CALGARY, Alberta, June 25 Talisman Energy Inc
said on Wednesday it plans to sell its stakes in two
oilfields in the Timor Sea off the coast of Australia as
Canada's No.5 independent oil producer continues to restructure
its global petroleum properties.
The company is looking to sell its 40 percent stake in the
Corallina and its one-third stake in the Laminaria fields, whose
production averaged under 6,000 barrels per day last year, a
small fraction of the 373,000 barrels of oil equivalent per day
that Talisman averaged over 2013. The two oilfields are operated
by Woodside Petroleum Ltd.
Talisman has been slimming its operations and cutting debt
in order to satisfy disgruntled investors and boost shares that
have fallen 7.9 percent over the past 12 months. The Toronto
Stock Exchange's energy index has climbed 39 percent over the
Brent Anderson, a spokesman for the company, said Talisman
did not have a deadline for the sale, which is being handled by
Miro Advisors Pty in Perth.
"The sale is part of our ongoing efforts to further simplify
our portfolio and focus our capital on a smaller number of core
assets," Anderson said.
When complete, Talisman will have no assets in the Timor Sea
region, after agreeing earlier this week to sell its 25 percent
stake in the Kitan field to Indonesia's Hibiscus Petroleum Bhd
for $18 million.
Talisman shares rose 3 Canadian cents to C$11.23 in Toronto
(Reporting by Scott Haggett; Editing by Diane Craft)