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Talisman Energy Inc., 2012 Guidance/Update Call, Jan 10, 2012

In the Eagle Ford, after a slightly slower start than planned, we produced around 30 million cubic feet a day last year, but we've now established a fully functioning organization and we'll more than double that production this year. And we took a substantial position in the liquids-rich Duvernay shale here in Alberta, which we will learn a lot more about in the next 12 months as we continue to pilot. And of course, we also began drilling in Poland. It's very early days, and again, we'll learn more about that during this year. So our shale portfolio is now underpinning long-term sustainability for the company.

The other source of confidence in our medium-term growth is Asia, where we saw successful commissioning of both the Jambi Merang and the Kitan fields during 2011. We produced about 120,000 barrels a day in the region during the fourth quarter, and it's good to remind you that our average sales price for gas in Asia for the year was above $9 an mcf. We'll sanction new projects this year to secure growth into the future.

We made further progress in evolving our exploration portfolio, and we drilled several wells in the existing portfolio. In Colombia, I think we have lots to be excited about. We started drilling an appraisal well on the Huron discovery in the foothills and drilled a successful appraisal well on the Akacias discovery in Block 9. The discovery well on that structure continues to show promising results from the long-term test, and it's flowing about 1,600 barrels a day today. In Block 6, we began a program of 6 more stratigraphic wells to appraise the discovery in that block. Activity will accelerate across our portfolio in Colombia this year, which I'll describe for you in a moment.

In Papua New Guinea, we drilled several successful wells as we began aggregating gas in that country. We had success in both the Stanley and the Ubuntu wells, and right at the end of the year drilled another encouraging well in the Elevala structure. These wells continue to give us confidence that we can secure sufficient gas to create monetization options over the medium term.

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