The previously announced Talisman Seneca Brazion b-60-E /93 well (80% Talisman, 20% Seneca Energy Canada Inc.) commenced production on December 13, two weeks ahead of schedule. The well is currently producing sales gas at rates of approximately 66 mmcf/d and is being choked back due to facilities constraints. Raw gas flow rates are in the 80 mmcf/d range.
Talisman plans to drill four more deep wells in 2005. One of these will be a follow-up well on the 60E structure with a spud date planned for the second quarter of 2005. Drilling is already underway at two other Paleozoic prospects. Talisman announced the b-60-E discovery on November 1, 2004. The Company believes that over time, the deep play at Monkman could be as prolific as the Triassic play where 2 tcf has been produced to date.
"The 60E well is a boomer," said Dr. Jim Buckee, President and Chief Executive Officer. "Early production data puts it as one of the better exploration wells in the history of the Western Canada Basin. Our recent discoveries in the Canadian Foothills and Appalachia have demonstrated the success of our deep gas strategy, targeting larger, highly productive natural gas pools. Talisman has set natural gas production growth targets of 4-7% annually over the next three years."
Talisman has also made two new Triassic discoveries at Monkman. The Talisman Shell a-16-F/93 well (50% Talisman, 50% Shell Canada Ltd.) tested at 19 mmcf/d at 2,400 psi. This is a new pool discovery in the Spieker area and is expected to be tied in to the Talisman operated Bullmoose dehydration facility in the second quarter of 2005. A follow-up well will be drilled later this year. Facility upgrades are already in the planning phase and will be implemented in the latter part of 2005 to allow the well to flow at its full potential. Another successful well has been drilled at Sukunka c-3-A/93 (100% Talisman). This well tested at a stabilized rate of 16 mmcf/d at 1,900 psi and will be tied in to the Talisman operated West Sukunka Dehydration facility in the second quarter of 2005.
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