Talos acquires Whistler

Talos Energy Inc. entered into and completed a transaction to acquire Whistler Energy II, LLC on Aug. 31, 2018.

Offshore staff

HOUSTONTalos Energy Inc. entered into and completed a transaction to acquire Whistler Energy II, LLC on Aug. 31, 2018.

Year to date gross production from Whistler’s assets is approximately 1,900 boe/d, or net production after royalties of about 1,500 boe/d, of which 82% is oil.

The acquired assets include a 100% working interest in three blocks in the centralGulf of Mexico – Green Canyon 18, Green Canyon 60, and Ewing Bank 988 (collectively the Green Canyon 18 Field), which comprises 16,494 acres – and a fixed production platform located on Green Canyon block 18 (GC18 production facility) in approximately 750 ft (229 m) of water. All leases are held-by-production.

The Green Canyon 18 Field was originally developed by ExxonMobil and sold to Whistler in 2012. It has cumulative production of more than 117 MMboe to date.

The GC18 production facility, which is approximately 18 mi (29 km) north of the Talos-operated Phoenix field and Tornado discovery, currently has a nameplate production capacity of 30,000 b/d of oil and 30 MMcf/d of gas, or approximately 35,000 boe/d of total capacity, with potential for additional expansions.

President and CEO Timothy S. Duncan said: “We are excited about this bolt-on transaction, as it represents exactly what we look for when buying producing assets in our core areas: low entry costs, production facilities with unused capacity, and new seismic in a known hydrocarbon prolific area.

“We will immediately engage in a detailed field study that we expect will lead to identifying additional drilling locations on the producing asset to complement our broader portfolio in the area, providing us with optionality on how we allocate capital. We believe the Green Canyon 18 Field is a great addition to our Green Canyon core area.”

09/04/2018

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