Talisman Energy and Mitsubishi Announce Strategic Joint Venture in Papua New Guinea


 
TIDMAN26 
 
Talisman Energy and Mitsubishi Announce Strategic Joint Venture in Papua New Guinea 
 
FOR:  TALISMAN ENERGY INC. 
 
TSX, NYSE SYMBOL:  TLM 
 
February 22, 2012 
 
Talisman Energy and Mitsubishi Announce Strategic Joint Venture in Papua New Guinea 
 
CALGARY, ALBERTA--(Marketwire - Feb. 22, 2012) - Talisman Energy Inc (TSX:TLM) (NYSE:TLM) and Mitsubishi Corporation 
(MC) have reached agreement on MC's entry into nine of Talisman's licences in Papua New Guinea's onshore Western 
Province, via a farmout from Talisman effective January 1, 2012, subject to approvals by government and joint venture 
partners. The deal is valued at approximately US$280 million and will be paid in the form of a capital carry. Following 
the farmout, Talisman and MC licensed equity positions will average 40% and 20%, respectively, in these nine licences. 
 
Talisman and MC have agreed to work together closely to aggregate natural gas in the Western Province of PNG with a view 
to potential LNG export of approximately 3 million metric tonnes per annum. "Talisman is delighted to have MC as a 
strategic partner in our onshore licences in PNG," said Paul Blakeley, Executive Vice-President, International 
Operations East. "MC brings extensive experience in LNG development and marketing and I am confident they will be a key 
success factor in helping us unlock the value of our Papua New Guinea assets." 
 
Talisman has been working in PNG since 2001. The company entered the onshore licences of the Papuan Foreland in 2009 and 
now has a portfolio comprising interests in nine petroleum prospecting licences (PPLs) and five petroleum retention 
licences (PRLs), covering 13.7 million acres. Talisman has participated in the acquisition of over 1,550 kilometres of 
2D seismic and the drilling of eight wells in the PNG Foreland Basin to date. As one of the most active explorers in PNG 
over the past two years, Talisman has participated in a new gas discovery at Ubuntu in PRL 28 and the successful 
appraisal of the Stanley and Elevala gas discoveries in PRL 4 and PRL 21, respectively. Talisman intends to commence a 
four-well drilling program on PPLs 235 and 261 during 2012, as well as ongoing appraisal in PRL 21. 
 
MC has held interests in LNG operations since 1969 and currently participates in nine major LNG projects.  Most 
recently, MC has commenced construction of the Donggi-Senoro LNG project in Indonesia in its capacity as project lead in 
planning and operation.  MC also has an extensive downstream marketing and LNG tanker business. Seeing PNG as a vast and 
under-explored country with huge LNG supply potential within the Asia Pacific region, MC aims to maximize its 
contribution by leveraging its experience, not only to promote economic growth for PNG, but also potentially linking 
this with securing a stable energy supply for Japan. MC will participate in five PPLs and four PRLs, including 
discovered resources in PRLs 4, 8, 21, 28 and PPL 235. 
 
Talisman and MC have an aligned vision for the aggregation and monetization of gas and condensate liquids in the Western 
Province and intend to leverage their respective skills in upstream exploration, production and LNG project development 
to deliver development success for the benefit of all stakeholders, including the people and government of PNG and the 
Western Province. 
 
Talisman Energy Inc. is a global, diversified, upstream oil and gas company, headquartered in Canada. Talisman's three 
main operating areas are North America, the North Sea and Southeast Asia. The company also has a portfolio of 
international exploration opportunities. Talisman is committed to conducting business safely, in a socially and 
environmentally responsible manner, and is included in the Dow Jones Sustainability (North America) Index. Talisman is 
listed on the Toronto and New York stock exchanges under the symbol TLM. Please visit our website at www.talisman- 
energy.com. 
 
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across 
virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental 
business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business 
ranges from natural resources development to investment in retail business, infrastructure, financial products and 
manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a 
network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. Please visit our 
website at www.mitsubishicorp.com/jp/en/. 
 
To view the "Talisman and MC Licences" map associated with this release, please see the following link: 
http://media3.marketwire.com/docs/222tlm_map.pdf 
 
Advisories 
 
This news release contains information that constitutes "forward-looking information" or "forward-looking statements" 
(collectively "forward-looking information") within the meaning of applicable securities legislation. This forward- 
looking information includes, among others, statements regarding: business strategy, priorities and plans in PNG and 
with respect to the strategic joint venture with Mitsubishi; potential natural gas aggregation; expectation of drilling 
on PPLs 235 and 261; appraisal of PRL 21; and other expectations, beliefs, plans, goals, objectives, assumptions, 
information and statements about possible future events, conditions, results of operations or performance. 
 
The factors or assumptions on which the forward-looking information is based include: assumptions inherent in current 
guidance; projected capital investment levels; the flexibility of capital spending plans and the associated sources of 
funding; the successful and timely implementation of capital projects; the continuation of tax, royalty and regulatory 
regimes; ability to obtain regulatory and partner approval; commodity price and cost assumptions; and other risks and 
uncertainties described in the filings made by the Company with securities regulatory authorities. The Company believes 
the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no 
assurance can be given that these factors, expectations and assumptions will prove to be correct. Closing of any 
transactions will be subject to receipt of all necessary regulatory approvals and completion of definitive agreements. 
 
Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current 
expectations, estimates and projections that involve a number of risks which could cause actual results to vary and in 
some instances to differ materially from those anticipated by Talisman and described in the forward-looking information 
contained in this news release. The material risk factors include, but are not limited to: the risks of the oil and gas 
industry, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and 
uncertainties involving geology of oil and gas deposits; the uncertainty of reserves and resources estimates, reserves 
life and underlying reservoir risk; the uncertainty of estimates and projections relating to production, costs and 
expenses; risks related to capital allocation decisions, including potential delays or changes in plans with respect to 
exploration or development projects or capital expenditures; fluctuations in oil and gas prices, foreign currency 
exchange rates, interest rates and tax or royalty rates; the outcome and effects of any future acquisitions and 
dispositions; health, safety, security and environmental risks; environmental regulatory and compliance risks; 
uncertainties as to the availability and cost of credit and other financing and changes in capital markets; risks in 
conducting foreign operations (for example, civil, political and fiscal instability and corruption); changes in general 
economic and business conditions; the possibility that government policies, regulations or laws may change or 
governmental approvals may be delayed or withheld; and results of the Company's risk mitigation strategies. 
 
The foregoing list of risk factors is not exhaustive. Additional information on these and other factors which could 
affect the Company's operations or financial results or strategy are included in Talisman's most recent Annual 
Information Form. In addition, information is available in the Company's other reports on file with Canadian securities 
regulatory authorities and the United States Securities and Exchange Commission. Forward-looking information is based on 
the estimates and opinions of the Company's management at the time the information is presented. The Company assumes no 
obligation to update forward-looking information should circumstances or management's estimates or opinions change, 
except as required by law. 
 
 
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FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Talisman Energy Inc. - Media and General Inquiries 
David Mann, Vice-President, 
Corporate & Investor Communications 
403-237-1196 
403-237-1210 (FAX) 
tlm@talisman-energy.com 
 
OR 
 
Talisman Energy Inc. - Shareholder and Investor Inquiries 
Lyle McLeod, Vice-President, 
Investor Relations 
403-237-1020 
403-237-1902 (FAX) 
tlm@talisman-energy.com 
www.talisman-energy.com 
 
OR 
 
Mitsubishi Corporation - Media and General Inquiries: 
Shunsuke Nanami, Manager 
Press Relations Team, Corporate Communications Dept. 
+81 (3) 3210 3917 
+81 (3) 5252 7705 (FAX) 
shunsuke.nanami@mitsubishicorp.com 
 
INDUSTRY:  Energy and Utilities-Oil and Gas 
SUBJECT:   JVN 
 
 
 
 
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