Talos Energy LLC is a privately held oil and gas company that is based in Houston. It has a completely owned subsidiary known as Talos Production LLC. It has recently acquired Energy Resource Technology GOM, Inc. This is the oil and gas subsidiary that is completely owned by the Helix Energy Solutions Group, Inc. It was acquired for $620 million.
The assets of Energy Resource Technology are located in the Gulf of Mexico. These are producing nearly 16,155 barrels of oil per day. These are oil-weighted over 70%.
In addition, this company recently announced the Wang exploration well that was successful. It offers over 100 feet of net oil pay that is of high quality. This is the Phoenix Field that is located in Green Canyon Block 237. In addition Helix Energy Solution will retain its overriding royalty interest here as well as in the Wang discovery besides several other exploration well prospects.
Talos Energy LLC is excited and happy to reach this important milestone as they closed the Energy Resource Technology transaction. Now Talos Energy LLC is encouraged still further with the Wang discovery. Now it will be combining these oil-weighted assets that promise high cash flow, with their seismic data spread over 24,000 square miles. In this way, their team of professionals will position them well to build an E&P company that is highly significant in the Gulf of Mexico as well as in the lower Gulf Coast.
Talos Energy LLC is a portfolio company of funds that are affiliated with Apollo Global Management, LLC along with Riverstone Holdings LLC. This is a private oil and gas company that is into exploration as well as the acquisition of oil and gas properties. It is focusing its operations in the Gulf of Mexico as well as Gulf Coast. This company is backed by those investment funds that are affiliated with Apollo Global Management, LLC, Riverstone Holdings LLC, along with Talos management.
Now Talos Energy LLC has just won a contract to do oil well digging in Mexico. This is the first time in 80 years that a private player will be entering this cash-strapped market of Mexico.