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Talisman Energy Signs Agreement With Iraqi
Kurdistan government
23.6.2008
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June
23, 2008
CALGARY, ALBERTA, — Talisman Energy
Inc. has announced agreements with the Kurdistan
regional government (KRG) in "northern Iraq" to take
interests in two exploration blocks.
The Calgary-headquartered company said Monday it
expects to initially spend about US$95 million on
the properties.
Additionally, "as part of the transactions with the
KRG and in keeping with Talisman´s corporate
responsibility policies and practices, the company
will pay US$220 million plus further conditional
contributions to the KRG for the sole purpose of
providing financial support to infrastructure and
capacity-building projects for the benefit of the
people in the region and, in particular, the local
communities in the agreement areas."
Talisman will acquire a 40 per cent interest in
Block K44,www.ekurd.net
where WesternZagros
Resources Ltd. of Calgary will hold a 40 per cent
interest and be the operator, while the government
retains 20 per cent. Talisman expects to spend US$80
million on the block, including $50 million to
WesternZagros and its share of a three-well
commitment.
Talisman also signed a two-year seismic services
agreement on another block, K39, with an option to
become operator of that block with a 60 per cent
interest. Initial exploration costs there are
forecast at US$10 million to $15 million.
Entering Kurdistan provides "an exciting opportunity
in a world-class hydrocarbon basin," declared
Talisman CEO John Manzoni.
"We have done extensive due diligence, including
careful review of legal, regulatory, security and
corporate responsibility issues," Manzoni added.
"Both blocks are within the territory widely
recognized as being on the KRG side of the `Green
Line´ boundary that currently demarcates the region
of Kurdistan within Iraq."
The Kurdistan involvement joins Talisman´s upstream
oil and gas operations in Canada, Britain, Norway,
Southeast Asia, North Africa and the United States.
"WesternZagros is pleased to have the participation
of Talisman in the Kalar-Bawanoor block and we look
forward to advancing our plans in the autonomous
Kurdistan region of Iraq," stated Simon Hatfield,
president of the Calgary junior company.
"Talisman brings extensive experience in the
international arena, operational expertise and
financial capability."
WesternZagros, all of whose assets are in Kurdistan,
notes that it is "subject to political, economic,
and other uncertainties of that region as well as
risks of loss due to civil strife, acts of war,
guerrilla activities and insurrections."
Copyright, respective author or news agency,
oilweek com | Talisman Energy
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