This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Talisman Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript

In Colombia, it's a little slow as we wait for the authorities to grant the relevant operating permits, but we're making progress, and I expect through this year we will see increasing news flow. In Vietnam, we started drilling the Ngoc Thach exploration well in Block 5.2 in the Nam Con Son Basin. We wrote-off the unsuccessful Situche Norte well in Peru. We hope that well would more or less doubled the commercial reserves we all already have in Peru, but it didn't work. We are reviewing now how to proceed in Peru in light of that result, and we'll finalize our plans in the next quarter.

We've had a good start to the year with disposals and have secured about $1 billion so far. This is about focusing our portfolio. We continue to examine options in the North Sea, including the dilution of some of our big redevelopment projects there, and I've also said we'll look at our exploration portfolio.

As I've just mentioned, we've recently drilled a dry hole in Peru, and we also drilled dry hole in South Makassar. And we're in the final stages of determining our forward plans for both places. I'm confident we'll achieve our original objective of $1 billion to $2 billion as we go through the rest of the year.

Another highlight for the first quarter is the provisional award of 60% equity and operatorship for the producing Kinabalu field offshore Malaysia. We've agreed all commercial terms with PETRONAS for the award of a new PSC at Kinabalu, which is offshore Sabah, subject to formal signing, which is expected within the next few weeks.

Read the rest of this transcript for free on seekingalpha.com

4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs