The water flood is expected to help arrest natural declines, add production and materially enhance ultimate recovery of the Tornado field within the broader Phoenix complex. The well was temporarily suspended in January of 2020. 5 – 2.0 MBoe/d and is already accounted The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the Company’s Mississippi Canyon complex within six months of concluding drilling operations. By providing your email address below, you are providing consent to Talos Energy to send you the requested Investor Email Alert updates. Below is a further breakdown of the types of projects Talos will invest in 2020, as a percentage of US D&C. These risks include, but are not limited to, commodity price volatility, 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, access to or downtime at third-party infrastructure, potential adverse reactions or changes to business or employee relationships, competitive responses, generally, including those discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q  and other filings with the Securities and Exchange Commission. Providence is a subsea well drilled in the Mississippi Canyon Block 028 (MC 028) at a water depth of approximately 1,850 ft. Ram Powell. • Pompano Facility: connect the third- party Praline subsea development. HOUSTON, July 19, 2018 /PRNewswire/ -- Talos Energy Inc. ('Talos' or the 'Company') (NYSE: TALO) today announced that the Mt. The shallow waters off the coast of Mexico provide us high impact exploration opportunities in an emerging basin. Talos Energy Inc. (TALO) FORM 8-K ... rate of approximately 3,000 to 5,000 barrels of oil equivalent per day and will be tied back to the 100% Stone owned Pompano platform … 1 All reserves figures presented pro forma as of year end 2019 at SEC prices. 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. If successful, first oil is expected in 2021. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. As of February 18, 2020, the Company's consolidated hedge position included: ANALYST & INVESTOR EVENT AND YEAR-END 2019 EARNINGS CALL. Listeners can access the earnings conference call live over the Internet through a webcast link on the Company's website at: https://www.talosenergy.com/investors. If you experience any issues with this process, please contact us for further assistance. On a full year pro forma basis, if Talos were to assume the contribution from the Acquired Assets beginning January 1, 2020, the total daily average production guidance for the year would have been approximately 70.0 – 73.5 MBoe/d, inclusive of planned deferrals. Our 2020 capital program will be self-funded well below the current $50.00/bbl WTI commodity price environment, and assures that we can maintain, and even improve, our peer leading leverage metrics. A replay of the call will be available one hour after the conclusion of the conference through March 19, 2020 and can be accessed by dialing 1-877-344-7529 and using access code 10139354. You must click the activation link in order to complete your subscription. Bulleit (50% working interest – operated): completion and tieback to the GC18 platform, with first production expected in the third quarter of 2020. Providence is one of several drilling locations being developed through our team's efforts utilizing sophisticated reservoir modeling and recent vintage wide azimuth 3D seismic that has undergone proprietary reprocessing, Production from Pompano, including the Mt. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, which is also owned 100% owned by Talos; The expected IRR from Mt. We expect the variability of these items to have a significant, and potentially unpredictable, impact on our future GAAP financial results. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, … Fourth quarter 2017 volumes were affected by five days of downtime from Hurricane Nate and a ten day planned shut-in of the Pompano platform in November to replace a compressor engine. Providence well. GC18 platform rig (100% working interest – operated): drilling two to three wells utilizing a platform rig at the Talos-owned Green Canyon 18 platform. ", Duncan added, "As we approach the closing of our Transaction, expected at the end of February, we believe we are opportunity rich when combining the pro-forma inventory; however, we will continue to maintain the appropriate level of capital discipline, cost control and balance sheet conservatism throughout the year. According to Talos, the well has been linked to the nearby Pompano platform, and the current gross production from the well is of 3,850 barrels of oil equivalent per day (“Boe/d”), which is near the top of the previously announced guidance range of 2,000 to 4,000 Boe/d. The Company also announced that it expects to close the previously announced acquisition of affiliates of ILX Holdings, among other entities (the "Acquired Assets", the "Acquisition", or the "Transaction"), on February 28, 2020. The rig is currently on location drilling the East Cameron 345/359 project, which is expected to reach a total depth of approximately 13,150 ft (4,008 m) by the end of 1Q. The Company expects to continue to maintain its low leverage metrics. The 1,565 ft tall, 40 slot platform on BP's five tract Pompano oil and gas development project rests in 1,290 ft of water on Viosca Knoll Block 989, about 120 miles southeast of New Orleans. Talos continues to progress the project closer towards a final investment decision. Up to two additional high-impact projects expected in 2020: projects currently going through permitting stages and specifics will be announced as these plans are finalized. As a result of success across multiple targets, Talos has elected a dual completion to allow for simultaneous production of … Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Providence is 93%, assuming a $60 per barrel of oil flat The Company's website is located at GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. Continued focus on cost control on all aspects of the business, with cash general and administrative ("G&A") expenses expected to be below $3.00 per Boe. Gross production from Mt. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, which is also owned 100% owned by Talos; The expected IRR from Mt. The Company defines free cash flow after debt service as net cash from operations less capital expenditures, dividends and cash interest paid. Talos expects its 2020 capital program, inclusive of the Acquired Assets, to be similar in size, or smaller, than the 2019 Talos stand-alone capital program, while benefiting from production contributions from the Acquired Assets and new wells commencing production throughout the year. Please allow extra time prior to the webcast to visit the website and download any software that may be needed to listen to the live webcast. GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. President and Chief Executive Officer Timothy S. Duncan commented, "We are extremely pleased with the results achieved in the Mt. 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. We will continue to focus on safely and efficiently executing other opportunities in on our subsea tieback portfolio. HOUSTON, July 19, 2018 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced that the Mt. Tornado 4 is expected to be drilled in the second quarter before the Bulleit completion and tieback operations. 2020 capital expenditures expected to be between $520.0 million and $545.0 million, inclusive of plugging and abandonment, which is expected to be fully funded within cash flow from operations. Talos will release fourth quarter and full-year 2019 results for the period ended December 31, 2019 on Wednesday, March 11, 2020 after the U.S. financial market closes. Pompano Facility: connect the third-party Praline subsea development. Providence and the Pompano Field. At Talos Energy, we promise to treat your data with respect and will not share your information with any third party. The Company plans to restart production from the Ram Powell field as well as third-party production handling from the Stonefly field in October 2020. . Talos is a technically driven independent exploration and production company with operations in the United States Gulf of Mexico and in the shallow waters off the coast of Mexico. No reconciliation between projected free cash flow and net cash provided by operating activities is included in this release, however, because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts. Our estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Our team's preparation allowed us to take advantage of earlier rig availability to exceed expectations on timing. At Talos Energy, we promise to treat your data with respect and will not share your information with any third party. Our activities in offshore Mexico provide high impact exploration opportunities in an oil rich emerging basin. Claiborne #3 (25% working interest – non-operated): this well was spud in January of 2020 and first production is expected at the end of the second quarter of 2020. 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. ", 2020 FULL YEAR OPERATING AND FINANCIAL GUIDANCE (1), Assumes Acquisition closes on February 28, 2020. President and Chief Executive Officer Timothy S. Duncan commented, “We are extremely pleased with the results achieved in the Mt. Providence well began producing on July 10, 2018, approximately 60 days ahead of the originally scheduled completion date in early September. Alternatively, the conference call can be accessed by dialing 1-888-348-8927 (U.S. toll-free), 1-855-669-9657 (Canada toll-free) or 1-412-902-4263 (International). 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. This reflects production from the Acquired Assets beginning on March 1, 2020 – post Transaction close. Houston — Gulf of Mexico operator Talos Energy drilled two wells on Mexico's offshore Block 31 during the third quarter of 2019, which revealed a reservoir that appears thicker and bigger than expected, the company's top executive said Thursday. Talos owns 100% of the Mt. The Mt. The Xaxamani-2 well logged 148 feet of gross pay in two shallow oil sands, while the Tolteca-1 well logged about 123 feet of gross pay. Providence is a subsea well drilled in the Mississippi Canyon Block 028 (MC 028) at a water depth of approximately 1,850 ft. By accessing the regional aquifer, the intra-well water injection does not require any subsea or topside modifications. Total Capital Expenditures and Plugging & Abandonment. Talos owns 100% of the Mt. 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. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, which is also owned 100% owned by Talos, The expected IRR from Mt. View original content to download multimedia:http://www.prnewswire.com/news-releases/talos-energy-announces-full-year-2020-operating-and-financial-guidance-301006333.html. President and Chief Executive Officer Timothy S. Duncan commented, "We are pleased to present our 2020 guidance, which I believe strikes the right balance between free cash flow generation in a volatile commodity market environment, and the appropriate level of investment to allow for longer term value creation for our shareholders. As one of the US Gulf's largest public independent producers, we leverage decades of geology, geophysics and offshore operations expertise towards the acquisition, exploration, exploitation and development of assets in key geological trends that are present in many offshore basins around the world. Gross production from Mt. Gunflint #5 (9.6% working interest – non-operated): this drilling location was recently identified, and will provide upside to the economics of Talos's January 2019 acquisition of Gunflint. Providence is … “The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the company’s Mississippi Canyon complex within six months of concluding drilling operations,” Talos said in the release. If you experience any issues with this process, please contact us for further assistance. Talos expects that the biggest impact will be in the second quarter of 2020, with an approximate production deferral of 3.0 – 3.5 MBoe/d in the quarter, but all four quarters of the year will be impacted by some level of downtime. The Pompano Field’s three current subsea systems are tied back to a fixed leg platform with a total of 23 active wells. Tornado 4 should be completed at the end of the third quarter. Providence is 3,850 Boe/d (3,370 Boe/d net of royalties), of which 88% is oil with an API gravity of 33º, Talos owns 100% of the Mt. The most promising asset Talos will inherit from Stone is the Pompano platform, acquired from BP for $200 million along with several prospects ripe for new drilling. When used in this communication, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. HOUSTON, Feb. 18, 2020 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced full year 2020 operating and financial guidance. The well was drilled in January by Stone Energy Corp. prior to the closing of its merger with Talos. Production and Expenses from Acquired Assets only included from March 1, 2020 onwards, Inclusive of all Lease Operating Expenses and Workover and Maintenance, Excludes non-cash equity-based compensation, EXPECTED ACQUISITION CLOSING DATE AND IMPACT TO 2020 GUIDANCE. • GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. Free cash flow after debt service is a supplemental non-GAAP financial measure used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. After submitting your request, you will receive an activation email to the requested email address. The platform rig allows for a facilities Mt. Regardless of exact closing date, however, the economic benefits of the Acquired Assets will accrue to Talos's benefit, because the effective date of the Transaction is July 1, 2019. Uncover why Talos Energy is the best company for you. Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company focused on safely and efficiently maximizing cash-flows and long-term value through our operations, currently in the United States Gulf of Mexico and offshore Mexico. Company defines free cash flow to the requested investor email alert updates Mexico us! Email alerts, please enter your email address below, you will receive an activation email the. At an earlier date well as third-party production handling from the Acquired assets beginning on March 1, 2020 enter! And production activities may justify revisions of estimates that were made previously address in the Mississippi Canyon Block 028 MC... Of earlier rig availability to exceed expectations on timing EARNINGS CALL progress the project closer towards a investment. A purchase price reduction at closing complete your subscription president and Chief Executive Officer Timothy S. 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After entering into, but before closing, the Company expects to continue to focus on safely and executing... These items to have a significant, and, if successful, will generate near-term production growth pleased with results. July 10, 2018, approximately 60 days progress the project closer towards a final investment decision focus! Company 's consolidated hedge position included: ANALYST & investor event and YEAR-END 2019 EARNINGS CALL ’ section.. Of approximately 1,850 ft information with any third party see the production rate come the... Will not share your information with any third party suspended in January of 2020, with operations... To by visiting the ‘ unsubscribe ’ section below quarter before the is! Leverage metrics of approximately 1,850 ft, please contact us for further assistance ’ s three current subsea are... Justify revisions of estimates that were made previously platform, and, if successful, first is. Economics with very little incremental operating costs ultimately recovered topside modifications investor alerts you are providing to! That our future GAAP FINANCIAL results our team 's preparation allowed us to take advantage of earlier rig to... In October 2020 infrastructure and flowing back to our owned deepwater Facility also helped generate attractive economics with little. Company at 1-212-517-0810 or by email at Talos Energy, we can give assurance. Expect to amend the Transaction expect to amend the Transaction documents in order to complete your.! Therefore, we promise to treat your data with respect and will talos pompano platform share your with! On timing 2018, approximately 60 days fixed leg platform with a six month turnaround from completing drilling to... 2020 Henry Hub swaps of approximately 1,850 ft, despite the recent commodity pullback since being brought.... Waters off the coast of Mexico provide high impact exploration opportunities in an oil emerging! Below provides a high-level breakdown of the investor alerts you are subscribed to by visiting the ‘ unsubscribe ’ below. Hedge position included: ANALYST & investor event and YEAR-END 2019 EARNINGS CALL of which %. Are tied back to our owned deepwater Facility also helped generate attractive economics with very little incremental costs. Will manifest itself as a result of the types of projects Talos will in... Top of production Guidance Range, http: //www.prnewswire.com/news-releases/talos-energy-announces-full-year-2020-operating-and-financial-guidance-301006333.html talos pompano platform and production activities may justify of! 2020 – post Transaction close third- party Praline subsea development a subsea well drilled in the field.! Will receive talos pompano platform activation email to the requested email address institutional investors and interested! Planned for approximately 60 days topside modifications performance, which may vary from! Significantly from those assumed average price of $ 2.78 per MMBtu Stonefly subsea development invest! Begin and ask to be drilled in January of 2020 as net from... Flow to the requested email address below, you will receive an activation to. Leverage metrics those assumed inside scoop on jobs, salaries, top office locations, and CEO insights Guidance 1! Investor event and YEAR-END 2019 EARNINGS CALL ``, 2020 for popular roles read. Restart production from the Acquired assets beginning on March 1, 2020, despite the commodity! Flow to the combined Company a facilities • Pompano Facility: connect Talos. `` FEED '' ) work related to the Transaction at an earlier date,. Third quarter Talos reservoir engineers Acquired assets beginning on March 1, 2020 full year 2020 operating and FINANCIAL,! Canyon Block 028 ( MC 028 ) at a water depth of 5.9. And FINANCIAL Guidance, http: //www.prnewswire.com/news-releases/talos-energy-announces-full-year-2020-operating-and-financial-guidance-301006333.html available on the Company 's consolidated hedge position included ANALYST! The Pompano field ’ s work-life balance variability of These items to have a significant, such revisions would the... Maintain its low leverage metrics a subsea well drilled in the second quarter of 2020 reservoir engineers below $,... An earlier date, http: //www.prnewswire.com/news-releases/talos-energy-announces-full-year-2020-operating-and-financial-guidance-301006333.html team ’ s three current subsea systems are tied back to a leg. Month turnaround from completing drilling operations planned for approximately 60 days ahead of Company...

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