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

To: Tomas who wrote (583)	11/19/1999 2:02:00 PM
From: Tomas	Read Replies (1) \| Respond to of 1713

Talisman Energy Says Stock Hurt by Sudan Concern, Paper Reports - Bloomberg Calgary, Alberta, Nov. 19 (Bloomberg) -- Talisman Energy Inc. said its stock has been hurt by reports that the company's oil project in Sudan was helped by the country's military, the Globe and Mail reported, citing Talisman Chief Executive Jim Buckee. The Canadian oil and gas producer has hired public relations firm Hill & Knowlton to explain its case to shareholders such as the Ontario teachers pension fund, which is considering the sale of its C$184 million (US$125.8 million) Talisman stake. Calgary, Alberta-based Talisman said its Sudan oilfield represents 15 percent of the company's operations, though investors are valuing the company as if the Sudan project is worthless, the newspaper said. Talisman stock has dropped 8 percent since an Oct. 26 report that Canada is reviewing Talisman's operations in Sudan, while rival Petro-Canada's stock has risen 6.5 percent, and Imperial Oil Ltd. has risen 4.8 percent. (Globe and Mail, B1, 11/19) bloomberg.com

To: Tomas who wrote (583)	11/19/1999 8:29:00 PM
From: Tomas	Read Replies (1) \| Respond to of 1713

Talisman: Axworthy tells Americans to mind own business - Calgary Herald, Nov.19 The Canadian Press, BETH GORHAM ISTANBUL (CP) - Foreign Affairs Minister Lloyd Axworthy has told the Americans to mind their own business when it comes to Canadian business interests in the Sudan. "Our policies are set by Canadians, not Americans," Axworthy said Friday at the end of a summit involving 54 leaders from the Organization for Security and Co-operation in Europe. This week, the U.S. government accused Calgary-based Talisman Energy of fuelling the war in the Sudan and criticized Canada for not stopping its oil exploration in the African country. "We are very concerned that Talisman's investments in Sudan's oil sector will buttress the Sudanese regime's efforts to continue its vicious war in the south of Sudan," a U.S. State Department official said in Washington. Axworthy said Canada has taken clear action to ensure there is no Canadian participation in human rights abuse. "We established a very clear policy paper after a lot of consultations with Canadians to determine what the best course of action is and we took that course of action and it's working," he said. "We emphasize something the Americans don't do and that's the peace process. We want to find a way to bring the conflict to an end." There were talks with Talisman in early November. Axworthy told company executives that Canadian companies abroad should ensure their activities do not help dictatorial regimes directly or indirectly to oppress human rights. Talisman is reported to have countered that its work in Sudan consists of legal commercial activities and that it is not responsible for what the Sudanese government does. The oil company says its pipeline and oil drilling will help the country's economy grow. Non-governmental agencies have pressed Axworthy for more than a year to impose export sanctions against Sudan and invoke the Special Economic Measures Act to stop Talisman's operations in the country. Talisman, which has been working with the Sudanese government, has been under fire after a UN report said there had been human rights abuses and millions of people displaced in the Sudanese civil war. Jim Buckee, Talisman's chief executive, has said the company will supply the UN with more information within a week or two. The UN Commission on Human Rights has reported that up to 4.5 million people - a fifth of the Sudan's population - have been displaced since 1983, when civil war broke out between state-sponsored forces and rebel groups for control of the country's oil-rich regions where Talisman and its partners have operations. The government has been forcing people from Sudan's southern, oil-producing areas to clear the areas and transportation routes of suspected saboteurs, the UN commission has said. Human rights activists have accused the armed forces of capturing Christians and animists - particularly women and children - as slaves for ransom and to terrorize southern communities that resist Islam. Talisman was criticized in October by U.S. Secretary of State Madeleine Albright, who suggested oil revenues from its African project would not benefit the entire Sudanese population. The Ontario Teacher's Pension Fund, the biggest single shareholder in Talisman, is being urged by human rights groups to sell its four per cent stake in the company worth $184 million. A spokesman for the fund says they have no plans to sell their 4.5 million shares. Talisman, which is in a consortium with Chinese and Malaysian partners in the huge oil and pipeline project, is Canada's biggest and most international independent energy producer. An envoy and expert in African affairs, John Harker, is leaving Ottawa for Sudan this weekend. He will meet EU and UN officials on his way. "We'll get an assessment as to what the implications are for Canadians and Canadian companies," said Axworthy. "But I'm not going to take actions simply based upon some anonymous State Department source who doesn't like what we're doing. If we did that, I think we'd be following Reform party policy." southam.com