Talisman Energy Rationalizes North Sea Assets

abarrelfullabarrelfull wrote on 02 May 2013 10:38
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May 26, 2006

Talisman Energy Inc.'s (TSX:TLM) (NYSE:TLM) UK subsidiary, Paladin Resources Limited, has entered into an agreement with Endeavour Energy UK Limited for the sale of Paladin's wholly owned subsidiary, Talisman Expro Limited.

The producing assets that will be divested by the sale of Talisman Expro Limited include the following net interests:

In addition, other non-producing assets are included, notably a 55.62% interest in the Rochelle discovery located in the Renee/Rubie area.

The sale price is US$414 million, with an effective date of January 1, 2006. The sale is subject to the usual government and third party consents and is expected to be completed in the fourth quarter of 2006.

The assets being divested currently produce approximately 9,200 boe/d and had proven reserves of 12.8 mmboe as at December 31, 2005.

"This sale helps rationalize Talisman's asset base in the UK," said Dr. Jim Buckee, President and Chief Executive Officer. "Following the acquisition of Paladin Resources plc in 2005, we decided to rationalize our UK asset portfolio. The assets being divested are high quality but non-strategic to Talisman. This sale also demonstrates the high value of our overall UK asset position."


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