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

To: Tomas who wrote (1214)	4/28/2001 6:02:04 PM
From: Tomas	Read Replies (1) \| Respond to of 1713

Talisman shows way to success Lloyds List, April 27 THE offshore industry independents are starting to take centre staworldwide. Their success in developing oil and gas fields previously thought to be a waste of time, money and effort, has been breathtaking. For instance, take the Canadian Talisman Energy. Its offshoot, Talisman Energy (UK), has been operating for just seven years in the North Sea and now daily pulls highly profitable oil and gas out of holes that others have given up on. The company has just moved into a new Pounds 20m (Dollars 28.8m) European HQ in Aberdeen. The opening of that impressive new building was carried out by UK trade secretary Stephen Byers. And he was also there to announce that Talisman Energy will be the first to benefit from a UK government royalties remission scheme. The department of trade and industry is waiving payments on oil recovered from the Beatrice field off Inverness in a deal that should create 650 short-term jobs and safeguard 60 in the long term. Implementation of royalties remission across the board will see oil companies with eligible schemes saving millions of pounds. Last year, Talisman paid Pounds 1.1m in Beatrice field royalties to the treasury over the eight months before the field was shut down pending redevelopment. The government sees the scheme as providing a worthwhile bonus, encouraging oil companies to squeeze extra oil and gas out of the ageing North Sea. This would actually mean a greater tax return to the treasury in the long run. Because of the royalties remission, Talisman is now prepared to invest up to Pounds 32m in redeveloping Beatrice. And it is now going to spend a further Pounds 33m in developing the Hannay field. As other independents are doing around the world, Talisman is investing in areas where major operators have not. It is a policy that is paying good dividends to the shareholders. Talisman has just released its first independently verified Corporate Social Responsibility Report, focusing on the company's Sudan operations and measures compliance with the International Code of Ethics for Canadian Business. PricewaterhouseCoopers verified the report. In the process, it visited Khartoum, a village along the Talisman pipeline, interviewed non-governmental organisations in Nairobi which operate in southern Sudan, and interviewed senior management, reviewed policies and processes and tested supporting evidence. Dr Jim Buckee, Talisman president and chief executive, said: 'Sudan is a poor country in need of economic development and its long-running conflict is a tragedy. 'We believe our actions meet with the standards set up the International Code of Ethics for Canadian Business. We also believe that we are helping the people of Sudan by providing employment and skills training, building local infrastructure, supporting further economic development, and, by doing what we can to support peace and stability in the region.' * In the latest news from the continuing Talisman success story -with its very first exploration well in its new Flotta Catchment Area, the company has struck a significant new oil discovery. The Lucy exploration prospect, 8 km to the northeast of the Piper Bravo platform, was successfully drilled from the Ocean Princess semi-submersible and preliminary estimates are that there could be up to 50m barrels of oil for the taking, with a flow rate in excess of 15,000 bpd. And Dr Buckee believes there is much more oil ready to be found in the area.