Talisman farms-out explorations blocks to Total

Canadian oil, gas firm Talisman Energy reported on Thursday that it has signed deal to farm out three of its offshore exploration blocks in Makassar Straits to French giant Total SA.

The company did not provide further detail, but said that the percentage of interest it farmed-out on each block was between 33-50 percent equity.

?Total is the largest gas producer in Indonesia and brings significant deepwater experience and potential access to markets,? the company said.

The farm-out agreement is subject to government approval.

Talisman has an operated 70% interest in the South Sageri PSC, an operated 60% interest in the Sadang PSC, and a non-operated 33% interest in the South Mandar PSC.

The company reported that seismic acquisition in Sageri PSC was completed in the second quarter, and the company is on target to spud the Lempuk well in the third quarter. (alex)