Talos Energy Provides Update on Zama

Source: www.gulfoilandgas.com 7/5/2021, Location: South America

Talos Energy Inc. provided an update regarding operatorship for the Company's Zama asset in offshore Mexico. On July 2, 2021, Talos was notified by Mexico's Ministry of Energy ("SENER") that it had designated Petróleos Mexicanos ("Pemex") as the operator of the Zama unit, just three days after it received a letter directly from Pemex arguing for operatorship.

Since being awarded Block 7 as the first private operator in the country, Talos drilled the exploratory well that led to the Zama field discovery in July 2017. Talos subsequently continued to invest in the Zama appraisal, and the Mexican economy, by drilling three additional wells as part of the delineation of the Zama field. Talos has consistently demonstrated unrelenting commitment to the optimal development of the field, as the Company has advanced a complete Front End Engineering and Development ("FEED") study and presented the National Hydrocarbons Commission ("CNH") a development plan that maximizes oil and gas recovery and value to the Mexican people. Talos has also consistently demonstrated its capabilities and qualifications to be the operator of the unit, its expertise operating in Zama's geology and water depth and its stellar safety and environmental track record in its operations in Mexico.

After six years of significant investments in Zama and the Mexican economy, as well as the delivery of a Zama development plan that is credible and in line with the objectives of Mexico, Talos is very disappointed with SENER's sudden decision to award operatorship to Pemex, especially in light of the timing under which the award occurred.

Talos remains committed to maximizing value for its shareholders from its Zama asset and will explore all legal and strategic options to do so.


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