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July 28, 2005 --- Vol. 11, No. 63July 2005

Talisman high on Alaska prospects

Talisman Energy is on track to drill two exploration wells on its NPR-A leases in early 2006, brimming with confidence that Alaska could hold the richest prize in company history.

Exploration Vice President John ’t Hart told a conference call July 28 that the Canadian independent is “looking at very big numbers” from its 500,000-acre interests — in the order of 250 million barrels per well, with the potential to exceed 1 billion barrels from the structure.

Because of the remoteness of Alaska, he said “we are going for a big prize, bigger than we have ever drilled.”

The operation is being run through Talisman’s wholly owned U.S. subsidiary, Fortuna Energy.

But ’t Hart and Chief Executive Officer Jim Buckee cautioned on the long lead time facing development of the National Petroleum Reserve-Alaska.

Buckee said that even if a discovery is made it will take another year to appraise the find and four to five years as a minimum before oil could flow to market.

House backs energy legislation compromise; bill headed to Senate

In a resounding a 275-156 vote, members of the U.S. House of Representatives today endorsed the compromise version of H.R. 6, the national energy legislation that emerged from conference committee this week.

Though Democratic leadership in the House denounced the bill for doing little to curb high gasoline prices or reduce the nation's dependence on foreign sources of oil, 75 Democrats voted in favor of the measure in the roll call vote that followed lengthy debate.

The measure then headed to the U.S. Senate for a final vote before the August recess, which begins July 30.

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