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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (11416)	6/23/1998 6:39:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES -- TOP 20 LISTED / Talisman UK Operations TALISMAN UPDATES PROGRESS ON ROSS DEVELOPMENT CALGARY, June 23 /CNW/ - Talisman Energy (UK) Limited, a wholly-owned subsidiary of Talisman Energy Inc., and coventure partners today announced that first production from the Ross oilfield has been rescheduled to January 1999. The development is 79% complete. The contracted Floating Production Storage and Offloading vessel (FPSO) is being fitted out at Clydebank, Glasgow. Slower than expected progress in engineering, equipment deliveries and fabrication has resulted in rescheduling the sail away of the FPSO to December 1998, based on productivity achieved to date. This will result in first oil from Ross in January 1999. The first three production wells have been completed and tested, with horizontal sections of up to 4,800 feet in length. The most recent well has just tested at an average rate of 10,200 bbls/d; this rate was constrained by test facilities and 15,000 bbls/d will be achievable under production conditions. In total, the first three production wells are expected to contribute 30,000 bbls/d of the planned initial production rate of 40,000 bbls/d. The fourth production well is drilling in the reservoir and a fifth production well and four water injectors remain to be drilled. Fabrication and installation of the subsea equipment continues to progress. The Ross hot-tap tie-in to the Frigg UK gas pipeline was completed on behalf of the Ross coventurers in early June by Total Oil Marine p.l.c. This is the first subsea hot-tap in the UK sector of the North Sea. The 25 km long gas export pipeline from the Ross field to the Frigg tie-in has been laid and the remaining subsea equipment will be installed in the field in July and August of this year. ''We are confident that the new Ross schedule is robust. Talisman's production for 1998 is ahead of plan to date and we expect to reach our target of 240,000 boe/d for the year despite the delay of Ross first production. Ironically, the deferral of Ross may prove to add value based on the forward oil price curve,'' said Jim Buckee, President and Chief Executive Officer. ''This is the start of infrastructure in the area and Talisman is also studying the potential to tie-back other nearby discoveries to the Ross vessel.'' The coventure partners in the Ross field are Talisman Energy (UK) Limited (51.99%), Lasmo North Sea plc (16.33%), Kerr McGee Petroleum (U.K.) Limited (14.49%), Intrepid Energy North Sea Limited (13%) and Nippon Oil Exploration and Production (MF) Limited (4.19%). This release is available on Talisman's Internet Web Site: WWW.TALISMAN-ENERGY.COM -30- For further information: David Mann, Manager, Investor Relations & Corporate Communications (403) 237-1196, Fax: (403) 237-1210, E-mail: tlm@talisman-energy.com

To: Kerm Yerman who wrote (11416)	6/23/1998 6:41:00 PM
From: SofaSpud	Read Replies (10) \| Respond to of 15196

FIELD ACTIVITIES -- TOP 20 LISTED / Talisman & Gulf in Sumatra GULF INDONESIA AND TALISMAN (CORRIDOR) CONTINUE SUCCESSFUL GAS DRILLING IN SOUTH SUMATRA DENVER, COLORADO, June 23 /CNW/ - Gulf Indonesia Resources Limited and Talisman (Corridor) Ltd., a wholly-owned subsidiary of Talisman Energy Inc., announced today a new natural gas discovery in the Corridor Production Sharing Contract (PSC) area located in South Sumatra, Indonesia. The Rebonjaro Dalam-1 exploration well tested four zones at depths between 1,801 and 2,124 metres (5,910 and 6,970 feet) and flowed at an initial rate of 6.2 million cubic feet of gas per day through a 3/4 inch choke during an eight hour period. The composition of the gas includes 26 per cent carbon dioxide. Gulf has initiated plans for additional wells on the structure to delineate the size of the field. Rebonjaro Dalam-1 represents the eighth gas discovery made by the companies in the area since 1991. The proximity of the discovery to the Corridor Gas Project infrastructure will enable easy tie-in for future gas production from the area. The discovery lies 5 kilometres (3 miles) from the main gathering line that will transport gas to the processing plant. The first phase of the Corridor Gas Project is near completion and is expected to commence natural gas sales to Caltex's Duri steamflood project in central Sumatra within 90 days. Gulf Indonesia Resources Limited maintains a 54 per cent interest in the Corridor Block PSC and acts as operator. Partners are Talisman (Corridor) Ltd. with 36 per cent and Pertamina of Indonesia with 10 per cent -30- For further information: Gulf Indonesia Resources Limited: Investor Relations and Public Affairs, (303) 813-3800; Talisman Energy Inc.: David Mann, Manager, Investor Relations & Corporate Communications, (403) 237-1196