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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: SargeK who wrote (58286)	1/11/2000 11:45:00 PM
From: LARRY LARSON	Respond to of 95453

Hi Kids- TALISMAN (TLM) EXPECTATIONS: Talisman CEO Says Company Will Beat '99 Earnings Estimate Calgary, Alberta, Jan. 11 (Bloomberg) -- Talisman Energy Ltd., rebounding from a C$233 million ($159.9 million) loss in 1998, said 1999 profit would beat analysts' average earnings expectation by a third on increased oil prices and production. Jim Buckee, chief executive of Calgary, Alberta-based Talisman, said Canada's biggest independent petroleum company estimates net income will be about C$1.30 a share for 1999, compared with a loss of C$1.98 a year earlier. Production is expected to rise 34 percent to 310,000 barrels of oil equivalent a day, up from 231,000 in 1998. The company, which will release 1999 results March 9, was expected to earn C$0.99 cents a share, the average estimate of 20 analysts polled by IBES International Inc. Estimates range from a high of C$1.30 a share to a low of C$0.49. Talisman, plagued like its competitors by decade-low oil prices in 1998, took a C$183 million writedown that year on its oil properties in Britain's North Sea. Oil prices soared in 1999, and the company completed a 33,750-barrel-a-day project in Sudan. ``Production this year (2000) should reach 400,000 barrels a day, a 29 percent increase over 1999,' Buckee said in a statement. Talisman shares rose C$0.05 to C$37.60 in Toronto. Its stock climbed 37 percent last year, outpacing a 23 percent increase by the Toronto Stock Exchange Oil and Gas Index. Talisman will increase its capital budget -- money it spends to find new oil and develop projects -- by 19 percent in 2000 to about C$1.2 billion from C$1 billion in 1999, Buckee said. About three-quarters of that money will be spent in western Canada and the North Sea. The company has been under Canadian government scrutiny for its part in Sudan's Greater Nile Oil Project. The government sent an envoy to the North African nation to see if oil money generated by Talisman might be used to wage war against southern Sudanese rebels. The Sudanese government receives 60 percent of the profit from the project, while Talisman and its partners, the state oil companies of China and Malaysia, share the remaining 40 percent. Jan/11/2000 20:51