Talos Energy Inc. announced that it has successfully started oil and natural gas production at Talos's Lime Rock and Venice discoveries, located near its 100% owned and operated Ram Powell platform in the U.S. Gulf of Mexico.
Talos owns a 60% working interest in both wells.
The Lime Rock and Venice wells were brought safely online in late December 2023 and have achieved an initial combined gross production rate of over 18,500 barrels of oil equivalent per day, averaging about 45% oil and 55% liquids. The estimated combined gross ultimate recoverable resources of these two discoveries are approximately 20 to 30 million barrels of oil equivalent. In addition to Talos's net production, we will collect volume-based production handling fees from non-operated partners in both discoveries.
The Lime Rock prospect was acquired in Lease Sale 256 in November 2020 and is approximately seven miles from the Ram Powell facility. The Venice prospect was identified within the existing Ram Powell unit acreage approximately three miles from the Ram Powell facility. Talos initially held a 100% working interest in both prospects before successful farm-downs to achieve its targeted 60% working interest.
Talos President and Chief Executive Officer Timothy S. Duncan commented: "The safe start-up of Lime Rock and Venice in less than 12 months is an extraordinary achievement by our operations team, which included new subsea installation and facility upgrade work. These prospects exemplify our strategy of utilizing purchased infrastructure and seismic imaging technology expertise to identify new and valuable investment opportunities to grow reserves and production to meet growing energy demand. With these production additions, the Ram Powell facility is expected to achieve the highest combined sustainable production rate since approximately 15 years ago. Demonstrating our ability to successfully leverage existing infrastructure also provides a blueprint for future optimization, development, and exploration opportunities around our existing and potential new assets."
