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Gold/Mining/Energy : TLM.TSE Talisman Energy
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To: Tomas who wrote (1675)1/17/2004 7:18:16 PM
From: Tomas  Read Replies (1) of 1713
 
Talisman Energy on Appalachian attack
Upstream, January 16

Canada's Talisman Energy is planning to drill several additional wells in the Appalachian basin this year after a new discovery in the Black River formation in southern New York State, writes Candice Cowin.

The company's 3000-metre plus horizontal well flowed at test rates of more than 18 million cubic feet per day from the Andrews area. That is nearly a quarter of the area's total current production of about 65 MMcfd.

According to Talisman, the probe has the potential to produce over 30 MMcfd, making it the most prolific drilled in southern New York to date.

Talisman's Appalachian subsidiary Fortuna Energy aims to bring the well on stream by early March at a restricted rate of 8 MMcfd to 10 MMcfd.

Fortuna has estimated that it currently has 30 MMcfd of shut-in gas production in the region waiting to be placed on stream, including the Andrews well. Additional gathering lines are expected to be in service by early April.

**Talisman will spend a record C$2.35 billion ($1.82 billion) on E&P this year. The 2004 spending estimate is 3% above last year. Half the money will be spent in North America, a quarter in the North Sea and the remainder among its various international holdings.

Production this year is expected to average between 415,000 and 445,000 barrels of oil equivalent per day.

"We are well positioned to meet our stated goals for production growth in 2004, 2005 and 2006 from existing development projects," chief executive Jim Buckee said.
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