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Talisman Energy Successful in North Sea Licensing Rounds

Talisman logoTalisman Energy (UK) Limited, a wholly owned subsidiary of Talisman Energy Inc., has been awarded all 10 blocks it applied for in the recently announced 24th License Round awards. These awards represent strategic additions to Talisman's existing core area license holdings in the Central North Sea area and further advance Talisman's frontier exploration acreage position in the Atlantic margin region. In addition, Talisman Energy Norge AS, also a wholly owned subsidiary of Talisman Energy Inc., was recently awarded two licenses in the Awards in Predefined Areas 2006 (APA2006) round in Norway.

"I am pleased that Talisman was able to obtain the blocks we applied for in the recent North Sea licensing rounds," said Dr. Jim Buckee, President and Chief Executive Officer. "We see a lot of running room in the North Sea, as evidenced by Talisman's nine field developments currently underway in the UK and two in Norway. These awards provide Talisman with a nice mixture of new, near field exploration targets within subsea tie-back distance in the UK, a Norwegian block with significant shallow water natural gas potential, as well as higher risk, higher reward frontier acreage west of Shetlands."

UK 24th Licensing Round:

Block 16/16 and 22/23c, awarded to Talisman (100%) as operator, are traditional exploration licenses adjacent to Talisman's existing core areas in the Montrose-Arbroath and Balmoral field areas. These awards are expected to provide targets for near field, low risk exploration within subsea tie-back distance of existing infrastructure.

Blocks 205/12, 205/13, 205/16b and 205/17, awarded to Talisman (90%) as operator, are adjacent to Talisman's existing frontier license holdings awarded in the 23rd License Round. These blocks provide opportunities for medium to large exploration targets in an area of existing and developing infrastructure.

Blocks 214/2, 214/3, 214/4b and 216/28, awarded to Talisman (20%), lie in the deeper water area of the Atlantic margin, adjacent to existing acreage and provide higher risk/high reward opportunities.

Norwegian APA2006 Round:

License PL316b, awarded to Talisman (70%) as operator, is an extension to the existing Yme license (PL316) where Talisman has recently announced plans to redevelop the field.

License PL402, which covers five blocks and part blocks awarded to Talisman (80%) as operator, provides an opportunity for significant deep gas exploration potential. The blocks are in shallow water and close to large European gas markets.

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Posted 12/02/07


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