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From: Subject 17869 Dec. 22 - TLM.TSE - SIGNING OF MADURA PRODUCTION SHARING CONTRACT IN INDONESIA From: Canada NewsWire CALGARY, Dec. 22 /CNW/ - Talisman Energy Inc. today announced that a Production Sharing Contract (''PSC'') covering the Madura Offshore Block in Indonesia was signed on December 4, 1997. ''We are very pleased to be awarded this new, very prospective exploration acreage. The PSC is on trend with a number of significant oil and gas discoveries and we are very excited about the potential,'' said Dr. Jim Buckee, President and Chief Executive Officer. ''We have no hesitation about increasing our portfolio in Indonesia because sales are denominated in US dollars and the fiscal regime for the oil and gas industry has been very stable over many years.'' The Madura Offshore Block PSC comprises 4,246 square kilometers of high potential exploration acreage and is located southeast of Madura Island in the East Java Sea in a proven hydrocarbon basin. Water depths in the region are 70 to 130 meters. Talisman holds a 100% working interest in the Block. Talisman's preliminary evaluation has identified Oligo-Miocene reefal anomalies as well as other prospects and leads in the Pliocene and Eocene limestones. The Company has an extensive seismic data base on the Block and anticipates that reprocessing and reinterpretation of the data will identify additional exploration potential. Talisman plans to drill its first well on the acreage in 1999, focusing on the largest of the Miocene reefs. Talisman currently produces approximately 225,000 boe/d, of which 30,000 bbls/d are from Indonesia. Talisman (Corridor) Inc., a wholly-owned subsidiary of Talisman Energy Inc., is a 36% participant in the Corridor Gas Project in Indonesia. Talisman Energy Inc. is a Canadian-based international upstream oil and gas producer with operations in Canada, the North Sea and Indonesia. The Company also conducts exploration in Algeria, Trinidad and Peru. Talisman is listed on the Toronto, Montreal and Vancouver stock exchanges in Canada and on the New York Stock Exchange in the United States. For further information: David Mann, Manager, Investor Relations & Corporate Communications, (403) 237-1196, Fax: (403) 237-1210, E-Mail: tlm@talisman-energy.com From: Subject 17869 | ||||||||||||||
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