CALGARY, ALBERTA Ltd., a wholly owned subsidiary of Talisman
Energy Inc. (TSX: TLM) (NYSE: TLM), has tested the Hai Su Den (HSD)
exploration well offshore Vietnam. This was Talisman's second oil
discovery in Vietnam in 2007, following up on the Hai Su Trang
(HST) Miocene sandstone discovery on the same offshore block
announced earlier in the year.
The HSD well is located in Block 15-2/01, 50 miles off the east
coast of Vietnam on trend with large oil and gas discoveries in the
Cuu Long Basin. The well targeted a fractured basement reservoir
and was drilled to a total vertical depth of 11,168 feet,
encountering a hydrocarbon bearing interval of approximately 2,400
feet. The well tested at a peak rate of 13,450 bbls/d of light oil
and 6.87 mmcf/d of natural gas, constrained by test equipment.
"This is a very promising discovery," said John Manzoni,
President and Chief Executive Officer. "I am optimistic that our
two discoveries in Block 15-2/01 will form the basis of a new core
producing area for Talisman in Vietnam, with the potential for
upside from additional exploration wells."
The Thang Long Joint Operating Company, a special purpose joint
venture company established for the purposes of conducting all
operations on Block 15-2/01, plans to drill four more wildcat
exploration wells in 2008 to evaluate features on trend with the
HSD discovery. Talisman holds a 60% working interest share in any
commercial discoveries on Block 15-2/01 with PetroVietnam
Exploration and Production Company holding the remaining 40%.
Talisman Energy Inc. is an independent upstream oil and gas
company headquartered in Calgary, Alberta, Canada. The Company and
its subsidiaries have operations in North America, the North Sea,
Southeast Asia and North Africa. Talisman's subsidiaries are also
active in a number of other international areas. Talisman is
committed to conducting its business in an ethically, socially and
environmentally responsible manner. The Company is a participant in
the United Nations Global Compact and included in the Dow Jones
Sustainability (North America) Index. Talisman's shares are listed
on the Toronto Stock Exchange in Canada and the New York Stock
Exchange in the United States under the symbol TLM.
Advisories
This press release contains statements that constitute
"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 plans for drilling, exploration and estimated
timing;
- business strategy and plans; and
- other expectations, beliefs, plans, goals, objectives,
assumptions, information and statements about possible future
events, conditions, results of operations or performance.
Often, but not always, forward-looking information uses words or
phrases such as: "expects", "does not expect" or "is expected",
"anticipates" or "does not anticipate", "plans" or "planned",
"estimates" or "estimated", "projects" or "projected", "forecasts"
or "forecasted", "believes", "intends", "likely", "possible",
"probable", "scheduled", "positioned", "goal", "objective" or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Various assumptions were used in drawing the conclusions or
making the forecasts and projections contained in the
forward-looking information contained in this press release.
Information regarding business plans for drilling and exploration
assumes that the extraction of crude oil, natural gas and natural
gas liquids remains economic.
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
press release. The material risk factors include, but are not
limited to:
- the risks of the oil and gas industry, such as operational
risks in exploring for, developing and producing crude oil and
natural gas, market demand and unpredictable facilities
outages;
- risks and uncertainties involving geology of oil and gas
deposits;
- potential delays or changes in plans with respect to
exploration or development projects or capital expenditures;
- fluctuations in oil and gas prices, foreign currency exchange
rates and interest rates;
- health, safety and environmental risks;
- risks in conducting foreign operations (for example, political
and fiscal instability or the possibility of civil unrest or
military action);
- competitive actions of other companies, including increased
competition from other oil and gas companies and companies
providing alternative sources of energy;
- changes in general economic and business conditions;
- the effect of acts of, or actions against, international
terrorism;
- the possibility that government policies or laws may change or
governmental approvals may be delayed or withheld;
- results of the Company's risk mitigation strategies, including
insurance and any hedging programs; and
- the Company's ability to implement its business strategy.
Readers are cautioned that the foregoing list of risks and
uncertainties is not exhaustive. Additional information on these
and other factors which could affect the Company's operations or
financial results are included in the Company's most recent Annual
Information Form and Annual Financial Report. In addition,
information is available in the Company's other reports on file
with Canadian securities regulatory authorities and the United
States Securities and Exchange Commission.
Forward-looking information is based on the estimates and
opinions of the Company's management at the time the information is
released. The Company assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change, except as required by law.
Contacts: Talisman Energy Inc. David Mann, Senior Manager,
Corporate & Investor Communications (403) 237-1196 (403)
237-1210 (FAX) Email: tlm@talisman-energy.com Talisman Energy Inc.
Christopher J. LeGallais, Senior Manager, Investor Relations (403)
237-1957 (403) 237-1210 (FAX) Email: tlm@talisman-energy.com
Website: www.talisman-energy.com
Talisman (NYSE:TLM)
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