Kinabalu operatorship transferred to Talisman

Offshore staff

CALGARY, Canada – Talisman Energy (TSX:TLM;NYSE:TLM) and Petronas have received a new production sharing contract (PSC) for further development of the Kinabalu oil fields offshore Sabah, Malaysia.

These comprise the Shell-operated Kinabalu Main, Kinabalu East, and Kinabalu Far East fields. The current PSC is due to expire in late December.

The new permit is the first of “progressive volume-based” PSC issued in Malaysia, designed to incentivize contractors to improve oil recovery and increase production from mature oil fields.

Talisman will operate with a 60% interest, the remainder held by Petronas. They plan to invest more than $1 billion to lift recovery and production over the life of the PSC. The PSC is also adjacent to the Talisman-operated Sabah exploration block.

5/29/2012

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