Indonesia's Pertamina In Talks Over Talisman's Duvernay Assets

It would be Pertamina's first investment in Canada's oil industry. Last year the company held discussions with Norwegian company Statoil and Thailand's PTTEP Canada about their oil sands leases.

"Last year we had been trying to solicit merger and acquisition here in Canada, the blocks operated by Statoil and PTT, but we felt that the target would not sit with our terms and conditions," Sugiharto said, referring to PTTEP Canada's parent company.

Talisman holds approximately 352,000 net acres of land in the liquids-rich Duvernay play in west-central Alberta and has said it will hunt for a joint-venture partner for its substantial holdings.

The company has been selling assets and cutting costs as it looks to return to consistent profitability and boost shares that have underperformed its peers in recent years.

"In the Duvernay, we drilled two wells in the first quarter to retain acreage and to delineate our extensive land holdings. We will need third party funding to fully develop the play and work is underway to bring in a suitable partner," chief executive officer Hal Kvisle said in an earnings call last month.

Talisman spokesman Kyle Glennie declined to comment on the Pertamina talks.

Shares in Talisman were last up 23 cents on the day at C$11.23 on the Toronto Stock Exchange.

(Additional reporting by Scott Haggett; editing by Andrew Hay)


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