Talos consortia only Round One winner

The Talos Energy, Sierra Oil & Gas, and Premier Oil joint venture was the only winner at Mexico’s historic Round One, in which the consortia was awarded two blocks.

Map of Blocks 2 and 7. From Premier.

Blocks 2 and 7 contain numerous leads in established and emerging plays, located in the shallow water Sureste basin, a proven and prolific hydrocarbon province in the Gulf of Mexico.  

Both blocks contain Tertiary clastic plays, typical of the Salinas sub-basin.  The forward plan is to acquire, evaluate and reprocess 3D seismic data with a view to firming up drilling locations towards the end of 2016. 

“We are very pleased with the outcome of this round which provides Premier with a low cost entry point to emerging plays in a proven oil and gas province,” Tony Durrant, Premier chief executive said.

Talos is the operator of the consortia with 45% interest. Partners Sierra Oil & Gas holds 45%, and Premier holds 10%.

Premier can elect to participate in the drilling program at an equity interest of up to 25%.

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