AN26 Citi Fun 25

    


Talisman Energy Inc.



Talisman Energy (UK) Limited, a wholly owned subsidiary of Talisman Energy Inc.,
has commenced production from its Tweedsmuir development.

"The Tweedsmuir project is a good example of our North Sea strategy to tie back
existing and new discoveries to Talisman owned infrastructure," said Dr. Jim
Buckee, President and Chief Executive Officer. "The development is expected to
produce an annual average of 46,000 boe/d (gross) in 2008 with incremental
operating costs of C$1.15/boe."

The Tweedsmuir and Tweedsmuir South oilfields are located 100 miles northeast of
Aberdeen in UKCS Block 21/1aN. Tweedsmuir was first discovered in 1983 and the
Talisman appraisal program later discovered the main part of the field in 2002.
Tweedsmuir South was discovered in 2003 and appraised in 2004. Development
drilling began on the project in early 2005 and was completed in 2006.

The fields have been developed as a four well subsea tieback with each field
having a horizontal production well and a deviated water injection well and
potential to add further wells in future.

The Tweedsmuir development is tied back to the Talisman operated Piper B
facility, which is located 34 miles to the north. Production is expected to
increase to 51,000 boe/d (gross), following completion of topside modifications
in September 2007.

The oil will be transported to and processed at the Piper B Platform and
exported by pipeline to the Talisman operated Flotta Oil Terminal in Orkney.
Talisman subsidiaries hold a 94.43% working interest in the Tweedsmuir
development and Talisman is the field operator. First Oil Expro Limited holds
the remaining 5.57% equity.

Talisman Energy Inc. is an independent upstream oil and gas company
headquartered in Calgary, Alberta, Canada. Talisman has operations in Canada and
its subsidiaries operate in the North Sea, Southeast Asia, Australia, North
Africa, the United States and Trinidad and Tobago. Talisman's subsidiaries are
also active in a number of other international areas. Talisman is committed to
conducting its business in an ethically, socially and environmentally
responsible manner. The Company is a participant in the United Nations Global
Compact and included in the Dow Jones Sustainability (North America) Index, as
well as the Jantzi Social Index. Talisman's shares are listed on the Toronto
Stock Exchange in Canada and the New York Stock Exchange in the United States
under the symbol TLM.

For further information, please contact:

David Mann, Senior Manager, Corporate    Christopher J. LeGallais
         & Investor Communications       Senior Manager, Investor Relations
Phone: 403-237-1196  Fax: 403-237-1210   Phone: 403-237-1957  Fax: 403-237-1210
E-mail: tlm@talisman-energy.com          Email: tlm@talisman-energy.com

17-07

Forward Looking Statements

This news release contains statements that constitute forward-looking statements
and forward-looking information (collectively, "forward looking statements")
within the meaning of applicable securities legislation. These forward-looking
statements include, among others, statements regarding: future production;
business plans for drilling; exploration and development; the estimated amount
of incremental operating costs; the estimated timing of development, including
new production; business strategy and plans or budgets; the potential additional
of further wells; plans for the transportation, processing and exportation of
oil; and other expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events, conditions, results of
operations or performance. Often, but not always, forward-looking statements use
words or phrases such as: "expects", "does not expect" or "is expected",
"anticipates" or "does not anticipate", "plans" or "planned", "estimates" or
"estimated", "projects" or "projected", "forecasts" or "forecasted", "believes",
"intends", "likely", "possible", "probable", "scheduled", "positioned", "goal",
"objective" or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.

Various assumptions were used in drawing the conclusions or making the forecasts
and projections contained in the forward-looking statements throughout this news
release. In particular, statements which discuss business plans for drilling,
exploration and development in 2007 assume that the extraction of crude oil,
natural gas and natural gas liquids remains economic.

Undue reliance should not be placed on forward-looking statements.
Forward-looking statements are based on current expectations, estimates and
projections that involve a number of risks and uncertainties, which could cause
actual results to differ materially from those anticipated by the Company and
described in the forward-looking statements. These risks and uncertainties
include:

    --  the risks of the oil and gas industry, such as operational risks in
        exploring for, developing and producing crude oil and natural gas, and
        market demand, including unpredictable facilities outages;

    --  risks and uncertainties involving geology of oil and gas deposits;

    --  uncertainty of reserves estimates, reserves life and underlying
        reservoir risk;

    --  uncertainty of estimates and projections relating to production, costs
        and expenses;

    --  potential delays or changes in plans with respect to exploration or
        development projects or capital expenditures;

    --  fluctuations in oil and gas prices, foreign currency exchange rates and
        interest rates;

    --  health, safety and environmental risks;

    --  uncertainties as to the availability and cost of financing and changes
        in capital markets;

    --  risks in conducting foreign operations (for example, political and
        fiscal instability or the possibility of civil unrest or military
        action);

    --  competitive actions of other companies, including increased competition
        from other oil and gas companies or companies providing alternative
        sources of energy;

    --  changes in general economic and business conditions;

    --  the effect of acts of, or actions against, international terrorism;

    --  the possibility that government policies or laws may change or
        governmental approvals may be delayed or withheld;

    --  results of the Company's risk mitigation strategies, including insurance
        and any hedging programs; and

    --  the Company's ability to implement its business strategy.

Readers are cautioned that the foregoing list of risks and uncertainties is not
exhaustive. Additional information on these and other factors which could affect
the Company's operations or financial results are included: (1) under the
heading "Risk Factors" in the Company's Annual Information Form; and (2) under
the heading "Management's Discussion and Analysis - Risk Factors" and elsewhere
in the Company's 2006 Annual Financial Report. Additional information may also
be found in the Company's other reports on file with Canadian securities
regulatory authorities and the United States Securities and Exchange Commission.

Forward-looking statements are based on the estimates and opinions of the
Company's management at the time the statements are made. The Company assumes no
obligation to update forward-looking statements should circumstances or
management's estimates or opinions change, except as required by law.

Gross Production

Throughout this news release, the Company makes reference to production volumes.
Where not otherwise indicated, such production volumes are stated on a gross
basis, which means they are stated prior to the deduction of royalties and
similar payments. In the US, net production volumes are reported after the
deduction of these amounts.

Boe conversion

In this news release, the calculation of barrels of oil equivalent per day (boe)
is calculated at a conversion rate of six thousand cubic feet (mcf) of natural
gas for one barrel of oil and is based on an energy equivalence conversion
method. Boes may be misleading, particular if used in isolation. A boe
conversion ratio of 6mcf:1bbl is based on an energy equivalence conversion
method primarily applicable at the burner tip and does not represent a value
equivalence at the wellhead.

This release is available on Talisman's Internet Web Site:
WWW.TALISMAN-ENERGY.COM

Citi Fun 25 (LSE:AN26)
Historical Stock Chart
From Jun 2024 to Jul 2024

Citi Fun 25 (LSE:AN26)
Historical Stock Chart
From Jul 2023 to Jul 2024