Talisman Energy Exits GTL Project
28 Giugno 2012 - 3:11PM
Marketwired
After participating in Sasol Canada's feasibility study for a GTL
(gas-to-liquids) facility, Talisman Energy (TSX:TLM)(NYSE:TLM) has
decided not to proceed with the next phase of the project.
"After careful consideration, we have concluded that there are
better ways to allocate capital in support of our strategy," said
John A. Manzoni, President and Chief Executive Officer. "Talisman's
immediate focus is to accelerate investment in near-term liquids
opportunities, with the goal of increasing liquids and oil-linked
gas production to 300,000 barrels a day by 2015. We wish Sasol
every success as they evaluate the next phase of this project, and
we look forward to continuing a positive relationship in the joint
development of our Montney assets."
Talisman was granted the option to participate in the
feasibility study as part of the ongoing partnership between
Talisman and Sasol that includes two 50 per cent working interests
in two natural gas assets and associated infrastructure in
Talisman's Montney shale resources in northeast British Columbia.
Talisman's decision to exit the GTL project will not impact the
upstream partnership.
About Talisman Energy
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.
About Sasol Canada
Sasol Canada is a division of Sasol, a world leader in the
commercial production of liquid fuels and chemicals from coal and
natural gas. Sasol Canada owns a 50 per cent working interest in
two natural gas fields in British Columbia and is pursuing the
opportunity to build the country's first gas-to-liquids (GTL)
facility to convert natural gas into high-quality transportation
fuels. GTL is a proven technology that harnesses clean, abundant
natural gas reserves to make diesel, jet fuel and petrochemical
feedstocks. Headquartered in Johannesburg, South Africa, Sasol has
operations in 38 countries and a workforce of nearly 34,000
worldwide. Sasol is listed on the New York Stock Exchange and the
Johannesburg Stock Exchange.
14-12
Advisories
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; planned investment in near-term liquids
opportunities; liquids and oil-linked gas production goals; and
other expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events,
conditions, results of operations or performance.
The factors or assumptions on which the forward-looking
information is based include: assumptions inherent in current
guidance; projected capital investment levels; the flexibility of
capital spending plans and the associated sources of funding; the
successful and timely implementation of capital projects; the
continuation of tax, royalty and regulatory regimes; ability to
obtain regulatory and partner approval; commodity price and cost
assumptions; and other risks and uncertainties described in the
filings made by the company with securities regulatory authorities.
The company believes the material factors, expectations and
assumptions reflected in the forward-looking information are
reasonable but no assurance can be given that these factors,
expectations and assumptions will prove to be correct.
Forward-looking information for periods past 2012 assumes
escalating commodity prices. Closing of any transactions will be
subject to receipt of all necessary regulatory approvals and
completion of definitive agreements.
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; the impact of the economy on the
ability of the counterparties to the company's commodity price
derivative contracts to meet their obligations under the contracts;
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; risks in conducting foreign operations (for example,
political and fiscal instability or the possibility of civil unrest
or military action); changes in general economic and business
conditions; the possibility that government policies or laws may
change or governmental approvals may be delayed or withheld; and
results of the company's risk mitigation strategies, including
insurance and any hedging activities. 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 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 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.
Production volumes are stated on a company interest basis prior
to the deduction of royalties and similar payments. In the US, net
production volumes are reported after the deduction of these
amounts. US readers may refer to the table headed "Continuity of
Net Proved Reserves" in Talisman's most recent Annual Information
Form for a statement of Talisman's net production volumes.
Contacts: Talisman Energy Inc. - Media and General Inquiries
Phoebe Buckland, Lead External Communications 403-237-1536
403-237-1210 (FAX)tlm@talisman-energy.com Talisman Energy Inc. -
Shareholder and Investor Inquiries Lyle McLeod, Vice-President
Investor Relations 403-237-1020 403-237-1902
(FAX)tlm@talisman-energy.com www.talisman-energy.com
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