Canada's Talisman Energy To Invest $16 Million Testing Peru Oil Lots

Talisman Energy Inc. (TLM, TLM.T), one of Canada's largest oil producers, is set to invest more than $16 million this year on seismic tests in two Peruvian jungle hydrocarbon blocks.

"We are committed to conducting seismic tests in blocks 134 and 158, with the option to proceed with exploratory drilling and further investment," Talisman spokeswoman Phoebe Buckland said Tuesday.

Talisman holds a 55% stake in exploring lots 134 and 158 in northern Peru, while its partner, Colombia's Ecopetrol SA (EC, ECOPETROL.BO), has a 45% stake.

Peru's state newspaper said Tuesday that Talisman would invest a total of $117 million in lots 134 and 158, for drilling and seismic testing, but the company would not confirm the total figure.

Last December, Talisman Peru's general manager, Mark Dingley, said the company had found commercially viable light crude oil reserves in Peruvian oil block 64 of the Maranon Basin, near the Ecuadorian boarder.

Dingley said another 12 months would be needed to determine whether the reserves were of sufficient size to warrant development and commercialization.

Talisman is working with Hess Corp. (HES) in block 64, Buckland said.

-By Sophie Kevany, Dow Jones Newswires; 51-198-903-8043; sophie.kevany@dowjones.com

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