Talos Energy Inc TALO:NYSE

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Talos Energy Jumps 5%; Resource Estimate for Block 7 Well in Mexico's Sureste Basin in line With Previous Guidance

1:46PM ET 6/27/2019 MT Newswires
Talos Energy, Inc. (TALO) said late Wednesday in an update of its Zama appraisal program in Block 7 -- located in the offshore portion of Mexico's Sureste Basin -- preliminary information showed the updated value of the resource to come in the upper half of a pre-appraisal guidance range of 400-800 million barrels of oil equivalent.

Shares jumped more than 5% intraday.

The company said the well was drilled downdip of the Zama-1 well, allowing the well to penetrate the oil-water contact in the southern portion of the field, consistent with the geophysical flat spot seen throughout the downdip edge of the reservoir.

Talos captured 717 feet (219 meters) of the whole core with 99% recovery, breaking its own record for the longest whole core from a single well in the history of offshore Mexico.

Operations for the Zama-3 well were concluded approximately nine days ahead of schedule and within budget.

Talos is the operator of Block 7 in a consortium with its partners Sierra Oil & Gas, a Wintershall DEA company, and Premier Oil.

The Zama-3 appraisal well is the third and final appraisal penetration drilled by the consortium, according to a statement.

Price: 23.64, Change: +1.18, Percent Change: +5.25