Talos Energy revealed that exploration wells at its Lime Rock and Venice prospects both discovered commercial quantities of oil and natural gas during sequential drilling operations in the fourth quarter of 2022.
A probe at the Lime Rock prospect encountered 78 ft of net hydrocarbon pay, while the Venice test intersected 72 ft of net pay. Talos holds a 60% working interest in the two discoveries, both of which are located near the company’s 100% owned and operated Ram‑Powell tension‑leg platform.
Expected combined gross production rates are in line with pre-drill estimates of approximately 15,000 to 20,000 BOE/D. The two wells will produce through a shared riser system at the Ram‑Powell facility.
Expected combined gross recoverable resources are in line with pre-drill estimates of up to 30 million BOE, averaging around 40% oil and 60% liquids.
Completion operations are planned for the second half of 2023, with first production from both wells by the first quarter of 2024. The Lime Rock well will be developed subsea and tied back 9 miles to Ram-Powell, while Venice will be developed similarly and tied back 4 miles to the hub.
Separately, Talos expects results from its operated Mount Hunter development well and its nonoperated Puma West exploration well in the first quarter of 2023. The company’s nonoperated Pancheron exploration well is also expected to spud in the first half of 2023.