PROPERTY ACQUISITION / Talisman Energy Increases North Sea Acreage in
Core Moray Firth Area
CALGARY, Dec. 10 /CNW/ - Talisman Energy (UK) Limited, a wholly-owned
subsidiary of Talisman Energy Inc, today announced that it has been awarded
five North Sea blocks in the 18th offshore oil and gas licensing round.
''The Moray Firth has become Talisman's focal point in the North Sea and
we are pleased to receive all the blocks Talisman applied for,'' said Dr. Jim
Buckee, President and CEO. ''Ross is scheduled to come onstream in the next
four months and although activities have been moderated by the oil price, we
plan to participate in 6 exploration and 5 development wells in the Moray
Firth in 1999, to build on our growing land, infrastructure and reserves
base.''
The award of four licences in the Moray Firth Basin makes Talisman the
single largest acreage holder in the area. Talisman is participating in three
blocks (12/22, 12/26, 12/27) adjacent to its operated Beatrice field (TLM
100%). These blocks are prospective for oil at Lower, Middle and Upper
Jurassic levels and are well placed for tie back development to Beatrice.
Talisman is planning to drill an exploration well in 12/26 during the second
quarter of 1999. The Company is also planning a farm-in well on Block 11/24
(Marcel) which, if successful, would be tied back to Beatrice. Success in
these blocks would help further extend Beatrice's production life.
Block 13/23b is situated in the middle of the prolific Lower Cretaceous
Captain sand fairway between the Captain field and adjacent to the recently
discovered Blake field. The award of this block increases Talisman's position
in this play trend and strengthens the Company's position around the Ross
development. Talisman and partners are preparing to drill an extension of the
Blake field on Block 13/29b. A well is also being planned to test a structure
on Block 13/23a.
Block 9/24a is located in the South Viking Graben. The block is
immediately adjacent to a BP/Talisman gas condensate discovery in Upper
Jurassic Brae sandstone formation in Block 9/24b. Development options for
this field are currently under review.
Talisman Energy Inc. is a Canadian-based, international upstream oil and
gas producer with operations in Canada, the North Sea, Indonesia and Sudan.
The Company is also conducting exploration in Algeria and Trinidad. Talisman's
shares are listed on the Toronto, Montreal and Vancouver stock exchanges in
Canada and the New York Stock Exchange in the United States under the symbol
TLM.
Supplemental Information:
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The following is a list of the blocks in which Talisman participated in
the 18th Round of licensing:
Block 12/22 40% Amerada Hess Limited
40% Talisman Energy (UK) Limited
20% Rigel Petroleum (UK) Limited
Block 12/26 100% Talisman Energy (UK) Limited
Block 12/27 40% Amerada Hess Limited
40% Talisman Energy (UK) Limited
20% Rigel Petroleum (UK) Limited
Block 13/23b 100% Talisman Energy (UK) Limited
Block 9/24a 50% Kerr-McGee Oil (UK) plc
40% BP Exploration Operating Co. Limited
10% Transworld Petroleum (UK) Limited
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