Talisman Energy eyes sale of stake in Woodside oil fields

|About: Talisman Energy Inc. (TLM)|By:, SA News Editor

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.