Talisman Malaysia Limited ("Talisman Malaysia"), a wholly-owned
subsidiary of Talisman Energy Inc. (TSX: TLM) (NYSE: TLM), has
commenced oil production from the Northern Fields development on
schedule. The development is located in the PM-3 commercial
arrangement area ("CAA") offshore Malaysia and Vietnam. Production
is expected to reach 40,000-50,000 boe/d (gross sales) by early
2010 with the commissioning of dry gas facilities mid-year.
Talisman expects to drill a total of 16 development wells in the
Northern Fields in 2009, with an additional 13 expected in 2010.
"This marks the achievement of another strategic milestone,"
said John A. Manzoni, President & CEO. "Southeast Asia
continues to be a key area of opportunity and growth for Talisman.
We have doubled our production in Asia over the past five years and
are positioned to grow at 10% annually over the next few
years."
Talisman announced first gas production from the Northern Fields
in July 2008, with sales of 75 mmcf/d (gross), which has been
ramping up since then. Sales gas from the development is piped to
Malaysia and Vietnam via the Talisman operated Southern Fields
development (also in PM-3 CAA). Talisman's net production in
Malaysia/Vietnam averaged 31,000 boe/d in 2008.
This project is the culmination of several years of commitment
and cooperation between Talisman, Petronas, PetroVietnam, and
numerous fabricators in Malaysia and Vietnam. The project is
comprised of over 70 reservoirs, 50 wells, three wellhead riser
platforms, a central processing platform, a floating storage and
offloading tanker and over 100 kilometres of subsea pipelines.
Talisman Malaysia operates Block PM-3 CAA and, together with its
affiliate Talisman Malaysia (PM3) Limited, holds a 41.44% interest.
Petronas Carigali Sdn. Bhd. holds a 46.06% interest and
PetroVietnam Exploration Production Corporation Limited holds a
12.5% interest.
Talisman Energy Inc. is an independent upstream oil and gas
company headquartered in Calgary, Alberta, Canada. The Company and
its subsidiaries have operations in North America, the North Sea,
Southeast Asia and North Africa. Talisman's subsidiaries are also
active in a number of other international areas. Talisman is
committed to conducting its business in an ethically, socially and
environmentally responsible manner. The Company is a participant in
the United Nations Global Compact and included in the Dow Jones
Sustainability (North America) Index. Talisman's shares are listed
on the Toronto Stock Exchange in Canada and the New York Stock
Exchange in the United States under the symbol TLM.
Advisories
This news release contains statements that constitute
"forward-looking information" or "forward-looking statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes, among others, statements regarding:
- estimated production, production growth and timing;
- business plans for drilling, exploration, development and
estimated timing;
- business strategy and plans; and
- other expectations, beliefs, plans, goals, objectives,
assumptions, information and statements about possible future
events, conditions, results of operations or performance.
The forward-looking information listed in this news release is
based on Talisman's 2009 capital spending program as announced on
January 13, 2009. The material assumptions supporting the 2009
capital spending program are: (1) 2009 annual production of
approximately 430,000 boe/d; (2) a US$40/bbl WTI oil price for
2009; and (3) a US$5/mmbtu NYMEX natural gas price for 2009.
Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current
expectations, estimates and projections that involve a number of
risks, which could cause actual results to vary and in some
instances to differ materially from those anticipated by Talisman
and described in the forward-looking information contained in this
news release. The material risk factors include, but are not
limited to:
- the risks of the oil and gas industry, such as operational
risks in exploring for, developing and producing crude oil and
natural gas, market demand and unpredictable facilities
outages;
- risks and uncertainties involving geology of oil and gas
deposits;
- potential delays or changes in plans with respect to
exploration or development projects or capital expenditures;
- fluctuations in oil and gas prices, foreign currency exchange
rates and interest rates;
- risks in conducting foreign operations (for example, political
and fiscal instability or the possibility of civil unrest or
military action);
- changes in general economic and business conditions;
- the possibility that government policies or laws may change or
governmental approvals may be delayed or withheld; and
- uncertainties as to the availability and cost of financing and
changes in capital markets.
Readers are cautioned that the foregoing list of risks and
uncertainties is not exhaustive. Additional information on these
and other factors, which could affect the Company's operations or
financial results are included in the Company's most recent Annual
Information Form and Annual Financial Report. In addition,
information is available in the Company's other reports on file
with Canadian securities regulatory authorities and the United
States Securities and Exchange Commission.
Forward-looking information is based on the estimates and
opinions of the Company's management at the time the information is
released. The Company assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change, except as required by law.
Gross Production
In this news release, Talisman makes reference to production
volumes. Such production volumes are stated on a gross basis, which
means they are stated prior to the deduction of royalties and
similar payments. In the US, net production volumes are reported
after the deduction of these amounts. US readers may refer to the
table headed "Continuity of Proved Net Reserves" in Talisman's most
recent Annual Information Form for a statement of Talisman's net
production volumes by reporting segment that are comparable to
those made by US companies subject to SEC reporting and disclosure
requirements.
Boe conversion
In this news release, the calculation of barrels of oil
equivalent (boe) is calculated at a conversion rate of six thousand
cubic feet (mcf) of natural gas for one barrel of oil and is based
on an energy equivalence conversion method. Boes may be misleading,
particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is based on an energy equivalence conversion method
primarily applicable at the burner tip and does not represent a
value equivalence at the wellhead.
Contacts: Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President, Corporate & Investor Communications
(403) 237-1196 (403) 237-1210 (FAX) Email: tlm@talisman-energy.com
Website: www.talisman-energy.com Talisman Energy Inc. - Shareholder
and Investor Inquiries Christopher J. LeGallais, Vice-President,
Investor Relations (403) 237-1957 (403) 237-1210 (FAX) Email:
tlm@talisman-energy.com Website: www.talisman-energy.com
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