Talisman May Exit Polish Shale Business

Talisman Energy is currently evaluating the future of its business in Poland, including a possible sale of its shale gas resource concessions there, the company told Rigzone in a statement Wednesday.

The Calgary-based company, which is focusing on North America, Colombia and Asia-Pacific this year, reduced its global exploration budget as part of its strategic priorities.

Moving forward, the company said it would focus its exploration expertise on shorter-cycle opportunities in Colombia, Kurdistan and the Asia-Pacific region.

"The objective of Talisman's 2013 capital plan and operating plan is to significantly increase shareholder returns by improving cash margins on the barrels we produce, more careful allocation of capital and better execution within a focused portfolio," the company told Rigzone in an emailed statement.

Talisman in February 2010 entered a farm-in agreement with San Leon Energy Plc through its Polish subsidiary Oculis Investments Sp. z.o.o. to earn a 60 percent interest in San Leon's three Baltic shale gas concessions.

Last year, the company drilled three wells on its Polish acreage, the Lewino-1 G2, Rogity-1, and Szymkowo-1, which encountered the Ordovician shale with hydrocarbon shows.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

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