Talisman Energy Inc. (TSX: TLM) (NYSE: TLM) today announced that it
has reached an agreement to acquire additional properties in the
Eagle Ford shale play in south Texas. Talisman and Statoil have
agreed on a joint-venture to acquire 97,000 net acres of
high-quality, liquids rich Eagle Ford shale properties from
Enduring Resources for a total consideration of US$1.325 billion.
"This transaction is an excellent fit with Talisman's strategy,"
said John A. Manzoni, President and CEO. "Talisman now has material
positions in three world-class shale plays in North America. This
acquisition is in the liquids rich window of the Eagle Ford and
complements our existing acreage. We are very pleased to be working
with Statoil, a respected global company with whom we have an
excellent working relationship."
The Transaction
Talisman and Statoil have agreed to create a 50/50 joint-venture
across the Eagle Ford shale play, with Talisman as the initial
operator. The net cost to Talisman of this new acreage will be
approximately US$485 million, after Statoil purchases a 50% working
interest in Talisman's existing 37,000 net acres in the Eagle Ford.
Upon completion of these transactions, Talisman will hold
approximately 70,000 net acres, predominantly in the liquids rich
heart of the play.
Talisman and Statoil have agreed that Statoil will operate
approximately 50% of the joint assets within three years. The
transaction is expected to close by year end.
The Assets
The acquisition includes 97,000 net acres of land (50/50
joint-venture between Talisman and Statoil) in the liquids rich
window of the Eagle Ford shale. The purchase price equates to about
US$10,900 per acre, taking into consideration Enduring's existing
production of 5,500 boe/d, as well as gas processing infrastructure
that comes with the acquisition. In addition, the companies have an
option to jointly acquire up to an additional 22,000 net acres.
Approximately 55,000 net acres are held by existing production.
There are currently three horizontal rigs operating on the leases,
which is more than sufficient to hold this land. The land position
consists of large contiguous blocks across the Eagle Ford, with a
thick, high-porosity shale section, and high expected ultimate
recovery factors (EURs). EURs are expected to average at least
660,000 boe per well.
There is currently 5,500 boe/d of production, including six
Eagle Ford wells which are on-stream. An additional eight wells
have been drilled; three wells are drilling, with nine additional
wells planned by year-end. Initial production rates on the two most
recent wells have averaged 3,700 boe/d (including 1,000 bbl/d of
liquids) and 2,300 boe/d (including 425 bbl/d of liquids). There
are numerous egress options available to support future production
growth.
Strategic Context
The company believes there is an estimated 800 million boe of
net contingent resource on the acquired properties, of which
approximately 50% is expected to be condensate or natural gas
liquids. Talisman estimates there are over 1,000 net drilling
locations on the newly acquired acreage. The company believes that
similar to its Marcellus and Montney shale plays, its Eagle Ford
play will have a full-cycle break even of less than US$4 per
mcf.
Shale gas and liquids development is an important part of
Talisman's strategy for long-term, profitable growth. The company
has established large, high-quality land positions in the Marcellus
shale (Pennsylvania), Montney shale (British Columbia) and Utica
shale (Quebec).
The addition of this new acreage gives Talisman a material core
position in the liquids rich window of the Eagle Ford shale play.
The company believes its shale plays have the critical mass needed
to support Talisman's objective of becoming a leading, returns
focused shale producer in North America.
The company is committed to operating in a safe, environmentally
responsible manner and to maintaining good working relationships
with local communities near our areas of operations.
Barclays Capital acted as an advisor to Talisman on this
transaction.
Talisman Energy Inc. is a global, diversified, upstream oil and
gas company, headquartered in Canada. Talisman's three main
operating areas are North America, the North Sea and Southeast
Asia. The company also has a portfolio of international exploration
opportunities. Talisman is committed to conducting business safely,
in a socially and environmentally responsible manner, and is
included in the Dow Jones Sustainability (North America) Index.
Talisman is listed on the Toronto and New York stock exchanges
under the symbol TLM. Please visit our website at
www.talisman-energy.com.
Advisories
Forward-Looking Information
This news 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: business strategy,
priorities and plans; timing of expected closing of acquisition;
planned production and production growth; potential drilling
locations; expected landholdings; amount of egress options;
expected ultimate recovery; expected break-even costs; 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 included in this news release is
based on Talisman's 2010 capital program. Talisman has set its 2010
capital expenditure plans assuming: (1) Talisman's production in
2010 will be just over 400,000 boe/d, assuming that most of the
North American asset sales close by mid-year; (2) a US $60/bbl WTI
oil price for 2010; and (3) a US $3.50/mmbtu NYMEX natural gas
price for 2010. Closing of the acquisition will be subject to
customary conditions, including receipt of all necessary regulatory
approvals.
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; uncertainty related to securing sufficient egress and
markets to meet shale gas production; the uncertainty of reserves
and resources 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 exploration or development projects or
capital expenditures; fluctuations in oil and gas prices, foreign
currency exchange rates and interest rates; the outcome and effects
of any future acquisitions and dispositions; health, safety and
environmental risks; uncertainties as to the availability and cost
of financing and changes in capital markets; changes in general
economic and business conditions; and the possibility that
government policies or laws may change or 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 or strategy are included
in Talisman's most recent Annual Information Form. In addition,
information is available in the Company's other reports on file
with Canadian securities regulatory authorities and the SEC.
Forward-looking information is based on the estimates and opinions
of the Company's management at the time the information is
presented. The Company assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change, except as required by law.
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 certain disclosure in accordance with U.S.
disclosure requirements. The information provided in this news
release may differ from the corresponding information prepared in
accordance with Canadian disclosure standards under National
Instrument 51-101 ("NI 51-101"). Information on the differences
between U.S. 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 most recent Annual Information
Form.
Resources
An exemption granted to Talisman permits it to disclose
internally evaluated reserves and resources data. In this news
release, Talisman discloses an estimate of contingent resources
which is based on best estimates. Contingent resources are defined
as those quantities of petroleum estimated, as of a given date, to
be potentially recoverable from known accumulations using
established technology or technology under development, but which
are not currently considered to be commercially recoverable due to
one or more contingencies. In North America, the contingencies that
prevent the resources from being classified as reserves are:
additional testing; production and performance appraisal
activities; demonstration of economic viability; facilities and
egress; access to equipment and services; frac technology;
commodity prices and regulatory approvals. There is no certainty
that it will be commercially viable to produce any portion of the
resources.
Estimated ultimate recovery (EUR) per well is a term commonly
used in the oil and gas industry. EUR is an estimate of the
quantity of oil or gas that is potentially recoverable from a well.
There is no certainty that it will be commercially viable to
produce any portion of the EUR amount that is stated in this news
release.
Gross Production
Where not otherwise indicated, production volumes are stated on
a gross basis, which means they are stated prior to the deduction
of royalties and similar payments. In the U.S., net production
volumes are reported after the deduction of these amounts.
Boe Conversion
Throughout this news release, barrels of oil equivalent (boe)
are calculated at a conversion rate of six thousand cubic feet
(mcf) of natural gas for one barrel of oil (bbl). Boes may be
misleading, particularly if used in isolation. A boe conversion
ratio of 6 mcf:1 bbl is based on an energy equivalent 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) tlm@talisman-energy.com
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)
tlm@talisman-energy.com www.talisman-energy.com
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