Talos Energy sell additional interest in Talos Mexico for $49.7M in cash

Talos Energy (TALO) and its Mexican subsidiary announced the sale of an additional 30.1% interest in Talos Mexico to Zamajal, an entity owned 90% by Grupo Carso, and 10% by Control Empresarial de Capitales, which owns approximately 24% of Talos’s common stock. As consideration for the additional stake, Talos will receive $49.7M in cash at closing, with an additional $33M due upon first commercial production from the Zama Field, for an aggregate price of $82.7M. At closing, Talos Mexico will be owned 20% by Talos Energy and 80% 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 $82.9M in cash contingent considerations. This amount comprises $33M from the current transaction and $49.9M from the earlier equity interest transaction.