CALGARY, ALBERTA (NYSE: TLM), has commenced production from the
Wood Field. The field is expected to produce at a peak rate of
6,000 bbls/d of oil and 16 mmcf/d of natural gas. The new
facilities will allow the export of an additional 9 mmcf/d from the
Montrose, Arbroath, Arkwright and Brechin ("MonArb") fields.
The Wood field is located approximately 130 miles east of
Aberdeen, six miles southeast of the Montrose platform in UKCS
Block 22/18.
As part of this development, the Wood and Gas Export (WaGE)
module was installed on the Montrose platform in 2006, providing
Wood with production processing and natural gas compression
facilities. Natural gas production from Wood and MonArb will be
exported via a new six inch gas pipeline connected to the Central
Area Transmission System (CATS). Oil from Wood is co-mingled with
production from MonArb and exported via the Forties pipeline
system.
Talisman North Sea Limited (58.97%) is the operator, with Energy
North Sea Limited, a wholly owned subsidiary of Marubeni
Corporation, holding the remaining 41.03% interest.
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 North Sea,
Southeast Asia, Australia, North Africa, the United States and
Trinidad and Tobago. 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, as well as the Jantzi Social
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.
Forward-Looking Statements
This news release contains statements that constitute
forward-looking statements or forward-looking information
(collectively "forward-looking statements") within the meaning of
applicable securities legislation. These forward-looking statements
include statements regarding: peak production estimates from the
Wood Field; intended pipeline network and processing facility to be
utilized; business plans; and other expectations, beliefs, plans,
goals, objectives, assumptions, information and statements about
possible future events, conditions, results of operations or
performance.
Often, but not always, forward-looking statements use words or
phrases such as: "expects," "does not expect" or "is expected,"
"anticipates" or "does not anticipate," "plans" or "planned,"
"estimates" or "estimated," "projects" or "projected," "forecasts"
or "forecasted," "believes," "intends," "likely," "possible,"
"probable," "scheduled," "positioned," "goals," or "objectives" or
state that certain actions, events or results "may," "could,"
"would," "might" or "will" be taken, occur or be achieved.
Undue reliance should not be placed on forward-looking
statements. Forward-looking statements are based on current
expectations, estimates and projections that involve a number of
risks and uncertainties, which could cause actual results to differ
materially from those anticipated by Talisman and described in the
forward-looking statements. These risks and uncertainties
include:
- 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;
- the uncertainty of reserves estimates, reserves life and
underlying reservoir risk;
- the uncertainty of estimates and projections relating to
production, costs and expenses;
- potential delays or changes in plans with respect to
development projects;
- risk that adequate pipeline capacity to transport the gas to
market may not be available;
- health, safety and environmental risks;
- changes to general economic and business conditions;
- the possibility that government policies or laws may change or
governmental approvals may be delayed or withheld; and
- the Company's ability to implement its business strategy.
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: (1) under the heading "Risk
Factors" in the Company's Annual Information Form; and (2) under
the headings "Management's Discussion and Analysis - Risk Factors"
and elsewhere in the Company's 2006 Annual Financial Report.
Additional information may be found in the Company's other reports
on file with Canadian securities regulatory authorities and the
United States Securities and Exchange Commission.
Forward-looking statements are based on the estimates and
opinions of the Company's management at the time the statements are
made. The Company assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change, except as required by law.
Gross Production
In this news release, Talisman makes reference to estimated
production volumes. Such production volumes are estimated on a
gross basis, which means they are estimated prior to the deduction
of royalties and similar payments. In the U.S., net production
volumes are reported after the deduction of these amounts.
Contacts: Talisman Energy Inc. David Mann, Senior Manager,
Corporate & Investor Communications (403) 237-1196 (403)
237-1210 (FAX) Email: tlm@talisman-energy.com Talisman Energy Inc.
Christopher J. LeGallais, Senior Manager, Investor Relations (403)
237-1957 (403) 237-1210 (FAX) Email: tlm@talisman-energy.com
Website: www.talisman-energy.com
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