Talisman Energy Sells North Sea assets
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Talisman Energy is getting $550-million US for North Sea assets from Abu Dhabi National Energy. Talisman announced the sale Tuesday morning, the conclusion of a process it first announced last July in an effort to prune its disparate collection of oil and natural gas properties. Some investors had criticized the company, saying it lacked focus as it pursued developments in Asia, the North Sea and North America.
Talisman is selling about 19,000 barrels a day of oil production. The company has another 17,000 barrels of production in Western Canada for sale and Scotia Capital Inc. in a report last week said another 17,000 barrels could be put on the block this month.
Talisman is using the proceeds of the North Sea sale to buy back its own stock, saying in its press release that it bought more than 10 million shares in December. Those purchases cost roughly $200-million CDN.
Once Talisman completes the review and sale of some of its assets, the company may look to acquisitions, according to Scotia Capita.
Abu Dhabi National Energy, the buyer of the North Sea properties, is an Abu Dhabi government controlled holding company, which owns electrical and water assets in the largest of the emirates that comprise the United Arab Emirates.
Stock of Talisman traded at $18.28 at 12:20 ET on the Toronto Stock Exchange, down 26 cents or 1.4 per cent as the price of oil fell.
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Jan 16, 2007, 3:14 PM
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