Talisman Energy Says Stock Hurt by Sudan Concern, Paper Reports - Bloomberg
Calgary, Alberta, Nov. 19 (Bloomberg) -- Talisman Energy Inc. said its stock has been hurt by reports that the company's oil project in Sudan was helped by the country's military, the Globe and Mail reported, citing Talisman Chief Executive Jim Buckee.
The Canadian oil and gas producer has hired public relations firm Hill & Knowlton to explain its case to shareholders such as the Ontario teachers pension fund, which is considering the sale of its C$184 million (US$125.8 million) Talisman stake. Calgary, Alberta-based Talisman said its Sudan oilfield represents 15 percent of the company's operations, though investors are valuing the company as if the Sudan project is worthless, the newspaper said.
Talisman stock has dropped 8 percent since an Oct. 26 report that Canada is reviewing Talisman's operations in Sudan, while rival Petro-Canada's stock has risen 6.5 percent, and Imperial Oil Ltd. has risen 4.8 percent. (Globe and Mail, B1, 11/19)
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