Talisman Energy to acquire Paladin Resources

Canadian oil and gas firm Talisman Energy Inc said it had reached an agreement with UK-based firm Paladin Resources on the terms for the acquistion of the latter's whole issued and to be issued shares.

Under the agreement, Paladin's shareholders will be entitled to receive 355 pence per Paladin Share in cash. The existing issued share capital of Paladin is valued at approximately ?1,218 million or about US$2.14 billion.

Talisman estimates Paladin?s proved plus probable reserves at approximately 190 million of oil equivalent.

Paladin has production and exploration assets in the U.K., Danish and Norwegian North Sea, Australasia, Gabon, Indonesia, Romania and Tunisia.

Paladin's Indonesian assets are the South East Sumatra PSC (SES) and the Offshore North West Java PSC (ONWJ) areas, where the company holds 7.48 percent and 2.45 percent of working interest respectively. (Robert)