Talisman announces first production from Rev Field

Canadian oil and gas producer Talisman Energy Inc. on Monday announced first gas production from the Rev Field in Norway, which is expected to produce at a plateau rate of 100 million cubic feet per day of gas and 6,000 barrels per day of condensate and natural gas liquids from two subsea wells.

A third producer, the Rev East well, is expected to be brought on-stream later in 2009. The company said it estimates its share of proved and probable reserves in the Rev Field at year end 2007 at about 26 million barrels of oil, with proved reserves of 16 million barrels of oil.

Talisman Energy Norge AS, a wholly owned subsidiary of Talisman Energy Inc., has a 70 percent stake in the field and Petoro AS holds the remaining 30 percent. Production is transported through a pipeline to the Armada platform in the UK, operated by BG International Ltd., for processing and final export to the UK.

Shares of Talisman rose 22 cents, or 2.3 percent, to $9.73 on Monday.