Approval to drill well at Cape St. George

Dr. Rex Gibbons, Minister of Natural Resources, announced today that Talisman Energy Inc., as operator, has been granted approval to drill a well at Cape St. George, Port au Port Peninsula, by the Department of Natural Resources and the Canada-Newfoundland Offshore Petroleum Board. Drilling of the well, to be known as Talisman et al Long Range A-09, is expected to begin early this week.

This well is projected to be drilled to a total depth of 3600 metres and take up to six months to complete. This directional well will be drilled from an onshore location at Cape St. George to an offshore location beneath St. George's Bay. Drilling operations will be conducted by a rig operated by Noble Drilling (Canada) Limited which was released from the Hunt-Pan Canadian Long Point M-16 wellsite on January 22, 1996.

Contact: David Hawkins, Director, Petroleum Resource Development, Department of Natural Resources, (709) 729-2323; or John Fitzgerald, Chairman (Acting) Canada�Newfoundland Offshore Petroleum Board, (709) 778-1452.