HOUSTON – Talos Energy has agreed to buy conventional Gulf of Mexico shelf properties from Stone Energy Corp. (NYSE:SGY) for $200 million. The sale of the unspecified holdings is expected to close by early August.
Stone will keep an option for a 50% working interest in the deep drilling rights on the acreage.
Production in the first quarter of this year averaged 9,500 boe/d.
“This bolt-on transaction will add more diversity to our asset base and is a perfect fit for our regional seismic database in which we already have ongoing reprocessing efforts,” said Tim Duncan, president and CEO of Talos. “The deep joint venture on these assets creates a built in partner and we view this as a win-win transaction for both sides.”