Talisman awarded Andaman III license block

The government of Indonesia has awarded Talisman Andaman the Andaman III license block.

Offshore staff

JAKARTA, Indonesia -- The government of Indonesia has awarded Talisman Andaman the Andaman III license block.

The block covers 8,440 sq km (3,259 sq mi) in water depths of 1,300 m (4,265 ft). Talisman bid a three-year work program that included a 2,500-sq km (965-sq mi) 3D seismic acquisition, drilling of one exploration well, and a signature bonus of $47 million. The company bid solely with a 100% working interest but will evaluate taking a joint venture partner prior to drilling.

“The Andaman III award is an excellent fit with our strategy to position Talisman's international exploration portfolio for continual renewal,” says Ron Aston, General GM of Talisman Andaman. “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.”

12/07/2009

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