Talos Energy Announces New Discovery and Adds Additional 2024 Prospect in the Gulf of Mexico

Talos Energy Inc. ("Talos") today announced that its Ewing Bank 953 well ("EW 953 well") successfully discovered commercial quantities of oil and natural gas. Separately, Talos entered into an agreement to participate in the Sebastian prospect, currently drilling in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.

The EW 953 well encountered approximately 127 feet of net pay in the target sand at approximately 19,000 feet true vertical depth ("TVD"). Preliminary data indicates an estimated gross recoverable resource potential of approximately 15 – 25 million barrels of oil equivalent ("MMBoe") from a single subsea well with an initial gross production rate of 8 – 10 thousand barrels of oil equivalent per day ("MBoe/d"). First production is expected in mid-2026. Current plans are for the well to be tied back to the South Timbalier 311 Megalodon host platform, which Talos partially owns. Talos holds 33.3% working interest ("W.I.") in the EW 953 well, with Walter Oil & Gas Corp. (Operator) holding 56.7% W.I. and Gordy Oil Company holding 10% W.I.

The Sebastian prospect began drilling in late August 2024, targeting the regionally prolific Upper Miocene K-1 reservoir at approximately 12,000 feet TVD. This amplitude-supported prospect contains an estimated gross resource potential of 9 – 16 MMBoe with a potential initial production rate of 6 – 10 MBoe/d. Results are expected late fourth quarter 2024. If successful, the Sebastian prospect will be tied back to the Delta House facility, where Talos has a partial interest. Murphy Oil Corporation will be the operator.

Talos Interim President and Chief Executive Officer Joe Mills stated, "We are excited about the results of the Ewing Bank 953 well. The well logged better than expected rock properties, which we believe should lead to a robust initial flow rate. This discovery follows a series of successful single-well subsea exploitation wells tied back to Talos-owned existing infrastructure, like Venice and Lime Rock, Sunspear, and Claiborne sidetrack. Additionally, we were able to include the Sebastian prospect in our second-half 2024 drilling portfolio without requiring updates to our capital expenditures guidance for the year. These drill-ready projects exemplify our focus on tactical, lower-risk opportunities that can be brought online relatively quickly and supplement our larger, longer lead drilling projects."

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