Government & Regulatory | Deals - Joint Ventures | Exploration & Appraisals
Talos Gets Extension on GOM Exploration Block
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Talos Energy Inc. has received a two-year contract term extension as well as regulatory approvals for additional exploration activities on Block 7, located in the offshore portion of Mexico's prolific Sureste Basin.
Talos is the operator of Block 7 in a consortium with its partners Sierra Oil & Gas, a Wintershall DEA company, and Premier Oil plc.
On September 4, 2019, the National Hydrocarbons Commission of Mexico (CNH) granted a two-year term extension under the Consortium's production sharing contract for offshore Mexico Block 7, the first such extension granted to a private company in offshore Mexico. On September 9, 2019, the CNH approved the Consortium's modified exploration plan for Block 7. The extended contract term in combination with the expanded plan allows the Consortium to evaluate additional exploration prospects on the block in the future following the successful appraisal of the globally-recognized Zama discovery that was completed earlier this year.
The Consortium has identified multiple potential exploration targets on Block 7, including the Xlapak and Pok-A-Tok prospects, among others, with typical gross unrisked resources ranges between 75 - 150 MMBOE each.
Talos President and Chief Executive Officer Timothy S. Duncan commented, "The recent CNH approvals have provided Talos and its partners with the flexibility to continue optimizing the potential of Block 7. The Consortium has significantly over-delivered on its commitments under the production sharing contract, and these approvals will give us the opportunity to continue to successfully develop the country's resources. We are excited about the additional potential of these prospects, all of which could be incremental to our world-class Zama discovery, the first by the private sector in Mexico's history. Finally, we believe these approvals, in combination with the significant increase in industry activity, are yet another indicator of the tremendous potential of the basin in the future."
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