We should see an announcement from the company today regarding...

We should see an announcement from the company today regarding PPL269.

Expect to see Seismic results as well.


*****

Variations to PPL 269 Program:

NGE and Talisman agreed to vary the terms of the PPL 269 Farmout Agreement as follows:
(1) The Firm Seismic Program of 85.5km of 2D seismic is to be completed by 31
December 2010, subject to environmental factors making the program prohibitively
expensive.
(2) Following completion of the Firm Seismic Program, Talisman may, by no later than
31 January 2011 or such later date as the Parties may agree, elect to operate the First
Well on PPL 269 on behalf of the joint venture. If Talisman elects to operate the
First Well, it must proceed with drilling, evaluation, testing and completion of the
First Well within sixty (60) days of identification and commitment to drill the First
Well.
(3) If Talisman fails to make an election by 31 January 2011 and has not identified and
committed to drill the First Well by that date, then Talisman must, at NGEs
election, delegate operatorship to NGE and Talisman must pay to NGE the agreed
costs of the First Well up to a maximum of US$15 million. Talisman and NGE shall
each bear 50% of any expenditure over US$15 million required to complete the
First Well.
(4) If the Parties agree to drill a Second Well as a joint operation, Talisman shall
commence the drilling of the Second Well within sixty (60) days of NGE electing to
exercise the Second Well Full Carry Option or by no later than 30 April 2011 unless
the parties agree another date.