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Talos Energy Enters Offshore Mexico Farm-In Deal

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Talos Energy (TALO) said late Monday it entered an agreement to farm into the Block 29 development in the southern Gulf of Mexico operated by Repsol through the acquisition of a 50% working interest.

The company will acquire the stake for a contingent $30 million payment at final investment decision, a cash carry of up to $20 million on the next exploration well, and reimbursement of some pre-closing costs.

The stake acquisition expands the company's resource base, strategic infrastructure, and establishes a platform for future exploration, according to a statement.

The company expects to advance the project toward FID in 2027, and the deal is subject to regulatory approvals from Mexico, according to the company.

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