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Tawoda
Thanks for the latest, but yes Talisman is still
the winner but I strongly believe that as Africans continue to yell we will
continue to make these countries uncomfortable in making money on the backs of
our people. Let us fight a poor dictator.
Em
The Mulindwas
communication group
"With Yoweri Museveni, Uganda is in anarchy"
----- Original Message -----
Sent: Wednesday, October 30, 2002 9:10
PM
Subject: [great-lakes] AFRICANS I HAVE
GOOD NEW_ Talisman still came out a winner!
Talisman Sells Sudan Oil Project for C$1.2
Bln
CALGARY, Alberta (Reuters) - Talisman Energy Inc.
<TLM.TO> said on Wednesday
it will sell its stake in a controversial
Sudan oil project to India's Oil
and Natural Gas Corp. <ONGC.BO> for
C$1.2 billion ($758 million), removing
uncertainty about its plans and
pressure from critics that has dragged down
its shares.
The
announcement, made after markets closed, was accompanied by
third-quarter
financial results showing a 25 percent jump in earnings
because of higher
oil prices and increased oil and gas production.
Talisman expects to
book a C$340 million accounting gain from selling its
stake in the oil
project, now producing about 250,000 barrels of oil per
day.
"We
received other proposals, but we consider this to be the most attractive
opportunity, generating a full-cycle, after-tax rate of return of
approximately 30 percent," Chief Executive Jim Buckee said in a
statement.
It will use the proceeds to buy back enough shares to ensure
5 percent
growth in production, on a per share basis, in 2003 over to this
year.
The sale came after months of rumors. Buckee promised on Oct. 10
to clarify
the stance of Canada's No. 2 oil explorer and producer on Sudan
within a
month.
Talisman owns 25 percent of the Greater Nile
Petroleum Operating Co. The
four-year-old investment, a crown jewel
because of steadily growing output
and high profits, has attracted
widespread criticism from human rights
activists, who say oil revenues are
helping to fund the Sudanese
government's 19-year civil war with southern
rebels.
Talisman maintains its presence attracts international
attention and helps
promote economic development.
The firm posted a
profit of C$151 million ($96 million), or C$1.06 per
diluted share, in the
three months ended Sept. 30. Earnings per basic share
were
C$1.08.
A year earlier, it earned C$121 million, or 85 Canadian cents a
diluted
share.
Cash flow, which offers insight into a firm's
ability to fund projects, rose
to C$657 million, or C$4.80 a share, up
from year-ago C$587 million, or
C$4.28 per share.
Oil and gas
liquids production increased 4 percent to average 267,400
barrels a day
this year. Gas volumes also grew 4 percent, averaging just
over 1 million
cubic feet per day.
The firm's quarterly oil price advanced to C$39.64
per barrel, down from
C$35.35 a year ago. Gas prices dropped to C$3.32 per
thousand cubic feet
from C$3.66 in 2001.
Shares of Talisman rose
C$1.33 to C$56.17 on Wednesday in Toronto. The stock
has fallen 18 percent
since the start of the third quarter.
($1=$1.57
Canadian)
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