BR and Talisman Announce Successful Appraisal Well in Algeria.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 18, 2000 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Burlington Resources Algeria Limited, 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 (NYSE:TLM TLM Telemetry TLM Transaction Level Modeling TLM Tout Le Monde (French) TLM The Leprosy Mission (Northern Ireland) TLM Transmission Line Matrix TLM The Little Mermaid (fairy tale) ), 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. and Sonatrach, the National Oil and Gas Enterprise of Algeria today announced successful well results from the MLNW-2 appraisal well on the Menzel Lejmat Block 405 in the Berkine Basin of Algeria. The MLNW-2 well was drilled 3 kilometers (1.9 miles) northeast of the original discovery well, MLNW-1 and was successfully completed in the same F1 and F2 Devonian reservoirs. Tests were conducted in three zones between 3,465 and 3,543 meters (11,370 and 11,625 feet), with a combined maximum flow rate of 12,813 barrels of predominantly 43 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. crude oil. Additional appraisal of the MLNW MLNW Make Love Not War discovery will be conducted with the MLNW-3 and 4 wells which are currently proposed for approval by Sonatrach for drilling during the remainder of 2000. Bobby Shackouls, BR's Chairman, President and Chief Executive Officer commented, "The Devonian reservoirs in the MLNW area could prove to contain the largest reserves on the Block and we are anxious to progress with overall appraisal so that development can be planned as soon as possible." BR 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 the 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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