Talisman Energy Farms-in to Alaskan Acreage

Talisman Energy's subsidiary, Fortuna Exploration, has entered into an agreement with Total E&P USA, Inc., to farm-in to 10 townships of land (360 square miles) in the National Petroleum Reserve Area on the Alaskan North Slope.

The acreage was acquired by Total in the May 2002 lease sale. The prospects lie to the west of the 430 million barrel Alpine field and other recently announced discoveries in the Lookout/Rendezvous area.

Fortuna will participate in drilling an exploration well on a selected prospect to earn a 30% interest in the prospect, with the right to earn a similar interest in the remaining prospects. Evaluation of the prospects will continue in 2003, with first drilling expected in early 2004.


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