Talisman CEO: Angostura Gas Project Planning Continues

Pre-development planning continues for the Angostura phase 2 gas development project in Trinidad & Tobago, Canada's Talisman Energy (NYSE: TLM) president and CEO Jim Buckee said in a webcast.

"A heads of agreement has been signed with Trinidad & Tobago's National Gas Company [NGC] to sell gas at initial rates of 220Mf3/d [6.23Mm3/d] starting in 2010," Buckee said.

Negotiations are underway with NGC on the gas sales contract, said Talisman, adding a development well was drilled on Angostura block 2(c) and is being tested.

The Canadian firm holds a 25% non-operating interest in the Angostura development area of offshore block 2(c) and a 36% interest in the block 2(c) Howler assessment area to the south.

In the Caribbean country, Talisman also has interests in offshore block 3(a) and onshore block Eastern.


Talisman's 1Q07 oil and liquids output in Trinidad & Tobago dropped 53% to 5,359b/d from the year-ago period "as production shut-in last November was brought onstream gradually over the quarter, increasing to an average of 6,744b/d during March," the company said.

Revenue in the period from Trinidad & Tobago fell 64.9% to Cdn$20mn (US$18mn).

The company in the first three months of this year spent US$18mn on exploration and US$7mn on development in the Caribbean country.

Talisman previously said it plans this year to invest Cdn$65mn in Trinidad & Tobago to drill up to seven exploration and four development wells.

In Latin America and the Caribbean, Talisman also has interests in Colombia and Peru, where seismic work is underway.

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