Talisman Signs PSC for Block PM-314 Offshore Malaysia

Talisman Blocks 314 & 305
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Talisman Malaysia Limited, a wholly owned subsidiary of Talisman Energy Inc., has signed a Production Sharing Contract for Block PM-314 offshore Malaysia.

"We are excited about the exploration potential of the area," said Dr. Jim Buckee, President and Chief Executive Officer of Talisman Energy Inc. "Block PM-314 is located adjacent to the PM-305 Block on which Talisman Malaysia made the South Angsi oil discovery last year and our analysis suggests the block offers the potential for a number of similar discoveries, which can be quickly and economically developed. Talisman Malaysia was the most active explorer in the Malay Basin during 2003, with seven successes out of eight exploration wells drilled. The award of Block PM-314 represents a key step in the strategy to grow in this prolific basin."

Block PM-314 has an area of 2.3 million acres and is located approximately 70 kilometers off the eastern coast of Peninsula Malaysia adjacent to Block PM-305 in 30-70 meters of water. The block is situated in the midst of the highly prospective Malay Basin adjacent to a number of significant producing oil and gas fields.

The PM-305 South Angsi field is estimated to contain 18 mmbbls of proved and 7 mmbbls of probable oil reserves (net Talisman working interest) before royalties. An extension of the South Angsi field is interpreted to overlap onto Block PM-314. Development of South Angsi is underway with first production slated for mid-2005. Two exploration wells are planned on Block PM-305 in 2004.

The exploration term for Block PM-314 is for a period of five years, during which time Talisman Malaysia will acquire a new 3D seismic survey and drill four wildcat wells.

Talisman Malaysia Limited is operator and holds a 60% interest in Block PM-314 and the remaining 40% interest is held by Petronas Carigali Sdn. Bhd., the exploration and production subsidiary of Malaysia's state owned Petroliam Nasional Berhad. At year end 2003, Talisman had booked 346 mmboe of proved reserves (net Talisman working interest), before royalties and 283 mmboe of probable reserves (net Talisman working interest) before royalties in Southeast Asia.

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