Talisman Energy to Dispose of Beatrice Assets

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November 30 2007

Talisman Energy (UK) Limited and Talisman North Sea Limited, both wholly owned subsidiaries of Talisman Energy Inc., have entered into an agreement to sell the Beatrice oil field and transfer operatorship of the Nigg oil terminal to Ithaca Energy (UK) Limited, a wholly owned subsidiary of Ithaca Energy Inc. The sale is subject to the usual government and third party consents and due diligence.

The transaction has an effective date of January 1, 2008, and is expected to complete later in 2008.

It is expected that the current workforce, the majority of who are contractors, will be retained by Ithaca and no job losses are anticipated as a result of the transaction.

"We see this transaction as the best way forward for the Beatrice field," said Nick Walker, Vice-President of Talisman Energy (UK) Limited. "When we acquired the Beatrice field in 1997, the previous operator projected an end of field life in 1998. We have invested significantly in the Beatrice assets and have extended field life by over 10 years. This agreement should ensure the field life is extended still further."

"Ithaca has its Jacky discovery, which it intends to develop via Beatrice and has other exploration prospects in the area. Ithaca is better placed to maximise recovery from the field and surrounding opportunities, thereby securing jobs and investment and writing the next chapter in the life of the field and the Nigg oil terminal."

"The remaining opportunities in the Beatrice field are not material to Talisman and this transaction will allow us to focus our resources on our active development programme elsewhere in the North Sea. This is a win-win for Talisman and Ithaca and the benefactors are the Beatrice assets and the wider UK North Sea where we continue to seek and develop new opportunities."

The sale to Ithaca does not include Talisman's interest in the Beatrice Wind Farm Demonstrator Project, a joint venture between Talisman and Scottish and Southern Energy. The project, which will provide data on the viability of a commercial deepwater offshore wind farm, will continue to provide power for the Beatrice platform.

Talisman Energy (UK) Limited took over from BP as operator of the Beatrice field and Nigg oil terminal in 1997 in an arrangement which also saw the company acquire the Buchan and Clyde fields. The Beatrice field is located approximately 76 miles North West of Aberdeen, in UKCS Block 11/30a and comprises the Beatrice Alpha, Bravo and Charlie platforms, as well as the Nigg oil terminal. Oil is exported to Nigg from Beatrice via a 16 inch pipeline.

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