Talisman Energy Inc. (Talisman) (TSX:TLM) (NYSE:TLM) today
announced the completion of its joint venture transaction with
Addax Petroleum UK Limited (APUK), an indirect wholly-owned
subsidiary of China Petrochemical Corporation (Sinopec Group)
following receipt of government and regulatory approval.
"We are very pleased to be partnering with Sinopec in the UK
North Sea," said Hal Kvisle, President and CEO of Talisman Energy
Inc. "This transaction supports a number of Talisman's key
priorities. The proceeds will be used to strengthen our balance
sheet, fund our global capital program and give us the financial
flexibility to invest in future opportunities. Sinopec will now
fund 49% of the UK capital program, allowing us to increase overall
investment in the assets, which will lead to improved operational
performance and a stronger UK North Sea business. We look forward
to working with Sinopec in the years ahead."
The completion follows the original announcement of the
transaction in July this year. Sinopec Group has acquired a 49%
equity interest in Talisman's UK North Sea business, Talisman
Energy (UK) Limited (TEUK), for $1.5 billion. Talisman will
continue to hold 51% of the joint venture company. The UK North Sea
will be a smaller part of Talisman's overall portfolio, but remains
an important part of its North Sea business.
The focus of the joint venture will be to continue investment in
asset integrity and improve ongoing operating performance as well
as accelerating infill drilling, unlocking additional
infrastructure-led exploration opportunities and executing major
projects, thereby extending field life and deferring
decommissioning.
Talisman Energy (UK) Limited will be renamed Talisman Sinopec
Energy UK Limited.
Notes to Editors
Sinopec Group has acquired 49% of the shares of TEUK for $1.5
billion, before adjustments for working capital and interest,
creating an incorporated joint venture in which Talisman will
continue to hold 51% of the shares. This will proportionately
reduce Talisman's share of capital spending, production and
abandonment liabilities for its UK business.
Talisman Sinopec Energy UK Limited will operate the assets, and
Sinopec Group will appoint select personnel into key positions
within the organization, strengthening an already strong team. The
joint venture company is based in Aberdeen, Scotland and employs
564 full-time employees, with approximately 1,950 core
contractors.
About Talisman in the UK
Talisman entered the North Sea in 1994 and today holds operated
and non-operated interests in 46 fields, and operates 11 offshore
installations and an onshore terminal. The portfolio includes
opportunities for infill wells, project developments and
exploration.
About Addax Petroleum
Addax Petroleum Corporation ("Addax Petroleum") is an
international oil and gas exploration and production company,
founded in 1994, and acquired in 2009 by Sinopec International
Exploration and Production Corporation (SIPC), a wholly-owned
subsidiary of Sinopec Group. Addax Petroleum holds a number of
producing assets and exploration and development properties in West
Africa and the Kurdistan Region of Iraq, and, through APUK, is
expanding its activities into the North Sea. Further information
about Addax Petroleum is available at www.addaxpetroleum.com.
About Sinopec Group
China Petrochemical Corporation (Sinopec Group) is China's
largest, and one of the world's largest integrated energy and
petrochemical companies, with business scope across the entire oil
& gas value chain. The operations cover exploration and
development of resources, storage and transportation of oil and
gas, refining and petrochemical production, and sales of refined
products in Australasia, Central Asia, the Middle East, Africa,
North America and South America. In 2011, the Sinopec Group ranked
5th among the Fortune Global 500 companies. Further information
about Sinopec group is available at www.english.sinopec.com/.
About Talisman Energy Inc.
Talisman Energy Inc. is a global upstream oil and gas company,
headquartered in Canada. Talisman has three main operating areas:
the Americas (North America and Colombia), Southeast Asia and the
North Sea, with an active exploration program across all three.
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
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 use of proceeds from the closing of
the transaction; expected proportionate reduction in capital
spending, production and abandonment liabilities by Talisman;
planned investment increase over the next several years,
collectively by Talisman and Sinopec, in the UK and resulting
planned infill drilling, infrastructure-led exploration and
execution of major projects; expected operational performance
improvements, extension in field life and deferral of
decommissioning; 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 Talisman with securities regulatory authorities.
Talisman 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 Talisman'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 Talisman'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
Talisman's operations or financial results or strategy are included
in Talisman's most recent Annual Information Form. In addition,
information is available in Talisman'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 Talisman's management at the
time the information is presented. Talisman assumes no obligation
to update forward-looking information should circumstances or
management's estimates or opinions change, except as required by
law.
Dollar amounts are presented in US dollars.
Contacts: Talisman Sinopec Energy UK Limited Jill Moir UK
Corporate Affairs & Communications Manager 01224
501087jmoir@talisman-energy.com Talisman Energy Inc. - Media and
General Inquiries Phoebe Buckland External Communications
403-237-1536pbuckland@talisman-energy.com Talisman Energy Inc. -
Shareholder and Investor Inquiries Lyle McLeod, Vice-President
Investor Relations 403-237-1020lmcleod@talisman-energy.com
www.talisman-energy.com
Grafico Azioni Talisman (NYSE:TLM)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Talisman (NYSE:TLM)
Storico
Da Lug 2023 a Lug 2024