Talisman Energy To Sell Brae Assets In North Sea

Talisman Energy (UK) Limited is initiating a process to sell its assets in the Brae area of the UK North Sea. This is part of the previously announced plan to surface value for the Company's non-core assets.

These non operated assets are:

•   18% interest in the South, North, Central, West Brae fields and the Beinn field

•   16.9% interest in the East Brae field

•   13% interest in the Braemar field

•   9% interest in the SAGE pipeline and terminal

While non-core to Talisman, the package represents an opportunity to acquire interests in some 19,250 boe/day (Talisman share) of low cost production (60% natural gas) and processing/transportation infrastructure in the central North Sea.

Talisman is undertaking a broad review of its non-core assets world-wide, some of which it believes may not be fully reflected in the Company's share price. The Company intends to use any cash proceeds from these asset sales to repurchase Talisman shares.

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Posted 21/09/06

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