Talisman (Vietnam 46/02) Ltd. ("Talisman"), a wholly owned
subsidiary of Talisman Energy Inc. (TSX: TLM) (NYSE: TLM), has
announced first oil production from the Song Doc field in Block
46/02 offshore Vietnam.
Gross production from five pre-drilled wells is expected to
reach approximately 25,000 bbls/d by early 2009. An additional
three development wells are currently being drilled. Talisman's
share of proved and probable reserves in the Song Doc field is
estimated at six mmbbls, with proved reserves of three mmbbls.
Talisman has a 30% interest in Block 46/02 and in the Truong Son
Joint Operating Company, which operates the Block. Co-venturers are
PetroVietnam Exploration and Production Company at 40% and Petronas
Carigali Overseas Sdn Bhd with the remaining 30%. The Song Doc
field facilities comprise a Floating Production Storage and
Offloading (FPSO) vessel and wellhead platform.
The FPSO is a tanker conversion carried out by MODEC at the
COSCO yard in Dalian, China. The Song Doc wellhead platform was
fabricated by Petroleum Technical Services Company in Vung Tau,
Vietnam.
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:
- estimated production and timing;
- business plans for drilling, exploration, development 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
states that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
The following 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;
- risks in conducting foreign operations (for example, political
and fiscal instability or the possibility of civil unrest or
military action);
- changes in general economic and business conditions;
- the possibility that government policies or laws may change or
governmental approvals may be delayed or withheld; and
- uncertainties as to the availability and cost of financing and
changes in capital markets.
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.
Reserves Data and Other Oil and Gas Information
Talisman's disclosure of reserves data and other oil and gas
information is made in reliance on an exemption granted to Talisman
by Canadian securities regulatory authorities, which permits
Talisman to provide certain disclosure in accordance with U.S.
disclosure requirements. The information provided by Talisman in
this press release may differ from the corresponding information
prepared in accordance with Canadian disclosure standards under
National Instrument 51-101 ("NI 51-101"). Information on the
differences between the U.S. requirements and the NI 51-101
requirements is set forth under the heading "Note Regarding
Reserves Data and Other Oil and Gas Information" in Talisman's
Annual Information Form.
Talisman's proved reserves have been estimated using the
standards contained in Regulation S-X of the U.S. Securities and
Exchange Commission ("SEC"). U.S. practice is to disclose net
proved reserves after the deduction of estimated royalty burdens,
including net profit interests. Talisman makes additional voluntary
disclosure of gross proved reserves.
Talisman also makes voluntary disclosure of probable reserves
which have been estimated using the definition set out by the
Society of Petroleum Engineers/World Petroleum Congress
("SPE/WPC"). Talisman believes that there is no material difference
between the SPE/WPC definition for probable reserves and the
Canadian Oil and Gas Handbook definition for probable reserves.
The SEC normally permits oil and gas companies to disclose in
their filings with the SEC only proved reserves that have been
demonstrated by actual production or conclusive formation tests to
be economically and legally producible under existing economic
conditions and operating conditions. Any probable reserves and the
calculations with respect thereto included in this press release do
not meet the SEC's standards for inclusion in documents filed with
the SEC.
The exemption granted to Talisman also permits it to disclose
internally evaluated reserves data. Any reserves data contained in
press release reflects Talisman's estimates of its reserves. While
Talisman annually obtains an independent audit of a portion of its
proved and probable reserves, no independent qualified reserves
evaluator or auditor was involved in the preparation of the
reserves data disclosed in this press release.
In this press release, Talisman makes reference to proved and
probable reserves for the Song Doc field. As at year end 2007,
Talisman had 43.7 mmboe of proved reserves and 67.6 mmboe of
probable reserves in Southeast Asia. The estimates of reserves for
individual properties may not reflect the same confidence levels as
estimates of reserves for all properties due to the effects of
aggregation.
Gross Production
In this press release, Talisman makes reference to production
volumes. Such production volumes are stated on a gross basis, which
means they are stated prior to the deduction of royalties and
similar payments. In the U.S., net production volumes are reported
after the deduction of these amounts. U.S. readers may refer to the
table headed "Continuity of Proved Net Reserves" in Talisman's most
recent Annual Information Form for a statement of Talisman's net
production volumes by reporting segment that are comparable to
those made by U.S. companies subject to SEC reporting and
disclosure requirements.
Boe conversion
In this press release, the calculation of barrels of oil
equivalent (boe) is calculated at a conversion rate of six thousand
cubic feet (mcf) of natural gas for one barrel of oil and is based
on an energy equivalence conversion method. Boes may be misleading,
particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is based on an energy equivalence conversion method
primarily applicable at the burner tip and does not represent a
value equivalence at the wellhead.
Contacts: Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President, Corporate & Investor Communications
(403) 237-1196 (403) 237-1210 (FAX) Email: tlm@talisman-energy.com
Website: www.talisman-energy.com Talisman Energy Inc. - Shareholder
and Investor Inquiries Christopher J. LeGallais, Vice-President,
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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