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

To: Edward M. Zettlemoyer who wrote (696)	1/13/2000 4:16:00 AM
From: Edward M. Zettlemoyer	Read Replies (1) \| Respond to of 1713

Talisman Announces 500,000 BOE/D Target For 2002 CALGARY, Alberta--(BUSINESS WIRE)--Jan. 11, 2000-- Talisman(TSE:TLM. - news; ME:TLM. - news; NYSE:TLM - news) At a major conference in New York City, Dr. Jim Buckee, President and Chief Executive Officer announced a strategic target of 500,000 boe/d of production from Talisman within three years. ``Production this year should average 400,000 boe/d, a 29% increase over 1999. We expect cash flow per share to increase from about $8.80 in 1999 to $11 in 2000, based on a West Texas Intermediate (WTI) oil price assumption of $US19/bbl. Every dollar increment in WTI is worth about $0.60 per share. Preliminary indications show 1999 net income of about $1.30 per share. ``Talisman's exploration and development capital program for this year will increase 19%, to about $1.2 billion. Three quarters of this spending will be in Canada and the North Sea. In Canada, almost 80% will be directed at natural gas projects. In the North Sea, 25% of our capital program will relate to development of the Blake oil field. ``Over 90% of the 500,000 boe/d target comes from currently identified projects in our core operating areas. If oil prices average $US21.50 in 2002, Talisman should generate about $15 per share in cash flow. Based on these targets, Talisman's annual growth rate over the ten year period from 1992-2002 will average 24% for cash flow per share and 14% per boe of production per share.' Production 1999(x) 2000(x) % Change -------------------------------------------------------- Liquids (mbbls/d) 160 230 44 Gas (mmcf/d) 900 1,012 12 -------------------------------------------------------- mboe/d (1) 310 400 29 -------------------------------------------------------- Capex ($millions) Exploration 240 375 56 Development 760 815 7 -------------------------------------------------------- Total E&D 1,000 1,190 19 -------------------------------------------------------- Cdn. Gas price $C/mcf 2.55 2.75 8 WTI ($US/bbl) 19.20 19.00 (1) Cash flow ($billions) 1.1 1.5 36 CFPS ($) 8.80 11.00 25 -------------------------------------------------------- ?(x) 1999 preliminary, 2000 estimates based on TLM Operating Plan and include estimates for Fourth Round Asset acquisitions in the North Sea.?(1) Natural gas converted at 6 mcf = 1 boe Talisman Energy Inc. is the largest independent Canadian oil and gas producer. The Company has operations in Canada, the North Sea, Indonesia and Sudan. Talisman is also conducting exploration in Algeria and Trinidad. Talisman's shares are listed on the Toronto and Montreal stock exchanges in Canada and the New York Stock Exchange in the United States under the symbol TLM. eom Ed ------------------------------------------------------------------------