – 10 thousand barrels of oil equivalent per day ("MBoe/d"). First production is expected in mid-2026. Current plans are for the well to be tied back to the South Timbalier 311 Megalodon host platform, which Talos partially owns. Talos holds 33.3% working interest ("W.I.") in the EW 953 well, with
The Sebastian prospect began drilling in late
Talos Interim President and Chief Executive Officer
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CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This communication may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this communication, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this communication, the words "will," "could," "believe," "anticipate," "intend," "estimate," "expect," "project," "forecast," "may," "objective," "plan" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. 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 numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, our ability to realize our 2024 capital expenditures guidance; successful development of the prospects described herein; reservoir performance; the outcome of future exploration efforts; profitability and other results of wells we expect to drill and other exploration activities; timely completion of development projects; technical or operating factors; the uncertainty inherent in projecting future rates of production and cash flows; our access to capital to finance such opportunities; estimating resource potential; implementing successful drilling programs and the other risks discussed in "Risk Factors" in our Annual Report on Form 10-K for the year ended
Should one or more of the risks or uncertainties described herein occur, or should underlying assumptions prove incorrect, our actual results, including project plans, production rates and resource recoveries, could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication 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 communication.
PRODUCTION ESTIMATES
Estimates for our future production volumes are based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. The production, transportation, marketing and storage of oil and gas are subject to disruption due to transportation, processing and storage availability, mechanical failure, human error, adverse weather conditions such as hurricanes, global political and macroeconomic events and numerous other factors. Our estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Therefore, we can give no assurance that our future production volumes will be as estimated.
RESERVE INFORMATION
Reserve engineering is a process of estimating underground accumulations of oil, natural gas and natural gas liquids ("NGLs") that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify upward or downward revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered. In addition, we use the terms "estimated gross recoverable resource potential," "net pay," "true vertical depth," and "estimated gross resource potential" in this release, which are not measures of "reserves" prepared in accordance with
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