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Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?

To: Edward M. Zettlemoyer who wrote (449)	9/14/1999 12:56:00 PM
From: Marantz	Read Replies (1) \| Respond to of 1713

Talisman - First Oil From Orion Development CALGARY, Sept. 14 /CNW-PRN/ - Talisman Energy Inc. today announced first oil production from the Orion field commenced on September 4, 1999. The field is situated in the UK Sector of the Central North Sea, some 16 kilometres east of the Talisman operated Clyde Platform. The Orion field with approximately 20 million boe reserves will be produced across the Clyde Platform. The field will initially be developed with a single well, which is tied back to Clyde via a 10-inch pipeline. Gross production will build over the next couple of weeks to approximately 7,000 bbls/d oil and 16 mmcf/d gas (10,000 boe/d). ''This has been a remarkable twelve months for Talisman with the startup of Indonesian gas, production from Ross and oil exports from Sudan. Completion of the Orion project is significant as the first tieback project carried out by Talisman in the North Sea,'' said Dr. Jim Buckee, President and Chief Executive Officer. ''This incremental production will reduce average unit operating costs by over 50% and will contribute to extending the economic life of the Clyde field.'' The project was completed over a nine month period and was commissioned one month ahead of schedule and under budget. Total development costs were approximately C$65 million or C$3.25/boe. The co-venture partners in the Orion field are Talisman North Sea Limited, a wholly owned subsidiary of Talisman Energy Inc. (87.5%), Enterprise Oil Exploration Limited (6.25%) and Summit UK Oil Limited (6.25%). Talisman built up its interest in the area through a number of acquisitions and asset trades and gained operatorship of the field in February 1998.