AN26: Talisman Energy Inc.: Talisman Energy Flows High Quality Oil from
UK Regulatory Announcement
TALISMAN ENERGY FLOWS HIGH QUALITY OIL FROM KURDAMIR-2 WELL
Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has confirmed a significant
accumulation of light oil in the Kurdamir-2 well in the Kurdistan Region of
“We are very excited to have found high quality oil with significant flow
rates in the lower part of the Oligocene formation,” said Richard Herbert,
Executive Vice-President, Exploration. “We are preparing to test two
additional zones in the oil leg over the coming weeks. Plans are underway to
drill an appraisal well, Kurdamir-3, adjacent to this discovery, in early
The cased-hole test was conducted in the deeper part of the Oligocene
formation and follows on the initial open-hole test conducted in March 2012.
The test targeted 20 metres of fractured reservoir below the main porous zone.
This zone tested at stabilized rates of up to 3,450 bbls/d of 38 degree API
oil and 8.8 mmcf/d of natural gas over a two-day period. The final rate was
achieved on a 72/64” choke with a wellhead flowing pressure of 810 psi. The
results of this test confirm the presence of an oil column of at least 146
metres in the Oligocene reservoir, with no evidence yet of the oil-water
contact level. The deeper extent of the oil column will be appraised by the
drilling of the Kurdamir-3 well.
Talisman is operator of the Kurdamir Block, with a 40% working interest. Joint
venture participants include WesternZagros Limited, with a 40% working
interest, and the Kurdistan Regional Government, with a 20% carried interest.
Talisman Energy Inc. is a global upstream oil and gas company, headquartered
in Canada. Talisman has three main operating areas: the Americas (North
America and Colombia), Southeast Asia and the North Sea, with an active
exploration program across all three. Talisman is committed to conducting
business safely, in a socially and environmentally responsible manner, and is
included in the Dow Jones Sustainability (North America) Index. Talisman is
listed on the Toronto and New York stock exchanges under the symbol TLM.
Please visit our website at www.talisman-energy.com.
For further information, please contact:
Media and General Inquiries:
David Mann, 403-237-1196
Corporate & Investor Communications
Shareholder and Investor Inquiries:
This news release contains information that constitutes “forward-looking
information” or “forward-looking statements” (collectively “forward-looking
information”) within the meaning of applicable securities legislation. This
forward-looking information includes, among others, statements regarding:
business strategy, priorities and plans; planned appraisal drilling in the
Kurdistan Region of northern Iraq; and other expectations, beliefs, plans,
goals, objectives, assumptions, information and statements about possible
future events, conditions, results of operations or performance. The factors
or assumptions on which the forward-looking information is based include:
assumptions inherent in current guidance; projected capital investment levels;
the flexibility of capital spending plans and the associated sources of
funding; the successful and timely implementation of capital projects; the
continuation of tax, royalty and regulatory regimes; ability to obtain
regulatory and partner approval; commodity price and cost assumptions; and
other risks and uncertainties described in the filings made by the company
with securities regulatory authorities. The company believes the material
factors, expectations and assumptions reflected in the forward-looking
information are reasonable but no assurance can be given that these factors,
expectations and assumptions will prove to be correct.
Undue reliance should not be placed on forward-looking information.
Forward-looking information is based on current expectations, estimates and
projections that involve a number of risks which could cause actual results to
vary and in some instances to differ materially from those anticipated by
Talisman and described in the forward-looking information contained in this
news release. The material risk factors include, but are not limitedto: the
risks of the oil and gas industry, such as operational risks in exploring for,
developing and producing crude oil and natural gas; risks and uncertainties
involving geology of oil and gas deposits; the uncertainty of reserves and
resources estimates and underlying reservoir risk; the uncertainty of
estimates and projections relating to production, costs and expenses;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; fluctuations in oil and gas
prices; and risks in conducting foreign operations. The foregoing list of risk
factors is not exhaustive. Additional information on these and other factors
which could affect the company’s operations or financial results or strategy
are included in Talisman’s most recent AIF. In addition, information is
available in the company’s other reports on file with Canadian securities
regulatory authorities and theSEC. Forward-looking information is based on
the estimates and opinions of the company’s management at the time the
information is presented. The company assumes no obligation to update
forward-looking information should circumstances or management’s estimates or
opinions change, except as required bylaw.
Production volumes are stated on the basis of a 100% interest prior to the
deduction of royalties and similar payments.
Unless the context indicates otherwise, references to “Talisman” or the
“company” include, for reporting purposes only, the direct or indirect
subsidiaries of Talisman Energy Inc. and partnership interests held by
Talisman Energy Inc. and its subsidiaries. Such use of “Talisman” or the
“company” to refer to these other legal entities and partnership interests
does not constitute a waiver by Talisman Energy Inc. or such entities or
partnerships of their separate legal status, for any purpose.
Talisman Energy Inc.
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