The well discovered oil in two reservoir intervals; an upper high quality reservoir, with 20m of net oil pay, tested at a rate of 8,500 bopd of 41 degree API oil; a lower reservoir interval, with 15m of net oil pay, tested 2,800 bopd of 48 degree API oil. The combined rate from both well tests was 11,300 bopd of oil.
Two sidetrack wells, drilled north and south of the discovery, penetrated the oil-water contacts and defined the limits of the field. The discovery is estimated to contain 25 mmbbls of proved and probable oil reserves and will be economic to develop.
South Angsi is fully appraised and development planning will now proceed with first production from South Angsi anticipated in mid-2005 at a gross rate of 15,000 to 20,000 bbls/d.
A large new 3D seismic survey was acquired in Block PM-305 in 2002 and additional exploration opportunities will be evaluated for drilling in 2004.
"The South Angsi discovery will allow us to establish a second producing PSC in Malaysia and represents a key step in our strategy to grow our Malaysian business.
"Talisman's development project on Block PM-3 CAA is now 75% complete with significant increases in volumes expected during the fourth quarter of 2003," said Dr. Jim Buckee, president and chief executive officer.
Talisman holds a 60% interest in Block PM-305 and the remaining 40% interest is held by Petronas Carigali Sdn. Bhd., the exploration and production subsidiary of Malaysia's state owned Petronas.
