Talisman signs RI contract

Talisman signs RI contract

CALGARY (Reuters): Canada's Talisman Energy Inc said on Monday
it signed a production sharing contract with Indonesia covering
that country's Madura offshore block, an area it said was on
trend with several oil and gas discoveries.

The Madura Offshore Block PSC, located southeast of Madura
Island in the East Java Sea, comprises 4,246 square km of
exploration acreage in a proven hydrocarbon basin, said Talisman,
which has 100 percent interest in the block. Water depths are 70-
130 meters.

"We have no hesitation about increasing our portfolio in
Indonesia because sales are denominated in U.S. dollars and the
fiscal regime for the oil and gas industry has been very stable
over many years," Talisman Chief Executive Jim Buckee said in a
statement.

The company said it had extensive seismic data on the block
and expected to reprocess and reinterpret it, which would lead to
more additional exploration potential.