The trio of Talos and their business partners Sierra Oil & Gas, and Premier Oil Plc announced they have discovered oil offshore Mexico using their Zama-1 Exploration Well.
The Zama-1 is the first offshore well drilled by a private sector in Mexico. The well sits in 546 feet of water, 37 miles from port of Dos Bocas, and reached an initial vertical depth of 11,100 feet.
Tim Duncan the CEO of Talos believes this will lead to “new capital, new participants, and a spirit of ingenuity that leads to local jobs and government revenues for Mexico.” Tim finished off that statement with “the future is bright for offshore Mexico for years to come.”
Talos and partners accomplished this task using an Ensco 8503 which is a moored floating drill rig. Although there are no immediate well testing plans in place at he moment, once further evaluation is conducted the goal will be to reach a total vertical depth of 14,000 feet.
In 2015 the company executed two production sharing contracts with the National Hydrocarbons Commission which awarded them block 2 and block 7, located in the Sureste Basin covering approximately 162,904 acres of land in a proven hydrocarbon province.
Talos is a technically driven company in the oil field. Most of their work is conducted in the Gulf Coast, primarily Texas and Louisiana. Their year end net preserves were over 100 million BOE with production of 30,000 BOE/day net.
Current shares breakdown is Talos at 35%, Sierra with 40%, and Premiere Oil at 25%.