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Canadian Natural: No Interest In Buying Talisman N Sea Assets


14:33 EST Thursday, November 06, 2008

OTTAWA -(Dow Jones)- Canadian Natural Resources Ltd. (CNQ) has no interest in snapping up Talisman Energy Inc.'s (TLM) North Sea assets, President Steve Laut said Thursday.

Canada's second-biggest oil and gas producer is on the lookout for acquisitions in the region, which would play to the company's strengths in managing mature fields, Laut said in an interview.

Calgary-based peer Talisman, meanwhile, has had a package of U.K. North Sea assets on the block since May.

"We did look at what [Talisman] had but they were all minority stakes," Laut said. "We would need to control our assets."

Canadian Natural has made sharp cuts to its 2009 capital spending plans in the wake of the tumult in financial markets and plummeting crude prices, which hit a 20-month low near $60 a barrel Thursday. The company now expects to spend C$4 billion next year, 47% below its 2008 budget, but is still keeping an eye out for acquisition opportunities.

However, potential targets in the North Sea are thin on the ground, Laut said.

Talisman's North Sea bundle is part of some 45,000 barrels a day it hopes to sell by the end of next year as it refocuses its portfolio. In June, the company suggested it could rake in C$3 billion from these asset sales on surging commodity prices, but it is now concerned that bids will be too weak.

-By Hyun Young Lee, Dow Jones Newswires; 613-237-0669; hyunyoung.lee@ dowjones.com

Globe says let Talisman work magic on your portfolio

UPDATE: Talisman shoots 2-D survey ahead of Sageri well

By Hwee Hwee Tan Filed from Singapore 11/6/2008 11:10:39 AM GMT

MAKASSAR, INDONESIA: Talisman Energy is shooting 2-D seismic in its Sageri block off Indonesia ahead of an exploration drilling campaign in 2010.Talisman expects to drill at least one well in the deepwater block, a spokesperson said today at the sidelines of Asia Oil and Gas Summit in Singapore.

Talisman has earlier secured a rig slot on Transocean drillship GSF Explorer through the Marathon-led Makassar Strait Explorers Consortium.Sageri covers an area of 3,878 square kilometres (1,497 sq miles) in 2,000 meters (6,561 ft) of water on the South Makassar Basin.

Talisman was awarded 100 per cent operating interest in the offshore block in March 2007. The committed work programme includes a 5,000-kilometre (3,107-mile) 2-D seismic survey and the drilling of one exploration well.

http://www.energycurrent.com/index.p...

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Globe says let Talisman work magic on your portfolio

2008-11-06 07:13 ET - In the News

The Globe and Mail reports in its Thursday, Nov. 6, edition that Talisman Energy shed 46 cents Wednesday on the Toronto Stock Exchange to close at $12.18. The Globe's Allan Robinson writes in the Eye On Equities column the stock has a one-year range of $9.27 to $25.40. UBS Securities Canada analyst Andrew Potter says Talisman Energy could increase the number of drill rigs in operation on its Montney natural gas play in British Columbia and Alberta from two to 12 by mid-2009. It is also expected to reduce exploration for conventional natural gas.

Mr. Potter maintains the stock at "buy" with a price target of $19. Portfolio Management managing director Norman Levine recommended buying Talisman in The Globe's BNN Market Call column on Sept. 9 when it was trading at $16.85. He said Talisman was trading at a discount. Sprung and Co. Investment Counsel president Michael Spring was keen on Talisman in the BNN column on June 27 when it was trading at $22.13. Blackmont Capital analyst Menno Hulshof targeted Talisman at $28 in The Globe on June 12. It was then trading at $24.54. Citigroup analyst Gil Yang rated Talisman "buy" in The Globe on March 27. It was then trading at $17.64.