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

To: Tomas who wrote (1227)	5/3/2001 9:16:56 AM
From: Tomas	Respond to of 1713

Talisman under attack at annual meeting for Sudan investments Oil & Gas Journal, May 2 CALGARY, May 2 -- Talisman Energy Inc. faced a barrage of criticism at its annual meeting for involvement in a controversial oil project in Sudan. But it also reported a record first quarter profits of $346 million (Can.) compared to $206 million in the same period last year, and a cash flow increase to $764 million, compared with $571 million in first quarter 2000. The company also announced its first semi-annual dividend of 30¢/share. Pres. and CEO Jim Buckee forecast that cash flow will reach $3 billion for 2001 if commodity prices remain high. He also said the company is increasing its capital spending in 2001 to $2.8 billion. Talisman had first quarter oil and liquids production of 240,550 b/d compared with 238,572 in first quarter 2000. Gas production was 993 MMcfd compared with 1,025 MMcfd in first quarter 2000. Buckee staunchly defended Talisman's 25% participation in the Greater Nile Oil Project, which critics charge is helping to exacerbate a long-running civil war in Sudan. He said Talisman has received offers for its interest in the project but has no plans to sell. The company had production of 50,083 b/d from Sudan in the first quarter. "We send Canadians, Canadian values down into this area that needs it, and we are moving behavior, we are moving opinion by our presence, by our systems on health, safety, environment, human rights, corporate contributions," Buckee said. An estimated 200 protestors from civil rights groups and the Sudanese community demonstrated outside the meeting and waved placards. One placard said, "A share for Talisman is a share in genocide." Buckee told the critics, "We share the same values you do. We are doing good things in Sudan." The company presentation included videos of a school and a hospital that Talisman is supporting near the oil fields. It also showed satellite images of the oil concession area shot over 35 years, which it said refutes claims of widespread population displacement. Buckee was applauded by shareholders for his defense of the company's position in Sudan. The Chinese, Malaysian, and Sudanese national oil companies are also partners in the project.