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To: kormac who wrote (57011)	12/15/1999 10:46:00 PM
From: LARRY LARSON	Respond to of 95453

Hi Kids- TALISMAN STOCK BUYBACK: Page URL: nationalpost.com Wednesday, December 15, 1999 Talisman to embark on share buyback Buckee admits Sudanese operations have hurt stock price Paul Waldie and Charlie Gillis National Post Talisman Energy Inc. plans to launch a share buyback program to help boost its stock price, which has been hit hard recently by criticism over the company's operations in Sudan. "If other people don't like the shares for whatever reason, we will take them up," James Buckee, Talisman's president and chief executive, said yesterday during a meeting with the National Post's editorial board. Mr. Buckee said Talisman's board of directors approved the buyback at a recent meeting and the terms of the program will be announced soon. The company's share price has dropped from $49.15 on Sept. 10 to $34.40 yesterday on the Toronto Stock Exchange. That's a loss of about $1.8-billion in market value based on the company's 120 million outstanding shares. Talisman's shares hit a 52-week low of $22.10 on March 1. The recent drop in the share price coincides with mounting concern over the company's oil operations in Sudan. Talisman is part owner of a large Sudanese oil project that accounts for about 10% of its total cash flow. Sudan is in the midst of a civil war and there have been allegations the government has committed widespread human rights abuses, including slavery. Critics have accused Talisman of indirectly aiding the government's abuses. Those same critics are pressuring institutional investors to sell their Talisman shares. Mr. Buckee said Talisman is not taking sides in the conflict and he denied the company is aiding any abuses. He also defended Talisman's role in Sudan and said the country would be worse off if Western businesses pulled out. However, he acknowledged the criticism has hurt Talisman's share price and prompted the board to launch the buyback, which is the company's first. "If there is abnormal pressure on us, as there is at the moment, then that calls for abnormal responses," he said. "To that extent, yes, [the concerns] have brought that about. There comes a point where your own shares are the best investment you can make." He said Talisman's share price is artificially low because of the problems in Sudan. The company expects to increase its output by 30% next year, he said, and generate $1.5-billion in cash. Talisman plans to spend about $1.2-billion on capital projects, which leaves some room for the buyback.