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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.

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