Talos Energy Acquires Controlling Interest In Stone
Stone/Talos Merger become TALO on NYSE
Talos Energy, a Houston oil and gas provider, is officially a public company. May 10, Thursday, it closed the merger with Louisiana Stone Energy. The merger closed at $2B for Talos. Rather than filing for an IPO, Talos purchased a controlling interest in Stone. Talos stock symbol is “TALO” on the NYSE. TALO is interested in pursuing more drilling in the Gulf of Mexico.
History of Talos
Talos is the merging of two previous
Companies, also in oil and gas: Phoenix Exploration Co. and Gryphon Exploration Co. Talos have focused on oil and gas exploration production. Talos was begun in 2012. After the Stone acquisition, Talos is well positioned to create other opportunities for development. Talos had originally had plans to prepare for its own IPO, but the oil bust ruined this future hope. Talos was able to acquire Stone as the largest shareholder, thereby acquiring the IPO thru the merger.
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Talos makes Zama Discovery
Talos just hit it very big when it struck gold with its Zama oil deposit discovery in 2017. Zama oil reserve has an estimated 1.5 to 2B barrels of oil. AIPN named is “The Discovery of the Year.” Zama discovery was a historic event since it was the first time a private sector was allowed to explore oil off Mexican shores. Zama oil deposit is only 165 meters in depth, which makes it easier to drill.
Tim Dunca, Talos Chief Executive, called the merger between Talos and Stone a “transformantional combination.” Talos retains 63 percent of the merger while Stone retains 37 percent. Furthermore, pproduction from the recent Zama reserves will begin production as early as 2019.
Talos made the discovery of Zama 37 miles offshore of Puerto Dos Bocas, which is an highly valued oil port in Mexico.
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