Facility upgrades, delays slow Talisman North Sea output

Offshore staff

CALGARY, Canada – Talisman Energy (TSX:TLM;NYSE:TLM) says production has restarted at the Tartan platform in the UK North Sea following an overhaul program.

The Claymore complex is also back online.

Elsewhere in the UK sector, the company has brought onstream a new well at Auk North, and completed its Fulmar coil tubing campaign.

Talisman’s first-quarter UK production slipped 4% compared with 4Q 2011. The company has had to contend with a pump failure at Auk North, technical issues with compressors at Claymore and the Ross/Blake facility, and the shutdown at Tartan.

Additionally, there is natural decline and water breakthrough at Rev and Tweedsmuir fields.

Talisman is working to improve facility reliability and is taking remedial action to offset some of the water breakthrough issues. However, planned maintenance activities will result in lower volumes over the next two quarters.

Offshore Norway, Talisman remains concerned over continued delays in delivery of the Yme field jackup platform. Recent technical studies indicate further work is needed to complete the facility to Norwegian specifications.

Talks continue with its partners and the contractor to fully understand the remaining scope of work. It adds that Yme is a turnkey, lump sum lease arrangement, which means that the platform belongs to the contractor and is therefore the contractor’s project to deliver.

Once delivery is assured, Talisman will lease the facility and begin production.

5/7/2012



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