Tim Duncan has had an amazing couple of years. He survived the floods of hurricane Harvey, leveraged the biggest merger deal of his life and made history by being the first American CEO to drill for oil in Mexican territorial waters in more than 80 years.
Duncan is the founder of Talos Energy, a deepwater wildcatter gas and oil exploration company determined to take the road less traveled. When he wanted to get his budding company up and listed on the New York Stock Exchange, he did by engineering a $2.5 billion merger deal with a publically traded but bankrupt company — Big Stone Energy.
Tim duncan made it happen. And now Talos can be found as TALO on the NYSE. Tim Duncan also recently inked a deal to acquire Whistler Energy II, a company with assets that include production of 1,900 barrels of oil per day. Purchase price: $52 million. But the deal also included the availability of $77 million cash collateral. This amount secured Whistler’s security bonds — better yet, this cash does not need to be replaced. It all bolsters the position of Talos Energy.
In 2017 Talos sunk a well in the Gulf of Mexico in cooperation with Pemex. Two other partners joined the venture, Premier Oil of the United Kingdom and Sierra Gas 7 Oil, a Latin American company.
The well produced exciting results. Dubbed the ZAMA-1, experts say the find off the coast of Tabasco may hold from 1.4 billion to 2 billion barrels of oil equivalent. When all is said and done, experts predict ZAMA-1 may yield 425 million barrels of oil.
For a startup wildcatter outfit that opened its doors in 2012, the events described above read like something out of a thriller novel. But this is reality. It all makes Talos energy an entity to watch in coming years.