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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: CommanderCricket who wrote (142765)	12/20/2010 5:26:16 PM
From: Dennis Roth	1 Recommendation Read Replies (1) \| Respond to of 206179

Talisman Energy Inc (TLM) Company Update Alert: Major Montney Shale JV With Sasol, Exploring GTL Option 20 December 2010 - 6 pages citigroupgeo.com

To: CommanderCricket who wrote (142765)	3/8/2011 9:24:15 AM
From: Dennis Roth	3 Recommendations Read Replies (1) \| Respond to of 206179

Sasol Ltd (SOLJ.J) Alert: Executing on Natural Gas Strategy – Another Acquisition 8 March 2011 ¦ 8 pages citigroupgeo.com Sasol has today announced the purchase of 50% of the Talisman Cypress A acreage for CAD$1050mn. This is Sasol’s second shale gas acquisition in North America, and with Talisman. The purchase price of kCAD$18.4/acre compares favourably to the Farrell Creek purchase at kCAD$20.3/acre (incl. periphery assets). Sasol is paying c.US$0.5/BOE for the acreage compared to current North American natural gas company EV/BOE of US$13-30/BOE (year-end 2009); these are based however on far stricter SEC proved (not contingent) reserves so comparability is limited. Same price, greater resource: Sasol is purchasing a 50% share in the 11.2tcf contingent resource in Cypress A for CAD$1050mn, with a resource range of 5- 20tcf. This is the same purchase price as the Farrell Creek acreage of 9.6tcf contingent resource, with a resource range of 4-12tcf. Note however, that the Farrell Creek purchase included gas gathering systems and processing facilities. Plenty of cash: Sasol will pay 25% of the transaction price upfront (CAD$263mn), with the remainder paid as a carry of 50% of future capital commitments of the area. Sasol has indicated the purchase consideration will be paid from surplus cash. Sasol currently has ZAR13.3bn unrestricted cash on the balance sheet and net debt of ZAR2.4bn (gearing of only 2.5%). Talisman remains operator: Talisman will continue to operate and own 50% of both Cypress A and the Farrell Creek assets. North America GTL Closer: Sasol and Talisman intend to jointly explore the potential for a GTL plant in western Canada – currently in feasibility stage.