Talisman Presentation - May 2010 http://www.talisman-energy.com/upload/feature_presentation/9/12/10_05_17_talisman_corporate_handout_final.pdf
Talismans most recent presentation provides the long awaited schedule for PNG development. 2010 will be they year TLM perform their extensive geo and seismic studies. In addition they will drill 1 development well at Stanley in 2H 2010. As I have stated before they are believed to be kicking off the well in August. I'm now of the opinion that TLM will contract the drill rig Eaglewood is using to drill Ubuntu in August, for their Stanley development well. The 4Q 2010 should see the arrival of their own rigs, given that they are all working close by in Sumatra, Indonesia.
On a more positive note, the schedule indicates an intense drilling program for 2011. A multi-rig drilling program in the forelands will be kicked off in 2010 and run through to the end of 2011. 2011 will be the big year for TLM in PNG.
Without reading too much into it, I looked at TLMs assessment of PNG gas. TLM believe they have ~1.1 TCF of contingent resource in their blocks along with ~0.4 TCF from partners within the blocks. They believe exploration and appraisal will add ~1TCF to their own gas resource while their partners will add ~1.5 TCF. These partners are those operating within the TLM operated blocks, who obviously need TLM to monetize their resource. TLM is including their partners gas resources in their assessment. What interested me more was that TLM indicate that their is a further ~1 TCF contingent resource in 3rd party blocks, outside the TLM acreage. I'm not sure whether this was potential 1 TCF 3C resource or whether TLM are looking at another acquisition of a proven discovery. If it is potential, what came to mind was the NE corner of PPL 266, given TLM conducted a seismic over it. As well as Eaglewoods Ubuntu.
Either way looks like this year is the year of the oil, while next year is the year of the gas.
NGE Price at posting:
21.5¢ Sentiment: LT Buy Disclosure: Held
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