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Talos Energy's Green Canyon 21 Bulleit Field Commences Production

Source: www.gulfoilandgas.com 10/19/2020, Location: North America

Otto Energy has provided a market update on the status of production for the Green Canyon 21 (GC 21) 'Bulleit' field, operated by Talos Energy. The well produced first oil at approx. 0930 hrs US Central Time on October 15th 2020 from the MP reservoir interval and delivered first sales to the pipeline that afternoon.

Talos have a planned well production ramp up strategy where production will slowly be increased in 1000 bopd increments until the well reaches a steady state production rate. Otto will update the market when steady state production levels have been achieved.

During 2019 the GC 21 'Bulleit' well intersected the following high quality oil-bearing reservoirintervals:

- DTR-10 where a net 140 feet of TVD oil pay was encountered; and

- MP where a net 110 feet of TVD oil pay was encountered.

This reservoir is expected to perform consistent with analogue wells in the GC18 field. Otto Energy has a 16.67% Working Interest and 13.33% Net Revenue Interest in the GC 21 lease and project.

The project has been developed via a 10 mile subsea tieback to the Talos Operated GC 18 Whistler platform where production is being processed and then delivered into regional oil and gas sales pipelines.

Otto’s product sales from GC 21 are secured via long term production handling, transportation and sales arrangements.

Otto will continue to update the market on the production performance of the GC-21 field once steady state production levels have been reached as expected over the next several weeks.

Otto’s CEO and Managing Director, Mike Utsler, commented:

'The development and startupof the Bulleit Field is a significant milestone for Otto Energy and its shareholders. The fieldand its production form an important component of our robust base business in both theoffshore and onshore Gulf of Mexico, where we now produce oil and gas from three excellent fields. We look forward to updating the market further as the well ramps up production to its expected steady state levels.'

Talos Energy holds a 50.0% working interest and is the operator of Bulleit, Green Canyon 21, with EnVen and Otto Energy holding 33.3% and 16.7% working interests, respectively.

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