Talo Energy Company is a self-governing technical company that majors on exploration, exploitation, and production of oil and gas. They operate in the United States Gulf of Mexico and the offshore of Coast of Mexico. The shallow waters at the offshore of the Coast of Mexico provide better exploration sites and opportunities in an emerging basin.
Talo Energy entered a complete transaction to acquire Whistler Energy II on August 31, 2018. The gross production of the Whistler assets is about 1,900 barrels of oil per day.
Of the $52 million purchase price to acquire Whistler, Talo Company negotiated the release of $77 million of cash to reassure Whistler’s surety bonds that the company needs. As a result of the cash release, Talo received in return $31 million, with the seller remaining with the rest of the amount. Also, Talo profited from the $7 million cash balance available at the Whistler the time of closing the operation.
This transaction was a significant benefit of the Talo and the Whistler. The acquired asset by the Talo Company included 100% in three blocks in the Central Gulf of Mexico- Green Canyon 60, Green Canyon 18 and the Ewing Bank 988, which comprises of the 16,494 acres, and a permanent production located on the Green Canyon Block 18. The Green Canyon 18 field has a total output of more than 117 million barrels of oil. It is situated about 18 miles north of the Talos. It operates Phoenix Field, and Tornado discovery and currently has production of 30,000 barrels of oil in a day and 30,000 cubic feet of gas per day.
The benefit of acquiring Whistler asset is beyond the production leases. Talo Energy Company has licensed the azimuth seismic data, which reprocessed to aid in re-mapping of the production pools and generates the drilling projections.
Timothy S. Duncan, the Chief Executive Officer of Talo Energy said that they are fond of their results in the Mt. Providence well. It was very impressive to experience the rise in production rate at the end. They have an executive team that is well organized and highly dedicated to the growth and development of Talo Energy. They are set to make more developments in their firm for more results.
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Talos Energy is a company located in the Gulf Mexico and also at the lower Gulf Coast of Louisiana region. It has undergone many changes over the six years of its operation. Currently, it deals with advanced drilling techniques unlike when it was started. Such changes have increased the development, exploration, and exploitation of the resources. The company has achieved and increased its output because of the utilization of the modern technology and the extensive knowledge.
Talos Energy continues to produce energy, majorly from oil and gas. The company focuses on exploitation and production to utilize available resources that have been beyond reach in the past. The strategy of Talos Energy is to acquire, explore and exploit energy sources in the Gulf of Mexico and Gulf Coast by the use of seismic technology and applying geophysical, geological and their experience in the mining of oil and gas from the basin underneath.
The chief executive of the Talos Energy, Duncan, who is 45 years of age has done his best to ensure that the mining of oil and gas is maximized. The company strives to acquire more unutilized assets and resources in order to increase their production in the future. Talos Energy aims at using strong team with technical knowledge in the field to assess and analyze more options to maximize the company’s output. The management of the industries also tries to allocate the capital required to invest in the implementation of the plans, which can effectively maximize profits.
The administration of Talos Energy has managed to build and sell two private equity banked industries – Gryphon and Phoenix Explanation. The two industries brought about significant returns to the investors. Duncan has done a fantastic job in the management of the company, and he has managed to sell 80% of this year’s output successfully. Duncan has negotiated with many potential investors on behalf of Talos Energy. The biggest asset of Talos Energy is Phoenix field, which is also known as Typhon field. Phoenix field is 165 miles from New Orleans. The output from this field has grown, and Talos has been reexamined and can now discover oil and gases 3000 feet underground.
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