Talos acquires 50% of Block 29 Mexico development with 200+ MMBoe resource for $30M at FID

Filed July 27, 2026 · Period ending July 22, 2026 · ~2 min read

Key Changes

• high

  Talos will acquire 50% working interest in Repsol-operated Block 29 offshore Mexico containing Polok and Chinwol discoveries with estimated gross recoverable resource exceeding 200 MMBoe, plus multiple exploration prospects. Transaction involves contingent $30M payment at FID, up to $20M cash carry on next exploration well, and reimbursement of pre-closing costs.

  Exhibit 99.1 view on EDGAR →
• high

  Development will utilize FPSO-based concept designed as a hub for future developments and nearby discoveries. Partners expect to progress toward FID in 2027. Transaction requires approval from Mexico's SENER and National Anti-trust Commission.

  Exhibit 99.1 view on EDGAR →
• medium

  Credit agreement amended to increase project financing capacity for Mexican assets from $300M to up to $350M. Additional $50M must be incurred by Block 29 Entity and is non-recourse to Talos and other subsidiaries, excluded from consolidated total debt calculations.

  Item 1.01 verify on EDGAR →