Talisman in asset clear-out

Talisman looking to offload Brae stakes to generate cash for share purchase

Offshore staff

(Aberdeen) Talisman Energy (UK) is looking to sell its assets in the Brae area of the UK North Sea. These comprise 18% of the four Marathon-operated Brae South, North, West, and Central fields, and the associated structure Beinn; 16.9% of East Brae; 13% of Braemar; and 9% of the associated Sage pipeline and terminal.

Collectively, these assets represent 19,250 boe/d of low cost production, of which 60% is natural gas. Talisman is making them available as part of a worldwide review of its non-core interests. Any cash proceeds will be used to repurchase Talisman shares.

09-29-2006

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