Talisman Energy Makes Oil Discovery in Peru

Talisman (Peru) Ltd., a wholly owned subsidiary of Talisman Energy Inc., has participated in an oil discovery in Block 64 in the Maranon Basin in Peru.

The well, Situche Central 1X was drilled to a depth of 17,738 feet in the Cushabatay Formation.

Talisman (Peru) Ltd. and Amerada Hess Peru, Inc. participated for 50% each in a well test of a single zone which tested at a rate of 2,396 bbls/d of 34.5 degrees API oil at 1,166 psi flowing pressure, on a 3/8 inch choke, which was flowed at a restricted drawdown due to surface constraints. The well test was conducted as an exclusive operation by Talisman (Peru) Ltd. and Amerada Hess Peru, Inc. Occidental Petrolera del Peru, LLC is the operator. The working interests in Block 64 are Occidental Petrolera del Peru, LLC, 50%; Talisman (Peru) Ltd., 25%; and Amerada Hess Peru, Inc. 25%, subject to the rights and obligations associated with the exclusive operation. The parties are currently working to determine future plans in Block 64.

Operations in Block 64 were conducted in an environmentally and socially responsible manner. Sound industry practices have been implemented to minimize potential impacts on the local ecosystem. No access roads were constructed during the exploration program. All equipment and personnel were transported to the area using helicopters and barges. In addition, local indigenous community members have been consulted extensively by the operator since 2001 and continue to participate in various aspects of the exploration program.

In Colombia, drilling operations continue on the Tangara-1 exploration well, which is proceeding with a third sidetrack hole. Two of the joint venture parties are conducting the sidetrack as an exclusive operation. Talisman Colombia Oil & Gas Ltd. (TCOG) retains the rights to participate in appraisal or development if a discovery is made. Meanwhile, TCOG will evaluate the results of this well which will likely lead to further exploration activities in the Llanos basin.

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