Canadian independent Talisman says it will keep its 35% stake in Block 405a in Algeria’s Berkine Basin due to “significant relationship reasons” with Indonesian state firm Pertamina. Pertamina in December paid $1.75bn to buy ConocoPhillips’ 65% operator’s stake (implying a $613mn valuation for Talisman’s share).
Talisman’s relatively small non-operated Algerian stake stands out in its portfolio as the company’s only North African interest, and Talisman had previously been rumored to be looking to sell. Recent heightened Algerian instability only increased investors’ quizzing of company management as to if and when the company will quit the “non-core” asset. (CONTINUED - 491 WORDS)