Talisman Energy Flows High Quality Oil From Kurdamir-2 Well
CALGARY, ALBERTA -- (Marketwire) -- 11/19/12 -- Talisman Energy Inc. (TLM) (NYSE: TLM) has confirmed a significant accumulation of light oil in the Kurdamir-2 well in the Kurdistan Region of northern Iraq.
"We are very excited to have found high quality oil with significant flow rates in the lower part of the Oligocene formation," said Richard Herbert, Executive Vice-President, Exploration. "We are preparing to test two additional zones in the oil leg over the coming weeks. Plans are underway to drill an appraisal well, Kurdamir-3, adjacent to this discovery, in early 2013."
The cased-hole test was conducted in the deeper part of the Oligocene formation and follows on the initial open-hole test conducted in March 2012. The test targeted 20 metres of fractured reservoir below the main porous zone. This zone tested at stabilized rates of up to 3,450 bbls/d of 38 degree API oil and 8.8 mmcf/d of natural gas over a two-day period. The final rate was achieved on a 72/64" choke with a wellhead flowing pressure of 810 psi. The results of this test confirm the presence of an oil column of at least 146 metres in the Oligocene reservoir, with no evidence yet of the oil-water contact level. The deeper extent of the oil column will be appraised by the drilling of the Kurdamir-3 well.
Talisman is operator of the Kurdamir Block, with a 40% working interest. Joint venture participants include WesternZagros Limited, with a 40% working interest, and the Kurdistan Regional Government, with a 20% carried interest.
Talisman Energy Inc. is a global upstream oil and gas company, headquartered in Canada. Talisman has three main operating areas: the Americas (North America and Colombia), Southeast Asia and the North Sea, with an active exploration program across all three. Talisman is committed to conducting business safely, in a socially and environmentally responsible manner, and is included in the Dow Jones Sustainability (North America) Index. Talisman is listed on the Toronto and New York stock exchanges under the symbol TLM. Please visit our website at www.talisman-energy.com.
This news release contains information that constitutes "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding: business strategy, priorities and plans; planned appraisal drilling in the Kurdistan Region of northern Iraq; and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. The factors or assumptions on which the forward-looking information is based include: assumptions inherent in current guidance; projected capital investment levels; the flexibility of capital spending plans and the associated sources of funding; the successful and timely implementation of capital projects; the continuation of tax, royalty and regulatory regimes; ability to obtain regulatory and partner approval; commodity price and cost assumptions; and other risks and uncertainties described in the filings made by the company with securities regulatory authorities. The company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
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Source: Talisman Energy Inc.