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Gold/Mining/Energy : TLM.TSE Talisman Energy

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To: Tomas who wrote (549)	11/7/1999 6:12:00 PM
From: Tomas	Read Replies (1) of 1713

"Talisman shares should be trading at $50 each now with a 12-month projection of $65" Talisman's solid third quarter overshadowed by Sudan The Canadian Press, November 5 CALGARY (CP) -- Talisman Energy Inc. remains committed to its Sudanese oil development despite the affect it is currently having on the company's shares, president Jim Buckee said Friday. "If a good ethical company such as us, with ethical people trying to do the right thing pulls out, we don't see how that helps anybody," said Buckee. "We think it's much better to be there rather than not." Talisman shares traded Friday in the $39 range. That's about $11 below where most analysts believe they should be based on the company's performance. Talisman made headlines two weeks ago when U.S. Secretary of State Madeleine Albright criticized the Calgary-based company by suggesting oil revenues from its African project would not benefit the entire Sudanese population. Talisman has also been accused of working with the Sudanese government which has been blamed by human rights groups and western diplomats for worsening tribal and religious rivalries. Canada's biggest and most international independent energy producer reported net earnings Thursday of $60.2 million in the three months ended Sept. 30. That was up from a $32.8-million loss a year earlier. Cash flow rose to $280.8 million from $126.1 million. "We think (Sudan) is a terrific asset. And we think that an unbiased view of both sides of what's happening in Sudan will lead people to the same conclusion as us," said Buckee during a conference call to discuss the financial results. "Firstly, the project in the long run will help all the people of Sudan, and we also think our presence there is beneficial in that it brings with it such things ... like increasing engagement by the Canadian government." Buckee described his meeting with Canadian Foreign Affairs Minister Lloyd Axworthy earlier in the week as positive. Axworthy is behind a major initiative to encourage peace in Sudan. He has named a peace envoy and is sending a fact-finding mission to the war-ravaged country. He is also inviting the Sudanese foreign minister and the leader of the country's rebel coalition to Canada for talks on how to reinforce the existing peace process. Calgary oil analyst Martin Molyneux praised Buckee and Talisman for having the guts to go into the Sudan when no others would. The Sudan reservoir contains an estimated one billion barrels of oil, putting it in the same league as the North Sea. "The bottom line in all of this is they've got this huge opportunity that none of them have seen in their careers," said Molyneux. "Talisman can do a lot of good in this country." Other oil companies would line up to buy Talisman's project for as much as $1.5 billion if it walked away from it, Molyneux said. "They (companies) don't give a tinker's damn about what Albright or Axworthy says." Molyneux believes Talisman shares should be trading at $50 each now with a 12-month projection of $65. canoe.com

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