Talisman Turns on the Tap at South Angsi Field Offshore Malaysia

Talisman reports first oil production was achieved on August 14 from the South Angsi field in Block PM-305 offshore Malaysia.

"I am pleased that South Angsi has been developed so quickly," Said Dr. Jim Buckee, President and Chief Executive Officer. "The field development plan was approved in January 2004 and we are on production just over 18 months later. In addition, a recently completed seismic survey has identified further exploration potential close to the South Angsi field in Block PM-314 and we intend to drill a prospect later this year."

The field is expected to produce at a plateau rate of approximately 12,000 bbls/d (net Talisman share). At year end 2004, Talisman had booked approximately 29 mmbbls of reserves at South Angsi (20 mmbbls proved, 9 mmbbls probable), Talisman working interest before royalties. Development drilling has confirmed this estimate.

Talisman Malaysia Limited is operator and holds a 60% interest in Blocks PM-305 and PM-314. The remaining 40% interest is held by Petronas Carigali Sdn. Bhd., the exploration and production subsidiary of Malaysia's state owned oil and gas company (Petroliam Nasional Berhad).

At year end 2004, Talisman had booked 453 mmboe of proved reserves (Talisman working interest) before royalties and 250 mmboe of probable reserves (Talisman working interest) before royalties in Southeast Asia.


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