Talisman signs contract for block 15-2/01 off Vietnam

Offshore staff

Talisman Ltd., a wholly owned subsidiary of Talisman Energy Inc., and PetroVietnam Exploration and Production Co., a subsidiary of Vietnam Oil and Gas Corp. and the national oil company of Vietnam, have signed a petroleum contract for block 15-2/01 offshore Vietnam. Talisman has a 60% interest in block 15-2/01, with PetroVietnam holding the remaining 40%.

"We are excited about the exploration potential of the area," says Jim Buckee, president and CEO of Talisman Energy Inc. "Block 15-2/01 is located in the center of the most prolific oil producing region of Vietnam and offers significant exploration opportunities, which, if economic, can be developed quickly. The award of block 15-2/01 represents a key step in our strategy to grow our Vietnamese business."

Block 15-2/01 covers 700,000 acres and is approximately 20 km offshore from Vung Tau in southern Vietnam in 25-50 m of water. The block is in the Cuu Long basin adjacent to producing oil fields.

The consortium's commitment on block 15-2/01 includes conducting 3D seismic survey and a two well exploratory drilling program during the initial three-year exploration phase.

A joint operating company will conduct operations on the block, with both consortium members providing key staff.

04-28-05