Talisman Granted Additional Acreage for Block PM-3 CAA Between Malaysia and Vietnam
biz.yahoo.com
Tuesday June 7, 12:43 pm ET
CALGARY, Alberta--(BUSINESS WIRE)--June 7, 2005--Talisman Malaysia Limited, a wholly owned subsidiary of Talisman Energy Inc. (NYSE:TLM), has been granted additional acreage to be included within the Block PM-3 Commercial Arrangement Area (CAA) offshore Malaysia and Vietnam.
"The additional acreage to Block PM-3 CAA represents another important step in our strategy to grow our Malaysia and Vietnam business," said Dr. Jim Buckee, President and Chief Executive Officer of Talisman Energy Inc. "The PM-3 CAA additional acreage contains an extension of the highly prospective PM-3 CAA play and offers the potential for small field discoveries which, if economical, can be quickly tied back to the existing PM-3 CAA facilities."
Block PM-3 CAA currently covers an area of 348,000 acres and contains six oil and gas fields, which comprise the PM-3 CAA Phase 2 & 3 project. The PM-3 CAA project is currently producing 60,000 bbls/d oil and 270 mmcf/d of gas (gross sales volumes). The additional acreage includes another 148,000 acres located on the southeastern border of the original PM-3 CAA block.
During the exploration term of the PM-3 CAA additional acreage, Talisman Malaysia Limited will acquire a new 3D seismic survey and drill one exploration well.
Talisman Malaysia Limited together with Talisman Malaysia (PM3) Limited, holds a 41.44% interest in Block PM-3 CAA and Talisman Malaysia Limited is the operator of the block. Petronas Carigali Sdn. Bhd. holds a 46.06% interest and PetroVietnam Investment & Development Company holds a 12.5% interest. Petronas Carigali is the exploration and production arm of PETRONAS, the national oil company of Malaysia, while PetroVietnam Investment & Development Company is a subsidiary of PetroVietnam, the national oil company of Vietnam. |
