En-Gulfed: Talos Energy Acquiring More Assets In The Gulf Of Mexico

Talos Energy has announced the acquisition of Whistler Energy II, otherwise known as “Whistler”. The deal was completed on August 31st, 2018 to the tune of $52 million. Because of a financial balancing act with cash collateral from whistler surety bonds, as well as Talos Energy receiving the available cash on hand from Whistler at the time of the sale, Talos actually came out with a $14 million net cash consideration. It wasn’t only a good deal for Talos: the release of the surety bonds go with the purchase price of the netting Whistler $100 million in cash.

Talos Energy acquired 100% working interest in three blocks of the central Gulf of Mexico comprising 16,494 for acres, as well as a fixed production platform. The area acquired consists of three blocks in the central GoM which as a group is titled the “Green Canyon 18 Field” (Green Canyon 18, Ewing Bank 988, and Green Canyon 60). Exxon Mobil originally developed Green Canyon 18 field before selling it off to whistler in 2012, and is responsible for over 117 million barrels of oil equivilant produced to date. To date this year Whistler had produced approximately 1,500 barrels of oil equivalent per day (boe/d).

Talos Energy President and CEO Timothy S. Duncan indicated that plans were in place pour over the assets of Whistler and find new opportunities for drilling in the Gulf of Mexico. This will be in conjunction with leases gained from a federal lease sale in the area which contained at least three drilling possibilities which can possibly be tied into the production facilities acquired in the sale.

The move comes as many competing companies are leaving the Gulf of Mexico to look for onshore drilling opportunities. This acquisition comes mere months after Talus Energy acquired the Houston-based Stone Energy Corporation which was another offshore drilling company in the Gulf of Mexico.

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Talos Energy The Offshore Explorers

Talos energy is a privately owned independent oil and gas firm attributed to the offshore exploration and execution of its activities in America’s Mexican gulf and along the shallow waters of the Mexican coast. The company is based in Houston, Texas.

Talos Energy became the first ever offshore exploration to be privatized in the Mexican history. In 2017, Talos accepted an offer to merge with Lafayette-based energy plant; an offer which would grant Talos two cites to explore in Gulf of Mexico. Besides, the merging would see Talos acquire the technical resources and the funds to support its in-house development projects as well as the enabling capability to undertake transactional and exploration opportunities in other areas.

Tim Duncan, the Chief Executive Officer and the president of the Talos Energy says that his main agenda and core responsibility is to create new and maintain the existing relationships as he surveys development projects and growth of profitable business opportunities. Thus upholding to the uttermost of the company’s culture which is developing the culture, values and maintaining the reputation of the Talos Energy Company.

Tim Duncan assumes the mode of a servant leader in his managerial duty for the Talos Energy Company, where he says satisfying their customers is the key driving force. This brings forth the attitude of serving first, highlighting and attending to the needs of the Talos Energy Company employees, suppliers, customers, and the other key stakeholders and handling them efficiently has brought immense success to the Talos Energy Company.

The Talos Energy Company, is the first ever independent firm to venture in offshore oil and gas exploration and it has been faced by a number of shortcomings, among them being lack of skilled personnel globally since the offshore oil exploration has not yet found its roots in the economy strong. Besides retaining their experienced employees has been a challenge as they are always poached by other upcoming oil exploring firms upcoming around the globe.

Tim Duncan, as a manager and a leader, when hiring employees for the Talos Energy Company, he keenly focuses on fairness, honesty, and respect as well as motivating his juniors to get the best of them, which in turn becomes an advantage to the company, making it execute and reach goals effectively.

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