Talisman Energy Inc. (TSX: TLM) (NYSE: TLM) today announced it has
reached agreement to create a strategic partnership with Sasol
Limited to develop the Farrell Creek assets in Talisman's Montney
shale play in northeastern British Columbia. Talisman will sell a
50% working interest in its Farrell Creek assets to Sasol for a
total consideration of C$ 1,050 million.
"This is a strategic move towards unlocking some of the value of
our Montney assets for us and our new partner, consistent with the
strategy of de-risking and developing Talisman's very large shale
opportunities in the region," said John A. Manzoni, President &
CEO of Talisman.
"We believe this transaction reflects the quality and potential
of our broader Montney position. We are delighted to have Sasol as
a partner. They are a world-class company and their expertise will
enable us to jointly explore the option of a GTL facility in
western Canada."
This transaction allows Talisman to develop the Farrell Creek
area and unlock some of the value of the estimated 44 tcfe of net
contingent resource held across its Montney shale play. Farrell
Creek represents approximately 22% (9.6 tcfe) of Talisman's
resource potential in the play and about 27% (51,000 net acres) of
the company's 190,000 net Tier 1 acres of land in the Montney.
Sasol will pay 25% of the consideration (approximately $260
million) in cash at closing and carry 75% of Talisman's future
capital commitments in the Farrell Creek area to a total of
approximately $790 million.
"The acquisition of this high quality natural gas asset will
accelerate our upstream growth while also advancing Sasol's already
strong GTL value proposition," said Sasol chief executive, Pat
Davies.
"In partnering with a credible international shale gas operator
such as Talisman, we reap the dual benefit of leveraging their
experience, as we grow our own shale gas expertise," Davies
said.
The play has been largely de-risked and production at Farrell
Creek is expected to exit this year at between 40-60 mmcfe/d.
Talisman's processing facilities at Farrell Creek have been
expanded to 120 mmcf/d and the company has secured over 500 mmcf/d
of egress capacity from the region.
As part of the agreement, the partners have agreed to conduct a
feasibility study around the economic viability of a facility in
western Canada to convert natural gas to liquid fuels, using
Sasol's commercial Gas to Liquids (GTL) technology. This could
provide a strategic alternative to traditional North American
pipeline or LNG marketing. The outlook for GTL could be very
positive if North American natural gas prices continue to decouple
from oil prices. The GTL process produces premium, clean liquids
fuels.
Sasol will acquire a 50% working interest in all Talisman lands,
existing wells and processing facilities in the Farrell Creek
region. Talisman and Sasol will each own 50% of the Farrell Creek
assets, with Talisman as operator of the partnership. Talisman and
Sasol have also agreed to collaborate on certain other western
Canadian natural gas opportunities. Closing is expected in the
first half of 2011.
Sasol Ltd is an integrated energy and chemicals company. Sasol
is one of two companies with commercial GTL technology, with
operating GTL projects in South Africa and Qatar, a project under
construction in Nigeria and proposed developments in a number of
countries around the world. Sasol is looking at expanding its
proprietary GTL technology in new markets. Sasol is listed on the
Johannesburg and New York Stock Exchanges, with a market
capitalization of approximately US$ 30 billion. The company is also
active in exploration and development across Africa and Asia.
Goldman, Sachs & Co. and Jefferies & Company acted as
advisors for Talisman on this transaction.
Talisman Energy Inc. is a global, diversified, upstream oil and
gas company, headquartered in Canada. Talisman's three main
operating areas are North America, the North Sea and Southeast
Asia. The Company also has a portfolio of international exploration
opportunities. 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.
Advisories
Forward-Looking Information
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 development and future capital
commitments; expected exit rates for production at Farrell Creek;
future consideration of alternative marketing options for GTL
technology and the potential outlook for GTL in North America;
potential collaboration on western Canadian natural gas
opportunities; the expected time to closing of the acquisition; and
other expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events,
conditions, results of operations or performance.
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
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; uncertainty related to securing sufficient egress and
markets to meet shale gas production; the uncertainty of reserves
and resources estimates, and underlying reservoir risk; 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;
the outcome and effects of any future acquisitions and
dispositions; health, safety and environmental risks; changes in
general economic and business conditions; and the possibility that
government policies or laws may change or governmental approvals
may be delayed or withheld.
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 Annual Information Form. In addition,
information is available in the Company's other reports on file
with Canadian securities regulatory authorities and the SEC.
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 by law. Closing of
the transaction will be subject to receipt of all necessary
regulatory approvals and completion of definitive agreements.
Talisman defines "Tier 1" acreage as top quality acreage with an
expected breakeven of approximately USD $4/mcf.
Oil and Gas Information
In this news release, Talisman discloses contingent resources as
at July 1, 2010. Where not otherwise indicated, the contingent
resources included in this news release are best estimates.
Contingent resources are defined as those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations using established technology or technology
under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies. In North
America, the contingencies that prevent the resources from being
classified as reserves are: additional testing; production and
performance appraisal activities; demonstration of economic
viability; facilities and egress; access to equipment and services;
frac technology; commodity prices and regulatory approvals. There
is no certainty that it will be commercially viable to produce any
portion of the resources. Any resource data contained in this news
release reflects Talisman's internal estimates of its
resources.
Where not otherwise indicated, 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.
Contacts: Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President, Corporate & Investor Communications
(403) 237-1196 (403) 237-1210 (FAX) tlm@talisman-energy.com
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)
tlm@talisman-energy.com www.talisman-energy.com
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