Tim Duncan, president and chief executive officer of Talos Energy, says he thinks the deepwater Gulf of Mexico is in an interesting time of transition for the more mature fields that were discovered in the early 2000s.
The story of Talos Energy, according to President and CEO Tim Duncan, is one of a management team that worked together for 14 years through two previous successful private-equity-backed companies that generated significant value for their owners.
is the third company in which the management team has been together.
"The core of our strategy is understanding a couple geological trends (Plio-Pleistocene and Miocene aged rocks) extremely well, and we are comfortable operating in all the areas where these plays are prolific, whether that is South Louisiana, the Gulf of Mexico Shelf, or the GOM deep water," he
"We always have believed having a regional seismic database allows us to have the most optionality with respect to our capital program," Duncan
"Green Canyon Block 237 is part of the Phoenix Field complex," Duncan
explains, "and is a combination of two previously developed deepwater fields: Chevron's Typhoon Field and BHP Billiton's Boris Field.
Both went off line after Hurricane Rita in 2005 and were brought back on in 2010.
"The Green Canyon 237 T-5 well was drilled by our wholly owned subsidiary, Energy Resources Technology
(ERT), and was drilling at the time we announced purchasing ERT in December 2012," Duncan
"The well was logged as a discovery shortly after the announcement, and came on line in May at a gross rate of 5,000 boe/d (80 percent oil).
We own a 70 percent working interest and operate the field, which produces to the Helix Producer 1, a floating production unit ship owned by Helix."
After closing the transaction to acquire ERT
and because of the T-5 discovery, Duncan
says Talos Energy
put a new asset team on the project.
"We reprocessed the wide azimuth seismic and began putting the 65 MMboe this complex has produced to date 'back into the ground' to understand what upside remained, and we think it is substantial, with five to six additional drilling locations, several of which are proved undeveloped locations," he