Talisman Energy Announces First Oil from HST/HSD Development, Offshore Vietnam
Growth Continues in Core Asia-Pacific Region
CALGARY, ALBERTA -- (Marketwired) -- 05/20/13 -- Talisman Energy Inc.
(TSX:TLM) (NYSE:TLM) has announced first oil production from its Hai
Su Trang and Hai Su Den (HST/HSD) development, offshore Vietnam.
Gross production is expected to reach 15,000 bbls/day once the
facilities are fully commissioned.
"We are delighted to have achieved first oil ahead of schedule and
under budget," said Paul Blakeley, EVP Asia-Pacific. "This
development will help Talisman meet its regional and corporate
objectives of adding near-term, high-margin liquids volumes and
associated cash flow. In addition, it will allow us to evaluate the
further development potential of the HSD field.
"I would like to thank our colleagues from PetroVietnam and its
subsidiary, PetroVietnam Production Exploration Corporation (PVEP),
as well as PTSC, the EPCI contractor, and PV Drilling. Working
closely together, we have been able to deliver first oil in less than
18 months from project sanction. This is a remarkable achievement,
and consistent with Talisman's objective of bringing projects
on-stream safer, better, faster and at lower cost."
The HST/HSD development is comprised of two offshore oil fields
discovered within Block 15-2/01, on the western edge of Vietnam's
prolific Cuu Long Basin. Block 15-2/01 is operated by the Thang Long
Joint Operating Company (TLJOC) in which Talisman (Vietnam 15-2/01)
holds a 60% working interest and PVEP holds the remaining 40%.
The development is located 75 kilometres offshore Southern Vietnam in
shallow water (45 metres), and consists of two wellhead platforms
which have been tied back to the existing Te Giac Trang FPSO. Four
wells at HST have been drilled, completed and tied-in, and two
previously drilled wells at HSD were completed and tied in by TLJOC,
utilizing PV Drilling. Both platforms were constructed in Vietnam by
PTSC Mechanical and Construction, a subsidiary company of
Talisman Energy Inc. is a global upstream oil and gas company,
headquartered in Canada. Talisman has two core operating areas: the
Americas (North America and Colombia) and Asia-Pacific. 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).
Forward Looking Information
This news release contains "forward-looking information" (FLI) within
the meaning of applicable securities legislation. This FLI includes
statements regarding business priorities and plans. The factors or
assumptions on which the FLI is based include assumptions inherent in
current guidance and other risks and uncertainties described in the
filings made by Talisman with securities regulatory authorities.
Talisman believes the FLI are reasonable but no assurance can be
given that they will prove to be correct. Undue reliance should not
be placed on FLI. FLI 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 this news release. The
material risk factors include, but are not limited to: risks
associated with project management and project delays; risks related
to strategic and capital allocation decisions; and changes in general
economic and business conditions. The foregoing list of risk factors
is not exhaustive. Additional information on these and other factors
are included in Talisman's most recent AIF. FLI is based on the
estimates and opinions of Talisman's management at the time the
information is presented. Talisman assumes no obligation to update
FLI should circumstances or management's estimates or opinions
change, except as required by law.
Talisman Energy Inc. - Media and General Inquiries
Manager, External Communications
Talisman Energy Inc. - Shareholder and Investor Inquiries
Vice-President, Investor Relations
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