Talisman Energy Inc. (Talisman) (TSX:TLM)(NYSE:TLM) announced that
it has reached an agreement in the North Sea with Sinopec
International Petroleum Exploration and Production Corporation
(Sinopec), whereby Sinopec will acquire a 49% equity interest in
Talisman's UK North Sea business, Talisman Energy (UK) Limited
(TEUK), for $1.5 billion.
"We are very pleased to reach this agreement with Sinopec for
the next phase of development of our UK North Sea assets," said
John A. Manzoni, President and CEO. "This will provide additional
resources and energy to the talented team on the ground, creating
an exciting future for this portfolio. Collectively, we will invest
more in the UK than Talisman would have on its own, leading to a
stronger, more sustainable business.
"At the same time, Talisman has delivered on two key promises
for the year. We are reducing our working interest and capital
spend in the UK business by approximately half, allowing us to
focus on and fund growth areas within our portfolio. This brings
our total divestment proceeds to approximately $2.5 billion so far
this year. We plan to utilize approximately $500 million of the
proceeds from this sale to repurchase shares."
Transaction Details
The deal structure will be a corporate joint venture whereby
Sinopec will buy 49% of the shares of TEUK for $1.5 billion, with
adjustments for working capital. This will proportionately reduce
Talisman's share of capital spending, production and abandonment
liabilities for its UK business. The effective date of the sale is
January 1, 2012, and the transaction is expected to close by the
end of this year, subject to government and regulatory
approval.
The joint venture plans to invest to improve ongoing operating
performance, as well as infill drilling, exploration opportunities
and major projects, thereby extending field life and deferring
decommissioning. Talisman and Sinopec share a philosophy of safe
operations, which will continue to be the number one priority of
the joint venture.
TEUK will operate the assets, and Sinopec will appoint select
personnel into key positions within the organization. TEUK is based
in Aberdeen, Scotland and employs 564 full-time employees, with
approximately 1,950 core contractors. No reductions to TEUK
personnel are expected as a result of this transaction.
Talisman plans to implement a normal course issuer bid, to
repurchase approximately $500 million of its common shares, on both
the TSX and NYSE, subject to regulatory approval. J.P. Morgan acted
as exclusive financial advisor to Talisman on this transaction.
Talisman Energy UK Asset Overview
Talisman entered the North Sea in 1994 and today holds operated
and non-operated interests in 46 fields, and operates 11 offshore
installations and an onshore terminal. The portfolio includes
opportunities for infill wells, project developments and
exploration.
About Sinopec
Sinopec is a 100% subsidiary of Sinopec Group, which is China's
largest and one of the world's largest integrated energy and
petrochemical companies, with business scope across the entire oil
& gas value chain. The operations cover exploration and
development of resources, storage and transportation of oil and
gas, refining and petrochemical production, and sales of refined
products. In 2011, Sinopec Group ranked 5th among the Fortune
Global 500 companies with approximately $400 billion of revenue.
Sinopec's international track record includes operating and
developing oil and gas assets in Australasia, Central Asia, the
Middle East, Africa, North America and South America.
About Talisman Energy
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.
16-12
Advisories
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 investment increase over the next
several years, collectively by Talisman and Sinopec, in the UK and
resulting development drilling, infrastructure-led exploration and
growth projects; expected extension in field life and deferral of
decommissioning; planned share repurchases and value of such
repurchases; expected timing of the closing of the transaction;
planned use of proceeds from the transaction; and other
expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events,
conditions, results of operations or performance.
The factors or assumptions on which the forward-looking
information is based include: assumptions inherent in current
guidance; projected capital investment levels; the flexibility of
capital spending plans and the associated sources of funding; the
successful and timely implementation of capital projects; the
continuation of tax, royalty and regulatory regimes; ability to
obtain regulatory and partner approval; commodity price and cost
assumptions; and other risks and uncertainties described in the
filings made by Talisman with securities regulatory authorities.
Talisman believes the material factors, expectations and
assumptions reflected in the forward-looking information are
reasonable but no assurance can be given that these factors,
expectations and assumptions will prove to be correct.
Forward-looking information for periods past 2012 assumes
escalating commodity prices. Closing of any transactions will be
subject to receipt of all necessary regulatory approvals and
completion of definitive agreements.
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, reserves life and underlying reservoir
risk; the uncertainty of estimates and projections relating to
production, costs and expenses; the impact of the economy on the
ability of the counterparties to the Talisman's commodity price
derivative contracts to meet their obligations under the contracts;
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; uncertainties
as to the availability and cost of financing and changes in capital
markets; 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
results of Talisman's risk mitigation strategies, including
insurance and any hedging activities.
The foregoing list of risk factors is not exhaustive. Additional
information on these and other factors which could affect
Talisman's operations or financial results or strategy are included
in Talisman's most recent Annual Information Form. In addition,
information is available in Talisman'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 Talisman's management at the
time the information is presented. Talisman assumes no obligation
to update forward-looking information should circumstances or
management's estimates or opinions change, except as required by
law.
Dollar amounts are presented in US dollars.
Contacts: Talisman UK Press Office Aberdeen Jonathan Moore 01224
352977 Talisman Energy Inc. - Media and General Inquiries Phoebe
Buckland, Lead External Communications 403-237-1657 403-237-1210
(FAX)tlm@talisman-energy.com Talisman Energy Inc. - Shareholder and
Investor Inquiries Lyle McLeod, Vice-President Investor Relations
403-237-1020tlm@talisman-energy.com www.talisman-energy.com
Talisman (NYSE:TLM)
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