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Wednesday, May 20, 2009

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Talisman discovers gas field in Colombia

Financial Post 

 

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TORONTO -- Talisman Energy Inc. said Wednesday it has made a what it calls a "significant" discovery of natural gas condensate in the Andes foothills in Colombia.

The Huron-1 well located in the Niscota Block was spudded in June last year and has been drilled to a current depth of 18,275 feet in a heavily faulted area and encountered several reservoirs, the company said.

The discovery was made by Talisman (Colombia) Oil & Gas Ltd., a wholly owned subsidiary of Calgary-based Talisman. The field is 300 kilometres north east of Bogota.

Talisman, which holds a 30% interest in the Niscota Block, said one reservoir was tested at 3,400 barrels per day of gas condensate.

The well is being deepened to complete the evaluation of the prospective section, with further logging and testing is planned, the company said.

Talisman Energy shares closed at $16.95 Tuesday on the Toronto Stock Exchange.

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TLM-T Talisman Energy
Inc. Energy 17.7140.5 Lynch Notes: Calgary-based Talisman is a energy company with interests in the UK, Scandinavia Southeast Asia and North America. Another Peter Lynch choice, Talisman gets points for being a fast grower. The PEG ratio is low at 0.12 and the 32.84-per-cent debt/equity ratio is solid.