|Moderated By: Kent C. -- (Not Moderated) -- Started: 12/22/1997 2:37:00 PM Revision History|
From: Subject 17869
Dec. 22 - TLM.TSE - SIGNING OF MADURA PRODUCTION SHARING
CONTRACT IN INDONESIA
From: Canada NewsWire
CALGARY, Dec. 22 /CNW/ - Talisman Energy Inc. today announced that a
Production Sharing Contract (''PSC'') covering the Madura Offshore Block in
Indonesia was signed on December 4, 1997.
''We are very pleased to be awarded this new, very prospective
exploration acreage. The PSC is on trend with a number of significant oil and
gas discoveries and we are very excited about the potential,'' said Dr. Jim
Buckee, President and Chief Executive Officer. ''We have no hesitation about
increasing our portfolio in Indonesia because sales are denominated in US
dollars and the fiscal regime for the oil and gas industry has been very
stable over many years.''
The Madura Offshore Block PSC comprises 4,246 square kilometers of high
potential exploration acreage and is located southeast of Madura Island in the
East Java Sea in a proven hydrocarbon basin. Water depths in the region are 70
to 130 meters. Talisman holds a 100% working interest in the Block.
Talisman's preliminary evaluation has identified Oligo-Miocene reefal
anomalies as well as other prospects and leads in the Pliocene and Eocene
limestones. The Company has an extensive seismic data base on the Block and
anticipates that reprocessing and reinterpretation of the data will identify
additional exploration potential. Talisman plans to drill its first well on
the acreage in 1999, focusing on the largest of the Miocene reefs.
Talisman currently produces approximately 225,000 boe/d, of which 30,000
bbls/d are from Indonesia. Talisman (Corridor) Inc., a wholly-owned subsidiary
of Talisman Energy Inc., is a 36% participant in the Corridor Gas Project in
Talisman Energy Inc. is a Canadian-based international upstream oil and
gas producer with operations in Canada, the North Sea and Indonesia. The
Company also conducts exploration in Algeria, Trinidad and Peru. Talisman is
listed on the Toronto, Montreal and Vancouver stock exchanges in Canada and on
the New York Stock Exchange in the United States.
For further information: David Mann, Manager, Investor Relations & Corporate
Communications, (403) 237-1196, Fax: (403) 237-1210, E-Mail:
From: Subject 17869
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