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Talos Wins GOM Exploration Blocks in Latest Bid Round; 11,520 Gross Acres
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Talos Energy Inc. has been awarded two GOM deepwater blocks in the recent Outer Continental Shelf Federal Lease Sale 256, held on November 18, 2020.
Properties that Talos placed the winning bids on include:
- a sole bid on Viosca Knoll 1000
- a joint bid with an affiliate of BP on Green Canyon 866
When approved, the blocks will provide an additional 11,520 gross acres for future exploration acquired at an average cost of less than $300 per gross acre.
President and Chief Executive Officer Timothy S. Duncan commented: "We are happy with the results of our bidding efforts in the most recent lease sale, and look forward to adding the additional acreage and exploration prospects to our portfolio. We continue to believe that our basin offers attractive investment opportunities across a uniquely wide range of resource size, risk and cycle time characteristics. The Viosca Knoll 1000 block contains a technically mature prospect located approximately five miles from the Talos-operated Ram Powell facility, greatly enhancing potential project economics due to the quick cycle time, short tie-back distance and 100% Talos infrastructure ownership. The Green Canyon 866 lease expands our collaboration with bp around the Puma West prospect area and offers low-cost option value in the event of a commercial discovery at the Puma West prospect. As one of the U.S. Gulf of Mexico's largest independent operators, we're proud of the role we play in exploring for and developing our rich domestic energy resources to provide secure, affordable energy supply while also being an industry leader in safety and environmental performance."
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