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

To: doug5y who wrote (1158)	3/7/2001 5:11:10 PM
From: Tomas	Read Replies (2) \| Respond to of 1713

Talisman Energy Price Target Raised, maintained ``strong buy'' at CIBC By Christopher Stothard Toronto, March 7, 16:21 (Bloomberg Data) -- Talisman Energy Inc. (TLM CN) was maintained ``strong buy'' by analyst Robert D. Plexman at CIBC World Markets. The 12-month target price was raised to C$79.00 from C$67.00 per share.

To: doug5y who wrote (1158)	3/9/2001 1:15:38 PM
From: Tomas	Respond to of 1713

Talisman works a charm with oil and gas strategy The Herald, March 8 BY GRAEME SMITH TALISMAN Energy, the North Sea's fastest-growing oil and gas operator, has announced a five-fold increase in annual profits as it moves into new regional headquarters in Aberdeen. Five years ago, the Canadian company set up in the Granite City with 17 employees. It was looking to fill the void left by oil majors keen to abandon mature offshore fields where production was starting to decline. Talisman, based in Calgary, Alberta, was born out of BP's departure from Canada's mature oil province. The company now has 1400 people on the payroll in the UK, including contractors. Last year it acquired several North Sea fields from Elf and Texaco and assumed control of the Flotta oil terminal in Orkney. Talisman is expanding rapidly in Indonesia, a country teetering on the brink of civil unrest, and in war-torn southern Sudan. But despite this high-risk strategy, rising oil prices and a 32% increase in global product-ion to an average of 409,000 barrels per day drove up net earnings to C$906m (Pounds 401m) last year from C$177m (Pounds 78m) in 1999. Most of last year's increase in production came from the North Sea. Talisman is now Canada's largest independent oil and gas producer. Jim Buckee, president and chief executive officer, said: 'I am confident that 2001 will be another stellar year. Fourth-quarter production should average 475,000 barrels of oil equivalent per day with the start-up of four fields in the North Sea, increased production from Sudan and results from a well drilling programme in Canada.' The evidence of Talisman's commitment to the North Sea is a distinctive building in Holburn Street, on which the company has just signed a 25-year lease. The company's strategy for expansion in the UK is exactly the same as in North America. As the oil majors have rationalised and moved on, Talisman has used its expertise to extend the life of the mature fields they have left behind. In some cases, it has managed to extend productive life by more than a decade. Last year Talisman spent Pounds 170m on exploration and development in UK waters, mainly in the central North Sea. This year the figure will rise to Pounds 270m. Paul Blakely, director and general manager of Talisman's UK operations, reckons there is at least 25 years of life in the North Sea and his company is well-placed to profit from it. 'The North Sea has produced 26 billion barrels of oil equivalent and the commonly held view is that there is remaining at least 36 billion and possibly as much as 56 billion barrels, so we are not even half way through producing North Sea oil,' he said. 'That to me says '25 years - no problem'.' Talisman will start production at four new fields in the North Sea this year - Beauly, Halley, Blake and Hannay. A total of 46 development and nine exploration wells are planned.