Talisman Expects Bids till June - Analyst Blog
06 June 2011 - 9:15PM
Zacks
Independent energy firm
Talisman Energy (TLM) announced that in response
to the interests from prospective buyers for a stake in one of its
oil fields, the company seeks to entertain final bids till the end
of June.
The bids will be held for a 25%
stake in the Kitan oil block, located in Timor Sea that will likely
come on line in the second half of 2011, with an initial rate of
40,000 barrels of crude per day. Additionally, the field also
includes five oil discoveries having an estimated reserve of 34.6
million barrels of oil.
Apart from Talisman, Italian
company Eni SpA (E) controls a 40% interest in the
oil play and acts as an operator, while Japan's Inpex Corp. holds
the remaining 35% stake.
The Kitan oil field is attracting a
lot of attention from major oil and gas players owing to its
proximity to the vast and fast growing economy of China.
Calgary, Alberta-based Talisman is
engaged in the exploration, development, production,
transportation, and marketing of crude oil, natural gas, and
natural gas liquids. The company primarily operates in North
America, the United Kingdom, Scandinavia, and southeast Asia.
We believe that Talisman enjoys
solid base business in Western Canada and the U.K. North Sea. The
company is also exposed to some of the most prospective
unconventional natural gas plays in North America and high-impact
exploration prospects worldwide.
However, the company remains
sensitive to volatile oil and gas prices, international business
risks and slow global recovery. We are maintaining our Neutral
recommendation on the stock.
ENI SPA-ADR (E): Free Stock Analysis Report
TALISMAN ENERGY (TLM): Free Stock Analysis Report
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