One of the lead stories from S-House today!

Talisman Energy flows oil from Kurdamir-2 Well

Talisman Energy Inc. said it has a significant accumulation of light oil in the Kurdamir-2 well in the Kurdistan Region of northern Iraq.

Oil with significant flow rates has been found in the lower part of the Oligocene formation.

According to the Talisman Energy press release, this zone tested at stabilized rates of up to 3,450 barrels of oil per day of 38 degree API oil and 8.8 million cubic feet per day of natural gas over a two-day period.

The results of this test confirm the presence of an oil column of at least 146 metres in the Oligocene reservoir, with no evidence yet of the oil-water contact level.

Plans are underway to drill an appraisal well, Kurdamir-3, adjacent to this discovery, in early 2013.

Talisman is operator of the Kurdamir Block, with a 40% working interest. Joint venture participants include WesternZagros Ltd., with a 40% working interest, and the Kurdistan Regional Government, with a 20% carried interest.

Talisman Energy Inc. is a global upstream oil and gas company, headquartered in Canada.

On Monday morning, Talisman Energy was trading at $11.06 a share. The company has a market cap of $11.4 billion, based on 1 billion shares outstanding. The 52-week high and low was $14.69 and $9.72 respectively.