Talos Energy discovers commercial quantities of oil in Gulf of Mexico through new well

Talos Energy’s Ewing Bank 953 well recently discovered commercial quantities of oil and natural gas in the Gulf of Mexico.

Separately, Talos signed an agreement to participate in the Sebastian prospect, currently drilling in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.

The EW 953 well encountered approximately 127 feet of net pay in the target sand at approximately 19,000 feet true vertical depth (TVD). Preliminary data suggests an estimated gross recoverable resource potential of approximately 15 – 25 million barrels of oil equivalent (MMBoe) from a single subsea well. That translates to an initial gross production rate of 8 – 10 thousand barrels of oil equivalent per day

The first production is expected in mid-2026. Current plans are for the well to be tied back to the South Timbalier 311 Megalodon host platform, which Talos partially owns.

The Sebastian prospect began drilling in late August 2024, targeting the regionally prolific Upper Miocene K-1 reservoir at approximately 12,000 feet TVD. This prospect contains an estimated gross resource potential of 9 – 16 MMBoe with a potential initial production rate of 6 – 10 MBoe/d. Results are expected sometime in the late fourth quarter of 2024.

“We are excited about the results of the Ewing Bank 953 well. The well logged better than expected rock properties, which we believe should lead to a robust initial flow rate,” Talos Interim President and CEO Joe Mills said. “This discovery follows a series of successful single-well subsea exploitation wells tied back to Talos-owned existing infrastructure, like Venice and Lime Rock, Sunspear, and Claiborne sidetrack. Additionally, we were able to include the Sebastian prospect in our second-half 2024 drilling portfolio without requiring updates to our capital expenditures guidance for the year. These drill-ready projects exemplify our focus on tactical, lower-risk opportunities that can be brought online relatively quickly and supplement our larger, longer lead drilling projects.”

Talos Energy is an energy company focused on maximizing long-term value through its Upstream Exploration & Production business in the United States Gulf of Mexico and offshore Mexico.

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