Talos Energy Announced As High Bidder On 57,600 Deepwater Acres In Federal Lease Sale 257
HOUSTON, Nov. 18, 2021 /PRNewswire/ -- Talos Energy Inc. (NYSE: TALO) ("Talos" or the "Company") today announced that it was named as the apparent high bidder in the Outer Continental Shelf Federal Lease Sale 257 on ten deepwater blocks comprising 57,600 gross acres, or 36,720 net acres, for a net total consideration of approximately $4.8 million. Nine of the blocks are in close proximity to the Company's operated Green Canyon and Mississippi Canyon facilities, while the remaining block offsets the Company's recent Puma West discovery. Talos was the one of the most active bidders behind ExxonMobil, bp, Chevron, Oxy and Shell. The acquired prospect inventory includes both low risk subsea tie-backs and high impact exploration opportunities. Royalty rates and other key economic terms of the new leases are consistent with historical standards and existing regulations. Leases for all blocks remain subject to normal-course, formal award by the Department of the Interior.
Talos President and Chief Executive Officer Timothy S. Duncan commented: "After a brief pause in federal leasing, the increased level of bidding activity in this sale highlights the attractiveness of the basin and our industry's willingness to invest offshore in the responsible development of reliable energy sources. I'm proud of our team for achieving broad success with a high level of activity, adding acreage and prospects to our already robust portfolio at an attractive acquisition cost. The proximity of these prospects to our existing assets bolsters our infrastructure-led, near-field strategy, creating robust economics while also lowering the overall carbon intensity of our assets over time."
ABOUT TALOS ENERGY
Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States and offshore Mexico, both upstream through oil and gas exploration and production and downstream through the development of future carbon capture and storage opportunities. As one of the Gulf of Mexico's largest public independent producers, we leverage decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and storage initiatives along the U.S. Gulf Coast and Gulf of Mexico. For more information, visit www.talosenergy.com.
TALOS ENERGY INVESTOR RELATIONS CONTACT
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 "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, the consummation of the lease arrangements described herein, commodity price volatility, including the sharp decline in oil prices beginning in March 2020, the impact of the coronavirus disease 2019 ("COVID-19") and governmental measures related thereto on global demand for oil and natural gas and on the operations of our business, the ability or willingness of the Organization of Petroleum Exporting Countries ("OPEC") and non-OPEC countries, such as Saudi Arabia and Russia, to set and maintain oil production levels and the impact of any such actions, lack of transportation and storage capacity as a result of oversupply, government regulations and actions or other factors, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, the possibility that the anticipated benefits of recent acquisitions are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of such acquisitions, and other factors that may affect our future results and business, generally, including those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 11, 2021 and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 3, 2021.
Should one or more of these risks occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, 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, to reflect events or circumstances after the date of this communication.
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SOURCE Talos Energy
Company Codes: NYSE:TALO
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