Sale: Talisman selling Trinidad assets
Talisman sells Trinidad assets
Canadian player Talisman Energy will sell its Trinidad assets to Chinese consortium Sinoc-Sinopec for roughly C$380 million (US$323 million), Talisman executive Scott Thomson said.
Talisman last year announced it planned to offload its Trinidad assets as part of a strategy to focus on its core business.
With this sale, the company continues to fund their capital programme as well as provide flexibility to pursue additional growth opportunities in the next two years even if commodity prices remain depressed, Thomson said.
In the Caribbean country, Talisman holds a 25% non-operating interest in the Angostura development area of Block 2c, a 36% interest in the Block 2c Howler assessment area, a 26% interest in the Greater Ruby-Delaware appraisal area of Block 3a and a 40% interest in the exploration area of Block 3a.
Talisman also holds a 65% operating interest in the onshore Eastern Block, said a Business News Americas report.
The sale is due to close this quarter, Thomson said.
The Canadian company's net total proved reserves in Trinidad & Tobago total 220 billion cubic feet (6.23 billion cubic metres) of natural gas and 4.3 million barrels of oil and natural gas liquids.
Thomson said he hopes to further enhance its liquidity position during the second quarter by closing the sale of producing assest such as the Trinidad & Tobago as well as Southeast Saskatchewan.
The Trinidad deal is Talisman’s second major asset sale in the last two months.
In mid-March it unloaded acreage in Saskatchewan's Bakken play, along with its US assets in Daniels County, Montana, to Canadian juniors Crescent Point Resources and TOG Partnership, an affiliate of TriStar Oil&Gas, for about C$720 million (US$560 million).