CALGARY, ALBERTA (NYSE: TLM) have entered into agreements with
the Kurdistan Regional Government (KRG) within Iraq for interests
in Blocks K44 and K39 respectively, effective upon completion of
certain conditions, which Talisman expects will be satisfied within
60 days.
"This is an exciting opportunity in a world class hydrocarbon
basin," said John A. Manzoni, President and Chief Executive
Officer. "It is a great fit in terms of Talisman's global expertise
and the strategic objectives of our exploration program, with the
potential to become a core producing area for us.
"We have done extensive due diligence, including careful review
of legal, regulatory, security and corporate responsibility issues.
Block K44 is an established Production Sharing Contract (PSC) area,
entered into by the KRG prior to the effective date of the new
Iraqi constitution. The block is in the early stages of exploration
with a well currently drilling. Both blocks are within the
territory widely recognized as being on the KRG side of the 'Green
Line' boundary that currently demarcates the region of Kurdistan
within Iraq."
Talisman will acquire a 40% interest in Block K44, with
WesternZagros Limited (a wholly owned subsidiary of WesternZagros
Resources Ltd.) holding 40% as operator and the KRG retaining 20%.
Talisman plans to spend US$80 million on the block, including past
costs and a three well commitment.
Talisman has also entered into a seismic services agreement with
the KRG on Block K39 for a period of two years, following which
Talisman will have the option to enter into a PSC as operator of
the block with a 60% working interest and a one well commitment in
the first year. Talisman estimates exploration costs associated
with the initial work program on this block to be US$10-15
million.
As part of the transactions with the KRG and in keeping with
Talisman's corporate responsibility policies and practices, the
Company will pay US$220 million plus further conditional
contributions to the KRG for the sole purpose of providing
financial support to infrastructure and capacity building projects
for the benefit of the people in the region and, in particular, the
local communities in the agreement areas. The KRG is bound to
adhere to the principles of the Extractive Industry Transparency
Initiative (EITI) pursuant to the Kurdistan Regional Oil and Gas
Law. Talisman and the KRG have confirmed their mutual commitment to
revenue transparency in the spirit of the EITI, as well as to
promoting respect for and compliance with human rights principles,
including those set forth in the Voluntary Principles on Security
and Human Rights.
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 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 press release contains information that constitutes
"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:
- planned acquisitions and associated timing;
- business plans for exploration and drilling;
- estimated amounts of capital expenditures;
- corporate responsibility initiatives;
- 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.
Often, but not always, forward-looking information uses 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", "goal", "objective" or
states that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Various assumptions were used in drawing the conclusions or
making the forecasts and projections contained in the
forward-looking information contained in this press release.
Information regarding business plans for exploration and drilling
assumes that the extraction of crude oil, natural gas and natural
gas liquids remains economic.
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
press release. The material risk factors include, but are not
limited to:
- potential delays or changes in plans with respect to
exploration or development projects or capital expenditures;
- risks in conducting foreign operations (for example, political
and fiscal instability or the possibility of civil unrest or
military action);
- the effect of acts of, or actions against, international
terrorism; and
- the possibility that new government policies or laws may
develop, that existing government policies and laws may change or
that governmental approvals may be delayed or withheld.
The foregoing list of risk factors 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 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.
References in this press release to "Talisman" refer
collectively to Talisman Energy Inc. and its direct and indirect
subsidiaries unless indicated otherwise.
Contacts: 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: www.talisman-energy.com
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