BR AND TALISMAN ANNOUNCE SUCCESSFUL APPRAISAL WELL IN ALGERIA.HOUSTON--(BUSINESS WIRE)--May 6, 1999-- Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. Inc. (NYSE NYSE See: New York Stock Exchange :BR) through its wholly-owned subsidiary, LL&E Algeria Ltd.; Sonatrach, the National Oil and Gas Enterprise of Algeria; and Talisman Energy Talisman Energy TSX: TLM is one of Canada's largest petroleum companies. It was originally part of British Petroleum, known as BP Canada, but in 1992 it became an independent company named Talisman Energy. Inc. of Canada through its wholly-owned subsidiary, Talisman talisman: see amulet. talisman amulet with which Saladin cures Richard the Lion-Hearted. [Br. Lit.: The Talisman] See : Charms (Algeria) B.V.; today announced successful test results from the MLN-6, an appraisal well on the Menzel Lejmat Block 405 in the Berkine Basin of Algeria. Two intervals in the TAG-I Formation were tested and flowed at 3,553 barrels of 44 degree API gravity The American Petroleum Institute gravity, or API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. oil and 4.98 million cubic feet of natural gas per day on a one-inch choke with 492 psi flowing wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. pressure. LL&E Algeria Ltd. operates the MLN-6 well, located approximately 2.5 kilometers (1.6 miles) south southwest Noun 1. south southwest - the compass point midway between south and southwest sou'-sou'-west, SSW compass point, point - any of 32 horizontal directions indicated on the card of a compass; "he checked the point on his compass" of the MLN-3 well. The MLN-6 well is the thirteenth successful well drilled on Block 405 and is the last appraisal well to be drilled in the MLN MLN Million MLN Modern Language Notes (literary journal) MLN Management & Leadership Network (Northern Ireland) MLN Missouri League for Nursing MLN Main Listed Number field prior to "first phase" development. Bobby S. Shackouls, BR's chairman, president and chief executive officer commented, "With the successful drilling of the MLN-6 well, we have further appraised one of the MLN area accumulations. We are now finalizing our exploitation license application for the development of the Triassic interval in the adjacent MLN-1, 2, 4 and 5 area, which is fully appraised. This step will move us closer to first production from Block 405 in the very prolific Berkine Basin of Algeria." Burlington Resources, through its wholly-owned subsidiary, LL&E Algeria Ltd., has a 65 percent working interest in this productive area under a Production Sharing Contract with Sonatrach. Talisman Energy Inc. through its wholly-owned subsidiary, Talisman (Algeria) B.V. holds the remaining 35 percent working interest. Sonatrach has an option to participate in the development and production of commercial discoveries. Burlington Resources and Talisman are entitled to recover exploration costs out of production during the exploitation phase. FORWARD-LOOKING STATEMENTS This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission. |
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