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Talisman plugs and abandons two wells

Bnamericas
Canadian company Talisman Energy participated in two exploration wells in Colombia in 2003 which were plugged and abandoned in early 2004, the company said in its 2003 earnings statement. However, the remaining exploration program in 2004 "remains highly prospective, with large potential targets," the statement said. The wells were the El Encanto-2 well in the Huila Norte Block, where Talisman has a 30% interest, and the Candelo-1 well on its 70% owned Acevedo Block. Both wells started drilling in September. According to previous report, Talisman plans to spud its third well, Altamizal, in Huila Norte in September this year and its fourth well, Nunchia Real, on the Tangara block in November. Both should be completed by early 2005. Talisman holds interests in five Colombian blocks, three in the Upper Magdalena Valley and two in the Llanos Basin adjacent to the Cuisiana and Capiagua oil fields. Talisman invested Cdn$21mn (US$15.7mn) in Colombia in 2003, which it plans to increase to Cdn$28mn in 2004. Meanwhile, Talisman had more drilling success in Trinidad, where it drilled three exploration wells on Block 3(a) and one on Block 2(c) in 2003, all of which encountered hydrocarbons, the statement said. Talisman invested Cdn$130mn (US$97.4mn) in Trinidad in 2003, which it plans to increase to Cdn$170mn in 2004. Development of the Greater Angostura project in offshore block 2c "is progressing", with first oil expected in early 2005. Talisman has a 25% stake in Angostura, which is operated by Australian company BHP Billiton. Talisman also holds a 30% interest in Block 3(a), immediately east of block 2(c). Fifteen development wells are planned for Angostura in 2004. Talisman will also drill two appraisal wells elsewhere on block 2c and two exploration wells on block 3a. The onshore seismic program on the Eastern block is expected to wrap up in 2004 in preparation for drilling in 2005.

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