LONDON (Thomson Financial) - Toronto-listed Talisman Energy Inc. reported a
44 percent on-year rise in second-quarter cash flow to a record C$1.7 billion
and expanded its full-year drill plan to over 160 wells from the 130 planned in
May.
The company also said it will increase its total capital spend for 2008 by
about C$500 million to C$5.5 billion.
Talisman said it still believes its full-year production guidance to be
achievable, but said it will likely be closer to the lower end of the range, due
to the impact of a delay in the Rev development in Norway to early 2009.
Production during the quarter averaged 432,000 boepd, down 4 percent from a
year ago, mainly due to the sale of non-core assets. However, the company said
the figure is 3 percent above the previous quarter and slightly higher than the
board's expectations and added that it expects continuing growth in the second
half.
"Much of the growth will come from Southeast Asia with the startup of the
Northern Fields gas development and strong sales from the Corridor field. UK
liquids volumes will increase with higher Tweedsmuir production," it said.
TFN.newsdesk@thomson.com
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