Talisman Energy Inc. (TLM.TO,TLM) announced that it has substantially increased its landholdings in two of the top unconventional natural gas plays in North America and is increasing its development programs.
The company said it has been successful in doubling its Tier 1 unconventional acreage in the Pennsylvania Marcellus and the Montney shales over the past few months. Recognizing that not all shale acreage is created equal, the company defines Tier 1 as top quality acreage with an expected full cycle breakeven of approximately $4/mcf. In these two plays alone, the company added 170 thousand net acres through a combination of acquisitions and swaps for C$570 million.
The Company now holds approximately 350 thousand net acres of Tier 1 land in these two areas, with the potential for 4,800 net drilling locations.
The Company started the year with 140 thousand acres in the Pennsylvania Marcellus, 90 thousand of which the Company internally high-graded as Tier 1 acreage. Through a combination of land acquisitions and land swaps, Talisman has added over 90 thousand Tier 1 acres in the Pennsylvania Marcellus shale year-to-date, doubling its Tier 1 acreage to approximately 180 thousand acres. Talisman believes it has approximately 1,800 net well locations on this acreage.
The Company expects a full cycle breakeven on this Tier 1 acreage of approximately US$4/mmbtu.
The Company started the year with 178 thousand acres in the Montney shale, 85 thousand of which were internally high-graded as Tier 1 acreage. Talisman believes it has approximately 3 thousand net well locations on this acreage. In total, Talisman currently holds 270 thousand net acres in the Montney shale.
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