Seeking Alpha

Talisman Energy eyes sale of stake in Woodside oil fields

  • Talisman Energy (TLM -0.4%) says it has hired Miro Advisors to sell its stake in the A$1.4B (US$1.3B) Laminaria-Corallina oil fields off northern Australia operated by Woodside Petroleum (WOPEF, WOPEY).
  • TLM’s sale of its stake in the project is part of efforts to help cut net debt that stood at $3.8B at the end of March and focus capital on a smaller number of core assets.
  • Woodside owns 59.9% of the Laminaria project and 66.67% of the Corallina field while TLM owns the rest; production, which started in 1999, has declined as the fields age.
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