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Talos Energy to acquire Gulf of Mexico assets for $640M

Talos Energy Inc. is looking to expand its presence in the U.S. Gulf of Mexico through the acquisition of several assets for $640 million.

Under one of the agreements announced Dec. 10, the company will purchase producing assets, primary term acreage and prospects from ILX Holdings, ILX Holdings II and ILX III Holdings LLC, as well as certain subsidiaries of the Castex Energy 2014, LLC and Castex Energy 2016 entities.

The company also closed on the acquisition of all primary term acreage and prospects from Venari Resources LLC.

In total, the Gulf of Mexico assets produced around 19,000 barrels of oil equivalent per day in the third quarter and had proved and probable reserves of about 68 million boe as of July 1.

The deals, which have an effective date of July 1, increased Talos' pro forma production to 72,000 boe/d based on third-quarter results.

To fund the transactions, Talos will issue to the sellers at closing 11 million new shares, which amount to $250 million, and cash from existing sources of liquidity.

The deals include more than 40 exploration prospects on around 700,000 gross acres.

The transactions with ILX and Castex are expected to close in the first quarter of 2020 and the assets are expected to generate around $150 million of free cash flow this year.

Guggenheim Securities LLC served as lead financial adviser to Talos while Vinson & Elkins L.L.P. acted as legal advisers to the company.