Talisman Awards FEED Contract for YME Re-development

The PL316 partners have decided to enter into a contract for FEED (Front End Engineering Design) for redevelopment of the Yme field with Single Buoy Moorings Inc.

The development concept that will be developed towards a final investment decision is a production jackup to be installed on a subsea storage tank.

Current plans are to make a final investment decision and submit a PDO late 2006 or early 2007.

The PL316 license is operated by Talisman (70%) with partners Revus Energy ASA (20%) and Pertra ASA (10%). The license interest was awarded to Revus in the 18th Licensing Round in 2004.

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