Talisman Logs Oil Pay in the Central UK North Sea

In the Central UK North Sea, Talisman North Sea Limited (Talisman), a wholly owned subsidiary of Talisman Energy (UK) Limited, has made an oil discovery adjacent to the Balmoral and Beauly fields. The discovery was made in Block 16/22 and is operated by Talisman. Together with its affiliated companies, Talisman has a 37.0% equity interest with remaining equity held by Summit North Sea Oil Limited (41.1%) (Summit) and Eni (21.9%).

The 16/22-7 well successfully tested an exploration prospect some 10 km northeast of the Balmoral field, where Talisman holds a 15.13% interest and 15 km northeast of the Beauly field of which Talisman is operator, with a 60% equity interest (Summit holds the remaining 40% equity interest).

This well was successfully appraised by a sidetrack (16/22b-7z). The wells were not tested, however an extensive pressure and fluid sample program was carried out indicating light oil. The discovery will now be evaluated further using re-processed 3D seismic data with a view to confirming its commerciality and, if appropriate, determining the optimal development plan.

Elsewhere in the world, Talisman Energy (Qatar) Inc. (TEQ) drilled and subsequently plugged and abandoned its Block 10 TQ-1 offshore exploration well offshore Qatar. The TQ-1 well targeted a small structural closure and was a different play type than the main stratigraphic play TEQ is pursuing. Interpretation of 3D seismic data on the main play is progressing. TEQ plans to drill one or two wells on this play late in 2006.

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