Wednesday, January 16, 2008

Talisman Energy Announces a Second Oil Discovery Offshore Vietnam

Tuesday, January 15, 2008; Posted: 07:10 AM

CALGARY, ALBERTA, Jan 15, 2008 (MARKET WIRE via COMTEX) -- TLM | news | PowerRating | PR Charts -- Talisman (Vietnam 15-2/01) Ltd., a wholly owned subsidiary of Talisman Energy Inc. (TSX: TLM | news | PowerRating | PR Charts ) (NYSE: TLM), has tested the Hai Su Den (HSD) exploration well offshore Vietnam. This was Talisman's second oil discovery in Vietnam in 2007, following up on the Hai Su Trang (HST) Miocene sandstone discovery on the same offshore block announced earlier in the year.

The HSD well is located in Block 15-2/01, 50 miles off the east coast of Vietnam on trend with large oil and gas discoveries in the Cuu Long Basin. The well targeted a fractured basement reservoir and was drilled to a total vertical depth of 11,168 feet, encountering a hydrocarbon bearing interval of approximately 2,400 feet. The well tested at a peak rate of 13,450 bbls/d of light oil and 6.87 mmcf/d of natural gas, constrained by test equipment.

"This is a very promising discovery," said John Manzoni, President and Chief Executive Officer. "I am optimistic that our two discoveries in Block 15-2/01 will form the basis of a new core producing area for Talisman in Vietnam, with the potential for upside from additional exploration wells."

The Thang Long Joint Operating Company, a special purpose joint venture company established for the purposes of conducting all operations on Block 15-2/01, plans to drill four more wildcat exploration wells in 2008 to evaluate features on trend with the HSD discovery. Talisman holds a 60% working interest share in any commercial discoveries on Block 15-2/01 with PetroVietnam Exploration and Production Company holding the remaining 40%.

Talisman Energy Inc. is an independent upstream oil and gas company headquartered in Calgary, Alberta, Canada. The Company and its subsidiaries have operations in North America, the North Sea, Southeast Asia and North Africa. Talisman's subsidiaries are also active in a number of other international areas. Talisman is committed to conducting its business in an ethically, socially and environmentally responsible manner. The Company is a participant in the United Nations Global Compact and included in the Dow Jones Sustainability (North America) Index. Talisman's shares are listed on the Toronto Stock Exchange in Canada and the New York Stock Exchange in the United States under the symbol TLM.