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

To: Tomas who wrote (545)	11/5/1999 9:02:00 AM
From: Tomas	Read Replies (1) \| Respond to of 1713

Canada encouraged by talks with Talisman on Sudan By David Ljunggren OTTAWA, Nov 4 (Reuters) - Canada on Thursday said it was encouraged by the first round of talks with Talisman Energy Inc (Toronto:TLM.TO - news). since threatening the Calgary-based oil firm with sanctions unless it did more to help end Sudan's civil war. A Talisman official promised full cooperation with the government's effort in Sudan, saying the firm was committed to peace in the giant war-torn African country and also wanted to repair the damage done to its stock price by the affair. Shares in Talisman -- Canada's largest international oil producer -- dived by nearly 12 percent in the wake of a policy paper released by Foreign Minister Lloyd Axworthy on October 26 which threatened the possible use of sanctions. Axworthy acted after U.S. Secretary of State Madeleine Albright complained about Talisman's 25 percent stake in a major Sudan oil development. Axworthy, who met Talisman Chief Executive Jim Buckee late on Wednesday to discuss the firm's response, expressed satisfaction with what he had heard. ``I must say I was very encouraged by the reaction we received from Talisman yesterday,' he told reporters. ``Mr Buckee recognized (Talisman's) responsibilities and was quite forthcoming in responding to the various objectives we set out in the Sudanese policy paper.' Axworthy -- worried that Khartoum could be using oil revenues to fund its campaign against mainly Christian rebels in the south -- says he will wait for the results of an independent Canadian human rights probe due to visit Sudan next month before deciding what action to take. Canada wants Talisman to do more to help broker an end to the war, encourage Khartoum to improve the country's human rights record and start talks with the Sudanese government to ensure that oil revenues were spent on humanitarian aid. ``They (Talisman) were clearly concerned. That's why I think they were very forthcoming in their willingness to cooperate and respond to the proposals we put forward,' he said. ``They understood this was a public policy of Canada and that cooperation would be the most effective way of helping to solve the broader issue of Sudan.' Stuart McDowall of Talisman said the meeting had been very positive but declined to say whether the firm was upset about the threat of sanctions. ``Yes, I think it was a big shock. I don't know any precedent,' he told reporters. ``It's not for us to say whether it was right or not right. We live within the situation. We've explained to the minister we're going to cooperate with him 100 percent on this issue.' McDowall, head of public relations for Talisman's Sudanese operations, said it was important that the members of the probe went to Sudan without any preconceptions. He said Talisman was helping to fight poverty in Sudan by building roads and schools and urged Ottawa to do more. ``We would very much like to see the Canadian government there -- we'd very much like to see an embassy there. If you're going to have an effect, there should be a Canadian embassy there,' he said. Buckee announced record third-quarter financial results on Thursday but the firm's share price was still in the doldrums. ``Of course, we're not happy with that because we are trying to enhance (our assets' value) so we want to do everything possible we can to make sure that those economic measures which were mentioned -- they are not imminent and are not inevitable -- do not come about,' said McDowall. biz.yahoo.com