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Gold/Mining/Energy : Talisman Energy Inc. (TLM)
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To: Jim P. who wrote (43)3/4/2008 9:42:10 PM
From: Jim P.   of 82
 
Talisman, Marubeni find large oil reserves

bloomberg.com

March 5 (Bloomberg) -- Marubeni Corp. rose the most in almost two weeks in Tokyo after a report that the Japanese trading company and Canada's Talisman Energy Inc. found natural gas reserves in the U.K. North Sea that could reach a record.

The trader rose as much as 36 yen, or 4.5 percent, to 832 yen on the Tokyo Stock Exchange. The gain is the biggest since Feb. 19, when the shares climbed 5.6 percent. Marubeni traded at 830 yen at 9:46 a.m. local time.

Marubeni and Talisman plan to invest tens of billions of yen (hundreds of millions of dollars) to begin commercial production within four years, Nikkei English News reported without citing anyone. Talisman is the operator of the field and holds a 51 percent stake.

The companies found a field about 200 kilometers (124 miles) off the coast of Aberdeen, Scotland, that may hold the equivalent of 35 million barrels, Nikkei said. Reserves in this area have the potential to reach a record 100 million barrels in crude oil terms, it said.

North Sea fields hold an average of 20 million to 30 million barrels, Nikkei reported. The companies' investment is relatively small because the area already has pipelines and other facilities linked to production sites.
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