Talisman Energy (UK) Ltd., a wholly owned subsidiary of Talisman Energy Inc., Calgary, (Toronto, NYSE: TLM) has entered into exclusive negotiations with Shell U.K. Ltd. and Esso Exploration and Production UK Ltd. to acquire their combined 85.8% interest in the Fulmar Field and 100% interest in the Auk Field in the Central North Sea. Assuming successful completion of the transaction, Talisman is expected to assume operatorship later this year. The transaction will expand Talisman's existing Clyde core area assets in the Central North Sea. Talisman currently operates the Clyde Field (95% working interest) and the Orion Field (93.7% working interest). Talisman currently has a 12.7% interest in the Fulmar Field. "This is a good business opportunity for Talisman and is a continuation of our successful acquire and develop strategy in the North Sea," says Jim Buckee, president and chief executive of Talisman. "The combined Clyde, Orion, Fulmar and Auk operations will yield a number of operating efficiencies. We believe redevelopment of the Auk Field will deliver significant increases in recoverable reserves and production volumes." Additional details will be provided when the transaction is completed. The parties have agreed not to disclose a purchase price.
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