Talisman Energy sells non-core Dutch assets
05-SEP-2008 Intellasia | Market Wire
Sep 5, 2008 - 7:00:00 AM
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A wholly-owned subsidiary of Talisman Energy Inc has entered into an agreement with Total Holdings Nederland B.V. to sell Talisman's entire non-operated interests in the Dutch sector of the North Sea for US$480 million, excluding working capital.
"We continue to focus Talisman's portfolio in line with our new strategy," said John A. Manzoni, President and Chief Executive Officer. "With the earlier sale of our Danish assets and now this transaction, the emphasis in the North Sea will be on positioning our UK assets as a firm production base and growing our Norwegian business."
These interests in the Dutch sector of the North Sea include 10.25% of the K4b/K5a licence, 20.273% of the K5b licence and 8% of the E18a licence. Talisman's production from the fields in 2007 averaged approximately 23 mmcfe/d, with year end proved reserves of approximately 43 bcfe.
The sale is subject to the usual government and third party consents.
Talisman Energy Inc. is an independent upstream oil and gas company headquartered in Calgary, Alberta, Canada. Talisman has operations in Canada and its subsidiaries operate in the UK, Norway, Southeast Asia, North Africa and the United States. 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 Co 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.
Reserves Data and Other Oil and Gas Information
Talisman's disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Talisman by Canadian securities regulatory authorities, which permits Talisman to provide disclosure in accordance with US disclosure requirements. The information provided by Talisman may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 (NI 51-101). Talisman's proved reserves have been calculated using the standards contained in Regulation S-X of the SEC. US practice is to disclose net proved reserves after deduction of estimated royalty burdens, including net profits interests. Talisman makes additional voluntary disclosure of gross proved reserves. Further information on the differences between the US requirements and the NI 51-101 requirements is set forth under the heading 'Note Regarding Reserves Data and Other Oil and Gas Information' in Talisman's Annual Information Form. The exemption granted to Talisman also permits it to disclose internally evaluated reserves data. Any reserves data in this press release reflects Talisman's estimates of its reserves. While Talisman annually obtains an independent audit of a portion of its reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of the reserves data disclosed in this press release.
McfE Conversion
Throughout this press release, the calculation of thousand cubic feet of gas equivalent (McfE) is at a conversion rate of one barrel of oil for six thousand cubic feet (mcf) of natural gas and is based on an energy equivalence conversion method. McfE may be misleading, particularly if used in isolation. An MdfE conversion ratio of 1 bbl:6 mcf is based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead.
Gross Production
Talisman makes reference to production volumes throughout this press release. Where not otherwise indicated, 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.
Contact:
Talisman Energy Inc. -Media and general Inquiries
David Mann, Senior manager,
Corporate & Investor Communications
(403) 237-1196
(403) 237-1210 (FAX)
Email: tlm@talisman-energy.com
Talisman Energy Inc. -Shareholder and Investor Inquiries
Christopher J. LeGallais, Senior manager,
Investor Relations
(403) 237-1957
(403) 237-1210 (FAX)
Email: tlm@talisman-energy.com
Website: http://www.talisman-energy.com
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