Talisman has announced that its wholly owned subsidiary, Talisman Andaman BV., has been awarded the highly prospective Andaman III License Block. The Directorate General of The Oil & Gas of Republic of Indonesia announced the bid winners of five regular tender blocks on August 4, 2009 and a Production Sharing Contract in respect to the Block on November 30, 2009.
The Andaman III Block covers an area of 8,440 square kilometers and is situated in water depths of 1,300 meters. It was one of three blocks offered in the Andaman Sea in the geological province referred to as the North Sumatra Basin. All three of the license blocks were awarded.
"The Andaman III award is an excellent fit with our strategy to position Talisman's international exploration portfolio for continual renewal," said Ron Aston, General Manager. "We believe that with accessibility of nearby export facilities and proximity to key growth markets in Asia, the North Sumatra Basin provides an opportunity to build a profitable core area in this part of Indonesia. This is an exciting development for the Company and reinforces our commitment to growth in Indonesia."
Talisman bid a three-year work program that included 2,500 square kilometers of 3D seismic, the drilling of one exploration well and signature bonus of US $47 million. The Company bid solely with a 100% working interest but will evaluate taking a joint venture participant prior to drilling.
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