Two sidetrack wells, drilled north and south of the discovery, penetrated the oil-water contacts and defined the limits of the field. The discovery is estimated to contain 25 mmbbls of proved and probable oil reserves and will be economic to develop. South Angsi is fully appraised and development planning will now proceed. First production from South Angsi is anticipated in mid-2005 at a gross rate of 15,000 to 20,000 bbls/d. A large new 3D seismic survey was acquired in Block PM-305 in 2002 and additional exploration opportunities will be evaluated for drilling in 2004.
"We are excited by the South Angsi discovery and we intend to fast track the development," said Dr. Jim Buckee, President and Chief Executive Officer. "The South Angsi discovery will allow us to establish a second producing PSC in Malaysia and represents a key step in our strategy to grow our Malaysian business. The South Angsi discovery is typical of the future of the Malay Basin and our strategy is to establish Talisman as the operator of choice for small field developments in Malaysia. Talisman's development project on Block PM-3 CAA is now 75% complete with significant increases in volumes expected during the fourth quarter of 2003."
Talisman holds a 60% interest in Block PM-305 and the remaining 40% interest is held by Petronas Carigali Sdn. Bhd., the exploration and production subsidiary of Malaysia's state owned Petronas.
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