Talos Energy Completes Mexico Transaction with Grupo Carso

Source Press Release
Company Talos Energy Inc.Grupo Carso, S.A.B de C.V 
Tags Corporate Deals, Deals, Upstream Activities
Date September 27, 2023

Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) and its Mexican subsidiary ("Talos Mexico") today announced the closing of the sale of a 49.9% interest in Talos Mexico to Zamajal, S. A. de C.V., a wholly-owned subsidiary of Grupo Carso ("Carso"), a company controlled by the family of the Mexican billionaire Carlos Slim.

As consideration for the sale, Talos received $74.85 million in cash at closing, with an additional $49.90 million due upon first production, for an aggregate price of $124.75 million. Talos Mexico, now owned 50.1% by Talos Energy and 49.9% by Carso, holds a 17.4% interest in the Zama field. Talos will remain the controlling shareholder of Talos Mexico.

In June 2023, Mexico's Comisión Nacional de Hidrocarburos ("CNH") approved the Zama Unit Development Plan. Talos is working with the Zama Unit's Integrated Project Team to progress the front-end engineering and design and other workstreams required to reach a Final Investment Decision ("FID"). Talos will co-lead the planning, drilling, construction, and completion of all Zama wells and the planning, execution, and delivery of Zama's offshore infrastructure.

Talos President and Chief Executive Officer Timothy S. Duncan commented: "We are excited to partner with Carso on Zama, one of the largest global shallow water oil discoveries in recent years. We expect that Talos's strong operational track record combined with Carso's critical local presence and global commercial reputation will enable us to further advance Zama toward FID and first production."

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