HOUSTON, Dec. 17,
2024 /PRNewswire/ -- Talos Energy Inc. ("Talos" or
the "Company") (NYSE: TALO) and its Mexican subsidiary ("Talos
Mexico") today announced the sale of an additional 30.1% interest
in Talos Mexico (the "Transaction") to Zamajal, S. A. de C.V.
("Zamajal"), an entity owned 90% by Grupo
Carso, S.A.B. de C.V. ("Carso") and 10% by Control
Empresarial de Capitales, S.A. de C.V., which owns approximately
24% of Talos's common stock.
As consideration for the additional stake, Talos will receive
$49.7 million in cash at closing,
with an additional $33.0 million due
upon first commercial production from the Zama Field, for an
aggregate price of $82.7 million. At
closing, Talos Mexico will be owned 20.0% by Talos Energy and 80.0%
by Zamajal. Talos Mexico holds a 17.4% interest in the Zama Field.
The Transaction is expected to close upon the receipt of all
regulatory approvals.
Upon the achievement of commercial production from the Zama
Field, Talos now expects to receive $82.9
million in cash contingent considerations. This amount
comprises $33.0 million from the
current Transaction and $49.9 million
from the earlier equity interest transaction.
Talos Interim President and Chief Executive Officer Joseph Mills stated, "We are pleased to execute
this important transaction with Carso on Zama, crystallizing
benefits to Talos's stockholders. This transaction allows us to
maximize stockholder returns, maintain our involvement in Zama and
contribute to its continued progress."
Separately, Talos entered into a cooperation agreement (the
"Agreement") with Control Empresarial De Capitales ("Control
Empresarial"). Pursuant to the Agreement, Talos and Control
Empresarial and its affiliates have agreed that from today and
through December 16, 2025, Control
Empresarial will not acquire additional shares of Talos common
stock to the extent that such acquisition would cause the investor
group's holdings of Talos common stock to exceed 25%. For more
information regarding the Agreement, please refer to the Company's
Form 8-K filed with the Securities and Exchange Commission.
Talos also announced that it will amend the Company's
stockholder rights plan to provide for its termination, effective
5:00 p.m. New York time on the date of execution of the
amendment.
ABOUT TALOS ENERGY
Talos Energy (NYSE: TALO) is a technically driven,
innovative, independent energy company focused on maximizing
long-term value through its Upstream Exploration & Production
business in the United States
Gulf of Mexico and offshore
Mexico. We leverage decades of
technical and offshore operational expertise to acquire, explore,
and produce assets in key geological trends while maintaining a
focus on safe and efficient operations, environmental
responsibility, and community impact. For more information,
visit www.talosenergy.com.
INVESTOR RELATIONS CONTACT
Clay Jeansonne
investor@talosenergy.com
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This communication may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of
1933, as amended (the "Securities Act"), and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact included in this
communication, regarding our strategy, future operations, financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this communication, the words "will,"
"could," "believe," "anticipate," "intend," "estimate," "expect,"
"project," "forecast," "may," "objective," "plan" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on
our current expectations and assumptions about future events and
are based on currently available information as to the outcome and
timing of future events.
We caution you that these forward-looking statements are subject
to numerous risks and uncertainties, most of which are difficult to
predict and many of which are beyond our control. These risks
include, but are not limited to, projections concerning the
Company's business activities in Mexico, our ability to progress the Zama
development on the timeline currently contemplated or at all; the
ability of the Zama field to reach first production; government
regulations and actions by the Mexican national oil company; and
the other risks discussed in Part I, Item 1A. "Risk Factors" in our
Annual Report on Form 10-K for the year ended
December 31, 2023 and Part II, Item 1A. "Risk Factors" in our
Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2024, June 30,
2024 and September 30,
2024.
Should one or more of the risks or uncertainties described
herein occur, or should underlying assumptions prove incorrect, our
actual results and plans could differ materially from those
expressed in any forward-looking statements. All forward-looking
statements, expressed or implied, included in this communication
are expressly qualified in their entirety by this cautionary
statement. This cautionary statement should also be considered in
connection with any subsequent written or oral forward-looking
statements that we or persons acting on our behalf may issue.
Except as otherwise required by applicable law, we disclaim any
duty to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this communication.
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SOURCE Talos Energy