The Sageri Block covers an area of 3,878 square kilometers, or almost 960,000 acres, and is situated in water depths of 2,000 meters. It was one of five blocks offered in the frontier geological province referred to as the South Makassar Basin. Last year's license round was the first time acreage in the South Makassar Basin had been offered. Two of the five license blocks were awarded.
"This is the first operated offshore exploration Production Sharing Contract awarded to Talisman in the last decade and is a milestone for us in Indonesia" said Dr. Jim Buckee, President and Chief Executive Officer. "We believe that the South Makassar Basin has all the attributes of a characteristically prolific Sundaland basin. In our view, the Sageri Block has significant prospective resources, a diversity of play types and indications of a working petroleum system. It is an exciting development for the Company."
Talisman bid a three-year work program that included 5,000 kilometers of 2-D seismic, the drilling of one exploration well and signature bonus of US$1,000,000. The Company bid solely with a 100% working interest but will evaluate taking a joint venture participant prior to drilling.
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