Operations: three core areas + global exploration. . .

Southeast Asia
North Sea

North America

Self funding
Sustainable cash flow built in growth
Oil price leverage
Norway exploration
Growth through
Unconventional gas

. . .provides a balanced portfolio

2008 Production 2008 Commodity Exposure

Other
5%
Gas
SE Asia 36%
21% North
America
42% Oil
52%

Oil
North
Linked
Sea
Gas
32%
12%

North America 10yr ROACE (%) International Portfolio 10yr ROACE (%)
Commodity Price US$/mmbtu Commodity Price US$ WTI
40% $4 40% $40

30% $6 30% $60

$9 $90
20% 20%

10% 10%

0% 0%

-10% -10%
Conventional Unconventional North Sea SE Asia

January 2010 www.talisman-energy.com Page 1 of 35

 Robust strategy – a clear business strategy to
unlock value

Establish Long-term Profitable Growth

1 • North America shale gas
• Southeast Asia

Reposition International Exploration Portfolio for Renewal

2 • Support existing core areas
• Build new production areas

Focus Portfolio to Generate Cash for Re-investment

3 • Maximize value from existing mature assets
• Exit non-strategic areas

Strategy drives lower F&D costs. . .

2008 % Undeveloped reserve bookings

60

38 40
33

18

Talisman Unconventional Gas Peers

North America

Talisman 5 year historical F&D Cost (C$/boe)

23.5
20.3 20.2

10.9

SE Asia North Sea North America Total

January 2010 www.talisman-energy.com Page 2 of 35

 . . .and longer reserve life

Reserve Life Index 2008 2008 Year End 2P Reserves

Years 2.5 Billion boe

9 15–20
Unconventional
North America Gas
13 4%

9
North Sea
15
Oil
Gas
46%
50%
14
SE Asia
22

1P
2P
Typical Industry Unconventional
1P Range

People and organizational changes

• Building the Senior Team

– Five new EVP’s
– New SVP Shale, VP’s HR and HSE

• Enhancing Functional Capacity

– HSE: New board committee, global standards, performance management
– Talent and career development
– New Long Term Incentive Plan
– Project management

• Organization to drive focus

– UK operations delivery
– NAO unconventional

January 2010 www.talisman-energy.com Page 3 of 35

 Strategy scorecard – delivery

2008 Promises. . . . . .delivered

Project Delivery Norway: Rev, Yme • Rev, Yme (expected 2H10)
(First Production)
UK: Tweedsmuir Phase B, Affleck

SE Asia: Song Doc, Northern Fields

• Tweedsmuir ‘08, Affleck 3Q09

• Song Doc, Northern Fields Gas and Oil


Gas and Oil

Disposals North America: Lease 10, non-core assets • Lease 10, Midstream, Non-core conventional and
unconventional

UK: Core and non-core assets • Netherlands, Beatrice, UK Core (on hold)

SE Asia: Australia • Australia (on hold)

Other: Trinidad and Tobago • Trinidad and Tobago, Denmark, Yme Dilution 
Exit: 35–45 mboe/d, $1.5–2.0 Billion 38 mboe/d, $3.2 Billion to date

NA Evaluate five unconventional plays and • Evaluated five plays, 270–290 wells drilled/planned
drill 240–290 wells
Unconventional


Capital: $2.5–$3.0 Billion • $3.4 Billion, including land

Exploration Key exploration wells: 27 • 25 wells drilled and two currently drilling
• Discoveries: Kitan, Grevling, Huron, Godwin, Shaw,
Kurdamir
• Successful appraisals: Hai Su Den, Situche

Bid Rounds: Norway, others
• Four blocks Colombia, Block 158 Peru, Blocks K-44,
K-39 and K-9 KRG (Kurdistan), three Barents Sea

blocks, Blocks 133 & 134 Vietnam, Andaman III Block
Indonesia, Sabah blocks SB309/SB310 Malaysia,
ten blocks PNG

Success in focusing the portfolio

Focus the Portfolio Additional Levers

Sales price
Name Completion Talisman continues to look at
($C Million)
opportunities to focus the portfolio
Denmark  $95

Lac La Biche  $250

• Tunisia
Lease 10  $90

Netherlands  $595 • North America non-core

Bakken  $710

Trinidad and Tobago  $380

Midstream  $300

NA Conventional  $660

Yme dilution  $90

Total $3,170

January 2010 www.talisman-energy.com Page 4 of 35

 Strong investment grade ratings. . .

Debt to Debt + Equity Debt to Trailing Twelve Month Cash Flow

Percentage Ratio
60% 1.5 x

40% 1.0 x

20% 0.5 x

0.0 x
0% 0.0 x
2004 2008 3Q 2004 2008 3Q
2009 2009

. . .with low leverage relative to peers and good liquidity

Debt to Trailing Twelve Month Cash Flow Available Liquidity

C$ Billion
3.5x
$7
Peer companies

3.0x
$6

2.5x
$5

Average = 1.96x
2.0x
$4
Average = $3.3 Billion
1.5x $3

1.0x $2

0.5x $1

0.0x $0
Talisman Talisman

3Q 2009 Disclosure

January 2010 www.talisman-energy.com Page 5 of 35

 North America growing a material position in the
best rocks. . .
Contingent
Gross Acres Net Acres OGIP Resource
thousands thousands Net tcfe Net tcfe
3,677 2,657 132 30

Other 331
331 2,510 58
3,180
Montney Marcellus
793 17.7
Marcellus 951 9.8
951
1
124

31

Montney 833 599

833
49 Outer
Outer 436 Foothills
558
Foothills 558 Other 2.3
3 0.2

Québec 1,004 771 48

May May May

2008 2008 2008

May 2009 Disclosure

. . .and is repositioning into the best rocks to ensure

we are the low cost producer

Estimated North America gas supply costs

Supply cost
(US$/mmbtu
12 NYMEX)
North America
Strategic Shift
10

0
Conventional West TX Woodford Haynesville Fayetteville
Barnett Utica (8–12 bcf/well) Marcellus
Muskwa Montney

Plays where Talisman has material positions

Other North American plays
Source: Tristone Capital Feb 2009

January 2010 www.talisman-energy.com Page 6 of 35

 SE Asia is a great place to do business

2P Reserve Life Index

• Returns are stable and
Years
predictable
22
16 15 –Downside commodity price
13 protection

• Long Life Assets

5 year F&D ($/boe)
Excluding Price Revisions –Extended production profiles
23.5 –Materiality
20.2 20.3

10.9

• Material Growth
–Current portfolio has built in
growth
OPEX ($/boe)
2004–2008 Average
–Large accessible YTF resources
17.5

9.7
7.0
• Competitively Positioned
4.5
–Well established relationships
–Staff in five countries
Total North North Sea SE Asia
America
–Incumbent advantage

Growth in SE Asia ca. 10% per annum over next 5 years

SE Asia production Future projects

Rate (mboe/d)
Vietnam
160
Oil • Nam Con Son gas
• Cuu Long
Gas
ca. 10% Indonesia
• Makassar Strait
120
• Tangguh Phase 2
• Song Doc • Andaman III Block
• PM-3 IOR Malaysia
• HSD/HST oil • Sabah Blocks
80 16% • Kitan oil Papua New Guinea
• Lowland Gas
Commercialization

40 • Corridor additional gas

• Northern Fields
• Tangguh Phase 1

0
2002 2008 2013
CAPEX
269 316 235 305 331 512 767
($C Millions)
Free Cash Flow
(82) (82) 195 220 361 122 5
($C Millions)

January 2010 www.talisman-energy.com Page 7 of 35

 UK provides a strong profitable base and leverage
to high oil prices

Free Cash Flow Netbacks and ROACE

(C$ Billion) C$/boe % ROACE

1.5 100 40
Forecast Performance
$65/bbl ROACE
$55/bbl
75 30
1.0

50 20

0.5
25 10

0.0 0 0
2005 2008 2009 2005 2008 2009

UK - resetting the cost base

UK unit operating costs

C$/boe
30

25

20

15

10
2004 2005 2006 2007 2008 3Q 2009
YTD

January 2010 www.talisman-energy.com Page 8 of 35

 Exploration – Building the Portfolio. . .

Norway
UK North Sea

KRG (Kurdistan)

Vietnam
Malaysia
Colombia Indonesia
Peru PNG

Build New Production Area

Support Existing Production Area

. . .and Positioning for Renewal

Exploration Capital Expenditures & Average Prospect Size

Percent of Capital Expenditures mmboe
100% 80

60
2009-2013 Exploration targets:
• ca. 600 mmboe resource adds in 5 years
50% 40 • Less than $5/boe Finding Cost
• ca. C$600MM capital budget per year
20

0% 0
2007 2008 2009E 2010E 2011
Target

Build New Production Area

Support Existing Production Area

Average prospect size
(working interest resource estimate)

January 2010 www.talisman-energy.com Page 9 of 35

 2010 Corporate Outlook

Priorities for 2010

1. Accelerate portfolio transition
2. Maintain focus on returns and profitability
3. Continue to build organizational capacity

Capital program C$5.2 Billion

• Fund from cash flow, asset sales, balance sheet strength
• Scalable up and down
• Includes $300 Million non-cash capital lease

2010 production approximately flat with 2009

• NA shale gas and SE Asia gains offset declines in NA conventional & UK,
and impact of 2009 asset sales
• Marcellus shale: 250-300 mmcf/d 2010 exit rate, up from 65 mmcf/d yr end 2009
• Montney shale: 40-60 mmcf/d 2010 exit rate
• Growth expected from 2011
• NA shale gas emerging as growth driver

2010 Activity

North America
• Marcellus shale: drill 170 wells
• Montney shale: drill 35-40 wells (development/pilot)
• Quebec: continue piloting activity
• Non-core conventional asset dispositions

North Sea
• Auk North & South, Burghley, Yme development
• Infill drilling

SE Asia
• HSD/HST and Kitan development
• Malaysia infill drilling and platform upgrades
• PNG appraisal

International Exploration
• 10 new core area wells
• Colombia (2), Peru (1), Kurdistan (2), Makassar Strait (2), PNG (3)

January 2010 www.talisman-energy.com Page 10 of 35

 Capital expenditures increased in 2010 to support
strategic transition

Cash Capital Expenditure

C$ Billion

5.2
4.9
4.5
NA Unconventional

NA Conventional
Other
SE Asia
Norway

UK

International Exploration

2008 2009E 2010E

Key milestones

2009 2010

Projects for •Burghley •HSD and HST

sanction •Kitan

Projects •Rev •Yme

(First Production) •Northern Fields (oil) •Corridor additional gas sales
•Affleck

Unconventional
Marcellus •Six rig development - drilled 53 wells •Drill 170 net wells
Montney Core •Drilled 21 wells
Montney Shale •Three pilot areas •Drill 25 horizontal development wells and
10-15 pilot wells
Quebec •Commence horizontal pilots •Complete and test four horizontal pilot wells

Divestments
Continue non-core divestments

Key Exploration •Huron •Pasangkayu (2 wells)

Wells •Godwin •Runtusapa
•Grevling •K-44 Well 3
•Situche •PNG Lowland (3 wells)
•Kurdamir •Grevling Appraisal
•Shaw

January 2010 www.talisman-energy.com Page 11 of 35

 Summary

• Strategy aimed at:

– Reducing F&D North America shale gas
– Extending Reserve Life SE Asia
– Profitable growth Material exploration successes

• Operational progress being made in all areas

– Improving execution in NAO
– Project delivery in SE Asia (Northern Fields, Song Doc, Corridor)
– Discoveries in Exploration (Kitan, Grevling, Huron, Godwin, Shaw, Kurdamir)
– C$3.2 Billion from divestments

• Positioned for growth

– 30 tcf contingent resources in NAO
– SE Asia ca.10% over next 5 years
– 2010 Capital budget at C$5.2 Billion but flexible up or down

• Strong balance sheet

– Approximately C$4.8 Billion liquidity at end 3Q 2009
– Debt to cash flow of 0.85x at end 3Q 2009

Appendix

January 2010 www.talisman-energy.com Page 12 of 35

 2010 Hedging Program

Oil North American Gas

75,000 bbl/d in collars 1H 2010

• 28,000 bbls/d @ ~US$52/US$80 • 335 mmcf/d @ ~C$6/C$7.25 (AECO)

• 25,000 bbls/d @ ~US$71/US$90 2H 2010

• 22,000 bbls/d @ ~US$50/US$60 • 240 mmcf/d @ ~C$6/C$7.50 (AECO)

• 100 mmcf/d @ ~US$5.50/US$6.50 (NYMEX)

January 11, 2010 Disclosure

Our growing unconventional base provides a

structural advantage to drive lower F&D costs

2008 North American Year End Resources 2008 % Undeveloped Gas Reserve Bookings
% PUD
60

10%
Proved
reserves
3.6 tcf
40
38
5% 33
Probable
reserves
1.6 tcf
18

85%
Contingent
Talisman
resource Unconventional Gas Peers
North America
30 tcf

January 2010 www.talisman-energy.com Page 13 of 35

 The Marcellus Shales – large contiguous land base

Marcellus Development Metrics

Net Acres – PA 214,000

Net Acres – NY* 647,000

Spacing (acres/well) 80
Marcellus Shale Fairway
TLM Shale Acreage
Major Pipelines
2010 Secured Egress Capacity (mmcfe/d) ~ 200

Talisman Updates Industry Perspective

• Focus on Pennsylvania • Talisman top three in resource potential
• Full scale development initiated • One of the top two shale plays in North America
• D&C optimization ongoing •IRR: 10% - 35% ($4.50- $8.50 NYMEX)
• Water management plans in place for 2010 •Breakeven gas price US$/mmbtu 3.50 – 4.50
• Majority of permitting in place for 2010 • Total basin OGIP up to 500 tcf
• Egress ramping up to 400 mmcf/d
Source: BMO January 2009, Tristone October 2008, Ross Smith
Energy Group 2008, First Energy Capital Corp January 2009

* May 2009 Disclosure

Marcellus Shales - demonstrating ability to execute

Pennsylvania Horizontal Wells

Rate (mmcf/d)

7.0
2 bcf 4 bcf 6 bcf
6.0 2008 2009
## Well Number

5.0 # Wells (Gross) 6 53

15
15 Exit Production Rate (mmcf/d) 5 65
4.0
Horizontal Well Metrics
3.0
D&C Cost per Well (US$ Million) 6.5 – 7.5 3.4 – 5.5

2.0 EUR per Well (bcfe) 2.5 – 3.5 3.0 – 6.0

30 Day IP per Well (mmcfe/d) 2.0 – 3.0 2.3 – 5.0

1.0 11

0.0
0 50 100 150 200 250 300
Days

Operational Highlights
• 27 horizontal wells on stream (23 Op + 4 Non-Op) – on average exceeding 3.5 bcf type curve
• Current production of 65 mmcf/d (sales gas)
• 2010 program has commenced with six rigs
• 2010 target exit production rate of 250 - 300 mmcf/d

January 2010 www.talisman-energy.com Page 14 of 35

 Marcellus Shales – driving to top tier execution

Marcellus D&C Cost Reductions

D&C Cost (US$ Million) Key cost reduction levers

8.0 • Lean operations

• Pad drilling and pre-set rigs
Data acquisition and well
evaluation • Optimizing water management plan
7.0
• Supply management negotiations
Applied Drilling Learnings

6.0 Improved completion techniques

Hole stability management
Supply Chain

5.0 Stage Pad Drilling

Completions Logistics
Invert Drilling Fluid
Operational Improvements
4.0 Facility Standardization

3.0
First Fourth Last Target
Well Well Well

US$7.5 US$5.6 US$4.3 US$3.9

Marcellus Shales – driving to top tier execution

Drilling Costs Completion Costs

(US$ Million) (US$ Million)
5.0 5.0
4Q Target
4.0 Actuals 4.0

3.0 3.0

2.0 2.0

1.0 1.0

0.0 0.0
Wells Wells

Drilling Performance – Cost vs. Depth

(ft thousands)
0
## Well Number
2
• Lean well delivery

4 • Drilling costs already below initial

2009 target
6
.

8
19
19 11
10

12
14
0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
$US Million
January 2010 www.talisman-energy.com Page 15 of 35
 Montney - proven and expanding play

Key Metrics Montney Core Montney Shale

Dev Pilot

Net Acres 369,000* 270,000

Spacing (acres/well) 110-220 80

Secured Egress Capacity mmcfe/d  320

Talisman Updates Industry Perspective

• 21 horizontal wells drilled in Montney Core (2009) • Talisman top tier resource potential
• Shale wells tested with encouraging results • One of the largest economically viable resource plays
• Excellent industry and stakeholder relationships in North America
• Incorporating learnings and technology to reduce costs and •IRR: 10% - 66% (US$4.50 - $8.50 NYMEX )
improve well efficiency •Breakeven gas price US$/mmbtu 3.50 – 4.50
• Total basin OGIP up to 600 tcf

Source: BMO January 2009, Tristone October 2008, Ross Smith

Energy Group 2008, First Energy Capital Corp January 2009

* May 2009 Disclosure

Montney Core – development success

Horizontal Well Production History

Rate (mmcf/d)
7.0

6.0
4 bcf Type Curve 2009 2009
2008
3 bcf Type Curve Target YTD*
5.0
# Wells (Gross) 52 25 17

4.0 Production (mmcfe/d) 35 42

Horizontal Well Metrics

3.0
D&C Cost per Well (C$Million) 4.9 – 9.3 4.5 3.5 – 5.4

2.0 EUR per Well (bcfe) 2.8 – 3.0 4.0 3.0 – 4.0

30 Day IP per Well (mmcfe/d) 1.5 – 4.4 2.6 4.0

1.0

0.0
0 50 100 150 200 250 300 350 400 450
Days

Operational Highlights
• Leading horizontal driller
• Significant strides in reducing costs; targeting <C$4/mcf breakeven
• 15 horizontal wells currently on stream – on average exceeding type curve
• Most recent five horizontal well test rates averaged 4.0 mmcf/d

* 3Q 2009 Disclosure

January 2010 www.talisman-energy.com Page 16 of 35

 Montney Core – top tier operational performance

Montney Drilling Time per Well

Days per Well

50 Competitors
Talisman

140 22
wells wells
25 • Lean Well delivery driving top tier
performance metrics

• Learning faster
0
Wells 1-5 Wells 6-20 Last Well • Developing faster

Montney Drilling Costs per Well • 50% lower costs

Cost (C$ Million)
5.0

4.0

3.0 50%

2.0

1.0

0.0
Wells 1-5 Wells 6-10 Wells 11-15 Wells 16-20 Last Well

Lean process is delivering significant opportunities to

accelerate the well delivery and increase asset value

Montney Well Delivery Cycle Time

Target

Site selection 50% Cycle Time Improvement

• Creating flow and
eliminating waste across
Survey
the business
Land & License

Construction • As much a cultural change

as a business redesign
Drill

Complete
• Creating an engaged and
Tie-in
motivated workforce

0% Lead time % Improvement 100%

Current performance
Starting performance

January 2010 www.talisman-energy.com Page 17 of 35

 Montney Shale pilot – early success

Neutron Gas
GR
Metrics (Pilot) Density
Porosity
Saturation

Number of Pilot Areas in 2009 3 Upper

Montney

Number of Wells Drilled in 2009 (Gross) 19

Lower
Montney

Pilot Well Results

Operational Highlights 6
Rate (mmcf/d)

• Expect to move segments of the play to commercial 5

development in 2010 4 bcf Horizontal Type Curve
4 1 bcf Vertical Type Curve
• Initial test rates exceeding expectations
• Initial egress in place and processing strategy initiated 3

0
0 20 40 60
Days

Proving Québec - extensive land position

Key Metrics
Net Acres 771,000*

Gross Earning Wells drilled 6

Planned Horizontal Wells - 2010 3

Secured Egress Capacity Available on TQM

Industry Perspective
Acres following earning

Talisman Updates Early Success (Vertical Wells)

• Largest land position in most prospective shale fairway Earning Well / Partner Name Test Rate (mcfe/d)
• Currently completing first horizontal well and drilling second St Francois Du Lac #1 Not tested
• Proven we can systematically fracture Utica formation Gentilly / Questerre >800
• Long term growth opportunity La Visitation / Questerre >300
• Actively building government and industry relationships
Saint-David / Questerre >400
• Excellent proximity to premium markets
Leclercville / Intragaz 900
• Earning wells demonstrate opportunity
Saint-Edouard / Questerre 700
* May 2009 Disclosure

January 2010 www.talisman-energy.com Page 18 of 35

 Other North America Assets – historical results

Production Capital (excluding land)

mmcfe/d C$ Million

Dispositions
1,500 Conventional excl Dispositions 2,000

1,500
1,000

1,000

500
500

0 0
2000 2008 3Q 2000 2008 3Q
2009 2009
YTD YTD

• Optimize between value and free cash flow

• Dispose of non-material assets to fund unconventional areas
• Manage costs in low commodity price environment

Key SE Asia projects delivered

1 Malaysia, PM-3: Northern

Fields oil & gas production
Thailand
Vietnam
Philippines 2 Vietnam, Song Doc:
6 On production
2 3
8
9 1 Malaysia 9
3 Vietnam, 15-2/01: Hai Su Den
basement discovery & appraisal
4 Papua New
9 Guinea
Indonesia 4 Indonesia, Corridor: Full year
9 West Java gas sales

# Growth Areas (5-9)

Australia

January 2010 www.talisman-energy.com Page 19 of 35

Malaysia/Vietnam - PM-3 CAA Northern Fields
demonstrating project capabilities

Legend
Vi Oil Producing Platform
M etn
al
ay am Gas
Future Platform
si
a
Song Doc Prospects

Gas export to
Ca Mau, Vietnam

Northern
Southern
Fields
Fields

Gas export to
PM-3
Resak, Malaysia

• Talisman 41.4% WI (Operator)

• C$1.6 Billion project (4 Platforms, FSO, 50 wells and 100+ km of subsea pipelines)
• Early Gas on production Q3 2008, Oil on production Q1 2009, Dry Gas Q2 2009
• Increasing PM 3 CAA gross liquid production to 45,000 bbl/d and gas production to 290 mmcf/d
• PM-3 working interest 2P reserves: 154 mmboe

Vietnam - Song Doc Development

Leveraging existing knowledge and infrastructure

Legend
Vi Oil Producing Platform
M etn
al
ay am Song Doc Gas
Future Platform
si Prospects
a

Gas export to
Ca Mau, Vietnam

Northern Southern
Fields Fields

Gas export to
PM-3
Resak, Malaysia

• Talisman 30% WI (JOC Operator)

• C$110 Million project (wellhead platform and leased FPSO)
• First oil delivered on budget in November 2008
• Song Doc working interest 2P reserves: 5.4 mmboe

January 2010 www.talisman-energy.com Page 20 of 35

 Indonesia - Corridor
Long life, low cost asset with significant upside. . .

Duri
Singapore

Sumatra

Corridor

Jakarta
Java

• Talisman working interest 36% (ConocoPhillips Operator)

• Connection to multiple markets strengthens the ability to commercialize un-booked reserves
• Talisman working interest production 250 mmcf/d (full year 2008 West Java gas sales)
• Working Interest 2P reserves: 2.4 tcfe with additional P3 reserves of 660 bcfe
• 2P Reserve life: 23 years

. . .strong growth with good price realizations

and netbacks

Corridor Gas Production 5yr Average Corridor Netback Realization

mmcf/d ($/mcf)

300
$8.73 $2.79

200 19% $0.81

$0.30
$5.13

100

0
2002 2008 3Q Realized Royalties Opex Netback
2009 Price
YTD

January 2010 www.talisman-energy.com Page 21 of 35

 SE Asia provides access to large-scale opportunities
and Talisman continues to build the portfolio

# Projects delivered (1-4)

5 Malaysia: Built-in growth with

Thailand IOR projects
Vietnam
Philippines
6 6 Vietnam Cuu Long Basin:
2 3 Emerging core area
8
9 Malaysia 9
5
7 Indonesia, Corridor: World-
class asset with significant un-
7 Papua New booked reserves
9 Guinea
8 Vietnam, Nam Con Son
Indonesia
Basin: Building new core
9 exploration base

9 Exploration: Makassar Strait

and Offshore North Sumatra,
Australia Indonesia; Onshore and
Offshore PNG; Offshore
Sabah, Malaysia

Malaysia - PM-3 Improved Oil Recovery project

leverages Talisman’s core strengths
PM-3 South incremental IOR Production
Rate (mboe/d)
12
Phase 2
Typical reservoir cross section
Phase 1 over 800 meters thick
10

0
2009 2010 2011 2012 2013

• Development Optimization of the PM-3 CAA Southern Field’s main oil reservoirs
• Improve average oil recovery factor from 25% to 35% via re-completions, infill drilling and
water injection
• Offsets natural field production decline
• Targeting 53 mmbbls 3P reserves and additional prospective resources

January 2010 www.talisman-energy.com Page 22 of 35

 Vietnam - Block 15-2 HSD/HST Early Production
Scheme (EPS) leverages in-house capabilities

productio
Block 15-2/01 JOC
n HSD

Legend
Oligocene Clastic Reservoir
Basement Reservoir
Gas Export HST Future Development area

EPS Platform

Future Platform

• Talisman WI 60% (JOC Operator)

• HST (Hai Su Trang) clastic reservoir and HSD (Hai Su Den) basement reservoir is a phased development
• Early Production system to focus on HSD (Block B) and HST development
• Sanction 1H 2010 targeting 52 mmboe 2P reserves
• First oil in 2012 with peak production around 35,000 boe/d
• Estimated Capital spend approx. $1.0 Billion

HSD/HST basement structure appraisal

Early development
Schematic

HST-1X & ST HSD-4X

HSD-1X
HSD-5X HSD-2X & ST
1P
HSD-3X
2P
3P
Clastic section

South North
basement

Spill point: -4050 m

Granitic

Block A Block B Block Block D Block E

10 km C

• Large basement structure: 62km2

• Appraisal and exploration drilling will define the next phases of development
• Additional exploration opportunities have been identified

January 2010 www.talisman-energy.com Page 23 of 35

UK in context – projected resources 25 Billion boe with
Talisman’s hubs strategically placed in Central North Sea
North Sea projected 25 Billion boe remaining resources 2008 2P Reserve
Production Life Index
mboe/d Years

Northern
North Sea
19%

25 50
West of Central
Billion 51%
Shetland 14% North Sea 14
boe

Irish 3% Flotta Hub

13%
Sea

Southern
North Sea

Northern
North Sea Central 33

West of North Sea 6

Shetland Flotta
Hub MonArb Hub
MonArb
Hub

Fulmar
Hub
Irish 22
Sea 14
Southern
North Sea Fulmar Hub
Source: Oil & Gas UK March 2009, DECC

Auk South redevelopment / Auk North development

Auk North Development
• 2P 17 mmboe reserves
• Drill and complete 3 subsea horizontal
producers (in progress) Install subsea
manifold, pipelines and riser (2010 /
Auk North
2011)
Target Area
• Install topsides reception facilities on
Fulmar (2010 / 2011)

Schedule
Auk South Redevelopment
• Project Sanction: October 2008 • Auk rejuvenation to access
• First Oil: 2011 29 mmboe 2P reserves

• Peak production 10 mboe/d • Field life extension

• Drill 9 wells and 3 re-completes
Auk • New integrated drilling deck, living
Northern Drained Area quarters, and power from Fulmar
North Sea
Central
North Sea

Schedule
• Project sanction 4Q 2008
Auk South • First oil 2012

Fulmar
Target Area • Peak production 11 mboe/d
Hub

January 2010 S th www.talisman-energy.com Page 24 of 35

 Central North Sea Exploration focus drives expansion
of strategic hubs
Montrose / Arbroath Hub

Cayley
Flotta Montrose

Flotta Godwin
Fiddich
Hub Arbroath
Wood
Exploration
2 wells drilled Brechin
(1H 2009) Shaw Arkwright

Talisman Fields
Talisman Recent Discoveries
MonArb Discoveries/Prospects/Leads

Aberdeen
Hub Export Pipelines

Fulmar Hub
Exploration
1 well (2010)
Fulmar
Hub Flyndre

Cawdor

No
Halley

rw
2008 year end reserves and resources Fulmar

a
MonArb Fulmar

y
(mmboe)
Orion
Clyde Affleck
2P reserves 72 112
P3 reserves 40 42 Auk

Unrisked prospective resource 272 86

Yme redevelopment project

Storage tank 
– installed
Drilling 
– on track
Subsea installation 
– mid ‘09
First Oil – 2H 2010

Topside in construction yard

Topside in construction yard

January 2010 www.talisman-energy.com Page 25 of 35

 Exploration success at Grevling and entry into Barents

Near Term
Talisman acreage
• Grevling discovery (15/12-21)
• Tested oil from 3 formations
• Evaluating development options
PL490 – 10%
• Norwegian Petroleum Directorate PL531 (Veslemoy) PL491 – 20%
estimates 40-130 mmboe 20th Round Award Feb ’09
(25% equity) Strategic entry
recoverable reserves

Snøhvit

Goliat

Norway
Grevling

Long Term
• Entry into Barents Sea through 20th Round award
Varg and acreage swap (1Q 2009)
• Access to large prospects to replenish Norway
exploration inventory
• Veslemoy – 1 commitment well planned in 2012

Global Exploration - A two-pronged approach

to renew the resource base

• Conduct exploration programs in Colombia: Huron-1

regions with significant undiscovered
resource potential
Build New • Successful efforts will result in new
Production core operating areas
Area

• Explore in regions where Talisman North Sea: Ocean Princess

has existing production
Support • Support current production and
Existing generate near-term cash flow for
Production reinvestment
Area

January 2010 www.talisman-energy.com Page 26 of 35

 Colombia

Foothills (Niscota, Mundo Nuevo, Tangara, Block 9)

Talisman acreage
• Exploration success in the Niscota block (Huron-1)
Foothills Blocks
• Captured significant land position in foothills

Niscota Foreland (5 Blocks)

Huron-1
• Drilled first prospect in 2009 with next planned for
Cusiana Foreland Blocks
2010

Heavy Oil (Block 6, 8)

Block 12 Block 8
• Extensive land position

Rubiales
• Seismic acquisition underway
Exploration Drilling Timeline
Block 9 2009 2013
Foothills
Block 6
Foreland

Heavy Oil

Peru

• Under-explored petroleum basin with material Talisman acreage

prospectivity Block 64
• Working interest in 5 blocks Block 101
– Over 9 Million gross acres Situche
Central
– 18 prospects and leads
• Existing infrastructure near Block 64 with
spare capacity
• Situche Complex appraisal program underway
• Block 101 3D seismic acquisition commenced Block 134
Block 103
in August 2009
Block 158
Situche Central Appraisal

Situche Central Appraisal

January 2010 www.talisman-energy.com Page 27 of 35

 KRG (Kurdistan) region of northern Iraq

• 40% working interest in Block 44

Talisman acreage
• Sarqala-1 drilled with oil & gas indications;
Prospects currently suspended

Green • Kurdamir-1 spudded in May 2009

Line
– Significant gas condensate discovery

• Decision to enter Block 39 PSC in 2Q 2010

Block 39
Block 9 – Potential 60% earned interest in Block 39

• 2D seismic acquisition completed on Block

39 in 2009
Kirkuk Field • Acquired operatorship in Block 9
Kurdamir-1
(55% earned interest) and will commence
Block 44 Sarqala-1
2D seismic acquisition in 2Q 2010

Block 39 Seismic Acquisition

Indonesia – Makassar Straits

Talisman acreage • Potential for giant fields

Kalimantan
Talisman JSA • 3D seismic acquisition completed on
Pasangkayu and 2D on Sageri
Pasangkayu PSC
• Two Pasangkayu wells in 2010
• First Sageri well (south of Exxon
Sultan 1 – hydrocarbons present) to
begin drilling in Q4 2010

Makassar Strait Sulawesi • 11 prospects and leads

GSF Explorer

Sultan 1

Sageri PSC

JSA: Joint Study Area

PSC: Production Sharing Contract

January 2010 www.talisman-energy.com Page 28 of 35

 Indonesia – North Sumatra

Talisman acreage • Awarded block Q3 2009

Andaman III
• Large gas/condensate prospects
• Close to infrastructure
− Arun LNG facility has significant excess
capacity

• 3D seismic planned for 2010

Arun
• Exploration well planned for 2012
LNG Plant

Andaman III Seismic

Indonesia
(Sumatra)

Kms
0 25 50 75 100

Malaysia – Sabah

• Awarded two PSC contracts with

CoPi/Petronas Fields:
> 6 Tcf rec. working interest of 70%

Murphy/Shell Fields:
• Over 13,000 square kilometres of
> 1100 MMBO rec.
highly prospective shallow water
Malaysia acreage

Kinabalu Field: SB309 • Designated operator in both blocks

240 MMBO rec.

Samarang Field:
450 MMBO rec.

• 3D seismic program planned for 2011

SB310
• Exploration drilling currently planned
for 2012
Talisman acreage
Kms
0 25 50 75 100 Prospects and leads

January 2010 www.talisman-energy.com Page 29 of 35

 Vietnam - building an acreage position in the prolific
Nam Con Son Basin

Talisman acreage Cuu Long Basin

• Continuing to appraise Hai Su Den
Nam Con Son Basin
Block 15/2-01
• Talisman WI 38% (operator) farm-in
Hai Su Den
Blocks 133/134 – added 3.3 Million gross
acres
Cuu Long Basin
• Large gas potential allows Talisman to
Bach Ho
pursue gas-to-power strategy
• Proven hydrocarbon system in Nam Con
Son blocks - Talisman prospective
Block 133 resource up to 2 tcf

Nam Con Son

Basin

Block 134

Papua New Guinea

Talisman acreage • Gas aggregation strategy targeting 3-5 Tcf

•

• Additional ten blocks acquired in 2009

- total 15 Million gross acres
Papua New
Guinea • One offshore and six onshore discoveries

• Acquire approx. 1,000 km of 2D seismic

Highland
Area and commence exploration and appraisal
drilling in 2010

Lowland Area
(Foreland • Evaluate early condensate production
Basin)
scheme in 2010

PNG Foreland Basin

Pandora
Gas Field Planned
LNG Plant

Kms
0 60 120 180 240

January 2010 www.talisman-energy.com Page 30 of 35

 Key Historical Data
2004 2005 2006 2007 2008
Daily production, before royalties
Crude oil & liquids (mbbl/d) 228 250 262 241 224
Natural gas (mmcf/d) 1,259 1,319 1,342 1,265 1,246
Barrels of oil equivalent (mboe/d) 438 470 485 452 432

Daily production, after royalties

Crude oil & liquids (mbbl/d) 193 213 217 203 187
Natural gas (mmcf/d) 1,014 1,043 1,091 1,017 992
Barrels of oil equivalent (mboe/d) 365 390 402 373 352

Proved reserves, before royalties

Crude oil & liquids (mmbbl) 618 736 767 749 545
Natural gas (bcf) 5,223 5,417 5,403 5,464 5,338
Barrels of oil equivalent (mmboe) 1,362 1,488 1,639 1,667 1,434

Drilling activity, net wells

North America - Crude oil & liquids 137 171 194 128 91
North America - Natural gas 444 495 496 288 189
North America Total 581 666 690 416 280
North America - Drilling success (%) 94 97 98 98 100

International - Crude oil & liquids 57 51 65 73 18

International - Natural gas 3 5 18 11 9
International Total 60 56 83 84 27
International - Drilling success (%) 77 81 84 79 73

Net undeveloped land (thousands of acres)

North America 5,508 5,588 7,923 9,559 9,786
International 8,808 13,484 11,048 12,948 16,443
Total 14,316 19,072 18,971 22,507 26,229

January 2010 www.talisman-energy.com Page 31 of 35

 Key Historical Data
2004 2005 2006 2007 2008
Ratios and Key Indicators (C$ millions, except per share)
Cash flow 2,916 4,672 4,748 4,327 6,163
Net Income 654 1,561 2,005 2,078 3,519
Per Common Share
Cash flow 2.54 4.23 4.35 4.19 6.07
Net Income 0.57 1.41 1.84 2.01 3.47

Exploration & development spending 2,538 3,179 4,578 4,445 4,971

Acquisitions 330 3,170 204 317 452
Dispositions 888 22 872 1,473 100

Average Royalty Rate (%) 16 17 17 17 18

Unit operating costs ($C/boe) 7.26 8.41 9.98 12.14 13.57
Unit DD&A ($C/boe) 10.29 10.88 12.04 14.90 16.41
Return on capital employed (%) 11 19 19 18

Note: Return on capital employed = Net income plus tax effected interest / (average shareholders' equity + average debt)

Balance Sheet Info (C$ millions)

Property, plant & equipment 10,101 13,806 17,278 17,763 19,487
Total assets 12,408 18,354 21,481 21,443 24,275
Long-term debt 2,457 4,263 4,560 4,862 3,961
Shareholders' equity 4,831 5,729 7,307 7,963 11,150

Share information, adjusted to reflect stock splits

Common shares outstanding (millions) 1,125 1,099 1,064 1,019 1,015
TSX trading info
Average daily trading volume (thousands) 2,862 3,143 3,254 2,951 3,727
High (C$) 11.70 20.83 24.84 22.67 24.92
Low (C$) 7.89 10.50 16.12 16.90 8.28
Close (C$) 10.78 20.53 19.80 18.39 12.18
NYSE trading info
Average daily trading volume (thousands) 744 1,384 2,139 2,115 4,248
High (US$) 9.55 18.08 21.62 22.08 25.71
Low (US$) 5.88 8.36 14.21 15.04 6.42
Close (US$) 8.99 17.63 16.99 18.52 9.99

Commodity Information
WTI (average US$/bbl) 41.40 56.70 66.25 72.31 99.65
NYMEX gas (Average US$/mmbtu) 6.09 8.55 7.26 6.92 8.95
US$/C$ exchange rate (year end) 0.8308 0.8577 0.8581 1.0120 0.8166

Realized product pricing, before hedging activities & after transportation costs (gross basis)
Crude oil & liquids ($C/bbl) 46.57 61.92 68.75 73.78 96.43
Natural gas ($C/mcf) 6.02 8.03 6.95 6.73 9.01

January 2010 www.talisman-energy.com Page 32 of 35

Advisories
Forward-Looking Information
This presentation contains information that constitutes “forward-looking information” or “forward-looking statements”
(collectively “forward-looking information”) within the meaning of applicable securities legislation. This forward looking
information includes, among others, statements regarding: business strategy and plans; expected first production; planned
and potential dispositions; planned drilling, development, redevelopment, sanctioning, and exploration; targeted drilling and
completions costs; planned production growth, incremental production and future projects; forecasted free cash flow and
netbacks; planned capital expenditures and program; planned prospective resource additions and expected prospect size;
planned reduction of F&D and extension of reserves life; targeted EUR and IP; planned increases in operational efficiencies;
planned seismic acquisitions; planned hedging programs; and other expectations, beliefs, plans, goals, objectives,
assumptions, information and statements about possible future events, conditions, results of operations or performance.

The forward-looking information included in this presentation is based on Talisman 2010 capital program as announced on
January 11, 2010. Talisman has set its 2010 capital expenditure plans assuming: (1) Talisman’s production in 2010 will be
broadly the same as 2009 at around 425,000 boe/d, excluding any sales in North America during the year; (2) a US $60/bbl
WTI oil price for 2010; and (3) a US $3.50/mmbtu NYMEX natural gas price for 2010. Production estimates are subject to the
timing of development activities and include the anticipated completion of planned dispositions. The completion of any
contemplated disposition is contingent on various factors including market conditions, the ability of the Company to negotiate
acceptable terms of sale and receipt of any required approvals of such dispositions.

Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current
expectations, estimates and projections that involve a number of risks which could cause actual results to vary and in some
instances to differ materially from those anticipated by Talisman and described in this presentation. The material risk factors
include, but are not limited to: operational risks in exploring for, developing and producing crude oil and natural gas, market
demand and unpredictable facilities outages; risks and uncertainties involving geology of oil and gas deposits; the
uncertainty of reserves and resources estimates, reserves life and underlying reservoir risk; the uncertainty of estimates and
projections relating to production, costs and expenses; the impact of the economy and credit crisis on the ability of the
counterparties to the Company’s commodity price derivative contracts to meet their obligations under the contracts; potential
delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and
gas prices, foreign currency exchange rates and interest rates; the outcome and effects of any future acquisitions and
dispositions; health, safety and environmental risks; uncertainties as to the availability and cost of financing and changes in
capital markets; risks in conducting foreign operations; changes in general economic and business conditions; uncertainties
as to the availability and cost of financing and changes in capital markets; the possibility that government policies or laws
may change or governmental approvals may be delayed or withheld; and results of the Company’s risk mitigation strategies,
including insurance and hedging activities. The foregoing list of risk factors is not exhaustive. Forward-looking information is
based on the estimates and opinions of the Company’s management at the time the statements are made. The Company
assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions
change, except as required by law.

Oil and Gas Information

Reserves
Canadian securities regulatory authorities have granted Talisman an exemption which permits Talisman to provide certain
disclosure in accordance with U.S. disclosure requirements. In Talisman’s Annual Information Form dated March 9, 2009,
the Company discloses 2008 year end proved reserves in accordance with US disclosure requirements and also voluntarily
discloses 2008 year end proved, probable and proved plus probable reserves in accordance with Canadian disclosure
standards under National Instrument 51-101 ("NI 51-101"). This presentation includes 2008 year end reserves determined in
accordance with NI 51-101 which are based on forecast prices. Information on the differences between the U.S.
requirements and the NI 51-101 requirements is set forth under the heading “Note Regarding Reserves Data and Other Oil
and Gas Information” in Talisman’s Annual Information Form. The exemption granted to Talisman also permits it to disclose
internally evaluated reserves data. While Talisman annually obtains an independent audit of a portion of its reserves, no
independent qualified reserves evaluator or auditor was involved in the preparation of Talisman’s reserves data disclosed in
this presentation.

Resources
In this presentation, Talisman also discloses contingent resources, prospective resources and OGIP as at December 31,
2008. Talisman also discloses prospective undiscovered resource additions. Where not otherwise indicated, the contingent
and prospective resources included in this presentation are best estimates. Information on the high and low estimates can be
found at the end of these advisories.

January 2010 www.talisman-energy.com Page 33 of 35

Advisories
Contingent resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially
recoverable from known accumulations using established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more contingencies. In North America, the contingencies
that prevent the resources from being classified as reserves are: additional testing, production and performance appraisal
activities; demonstration of economic viability; facilities and egress; access to equipment and services; frac technology;
commodity prices and regulatory approvals. In this presentation, Talisman’s disclosures of contingent resources are stated
as best case estimates. A best case estimate lies in between a high case estimate and a low case estimate. There is no
certainty that it will be commercially viable to produce any portion of the resources.

Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development projects. Prospective resources have both an associated
chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered.
If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Talisman’s
prospective resources in the Nam Con Son Basin are partially risked for chance of discovery, but have not been risked for
chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no
certainty as to the timing of such development. Where not otherwise indicated, references to “resource adds” in this
presentation refer to unrisked prospective resources.

OGIP is defined as original gas in place and is that quantity of petroleum that is estimated to exist originally in naturally
occurring accumulations. It includes that quantity of gas that is estimated, as of a given date, to be contained in known
accumulations, prior to production. All OGIP estimates in this presentation are discovered with the exception of the OGIP
estimate for Quebec which is undiscovered. There is no certainty that any portion of the Quebec resources will be
discovered. A recovery project cannot be defined for this volume of undiscovered original gas in place at this time. There is
no certainty that it will be commercially viable to produce any portion of the resources.

Gross Production
Where not otherwise indicated, production volumes are stated on a gross basis, which means they are stated prior to the
deduction of royalties and similar payments. In the U.S., net production volumes are reported after the deduction of these
amounts. U.S. readers may refer to the table headed “Continuity of Proved Net Reserves” in Talisman’s Annual Information
Form dated March 9, 2009 for a statement of Talisman’s net production volumes.

Boe/Mcfe conversion
Throughout this presentation, barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (mcf)
of natural gas for one barrel of oil and is based on an energy equivalence conversion method. This presentation also
includes references to mcf equivalent (mcfe) which are calculated at a conversion of rate of one barrel of oil to six thousand
cubic feet of gas (1 bbl:6 mcf). Boes and mcfes may be misleading, particularly if used in isolation. A boe conversion ratio of
6 mcf:1 bbl and an mcfe conversion ratio of 1 bbl:6 mcf are based on an energy equivalence conversion method primarily
applicable at the burner tip and do not represent a value equivalency at the wellhead.

Reserves life index

Talisman discloses reserves life index (“RLI”) for each of the Company, North America, the North Sea and Southeast Asia.
1P RLI for 2008 is calculated by dividing the 2008 year end proved reserves at forecast prices by the Company’s 2008 gross
production. 2P RLI for 2008 is calculated by dividing the 2008 year end proved plus probable reserves at forecast prices by
the Company’s 2008 gross production.

F&D
In this presentation, Talisman discloses historic 5 year average finding and development costs per boe (“F&D”) for each of
the Company, North America, North Sea and Southeast Asia. The annual F&D costs for the Company and each area by
year, for the last 3 years included in the 5 year average are as follows: Company: 2008-$42.83, 2007- $25.85, 2006-$21.70;
North America: 2008-$34.39, 2007-$22.62, 2006-$22.96; North Sea: 2008-$38.81, 2007-$28.77, 2006-$18.47; Southeast
Asia: 2008-$166.03, 2007-$20.11, 2006-$124.77. Historic F&D is calculated by dividing the total costs incurred in oil and gas
activities (excluding acquisition costs) by the gross proved reserves additions which include additions and revisions of gross
proved reserves. Gross proved reserves include proved developed and proved undeveloped reserves and represent
Talisman’s working interest. Various factors impact both historic reserve additions including: successful wells, improved
recovery, new sales contracts and revisions to the economic parameters of a field as a result of changes in commodity
prices, development costs or operating costs. All 2008 F&D numbers exclude the impact of price revisions on reserves
resulting from SEC year end prices in 2008. F&D is used by the Company to determine the cost of reserves additions in a
period. Talisman’s reported F&D may not be comparable to similarity titled measures used by other companies. It should be
noted that F&D is a measure that has limitations. As an annual measure, the ratio is limited because it may vary widely,
based on the extent and timing of new discoveries, project sanctioning and capital expenditures. The Company uses a 5

January 2010 www.talisman-energy.com Page 34 of 35

Advisories
year average F&D measure to reduce the inherent variability of an annual F&D measure, which may better represent the
underlying trend in F&D. F&D may not reflect full cycle finding and development costs. The predictive and comparative value
of F&D is limited for the aforementioned reasons.

Netbacks
Talisman also discloses netbacks for the UK, North America and Corridor in this presentation. Netbacks per boe are
calculated by deducting from the sales price associated royalties, operating and transportation costs.

Analogous Information
Throughout this presentation, Talisman discloses analogous information as defined by NI 51-101 which is relevant to the
Company for comparative purposes. The Company cannot confirm that the analogous information was prepared by a
qualified reserves evaluator nor that it was prepared in accordance with the COGEH Handbook.

Canadian Dollars and GAAP

Dollar amounts are presented in Canadian dollars, except where otherwise indicated. Unless otherwise indicated, the
financial information is set out in accordance with Canadian GAAP which may differ from U.S. GAAP. See the notes to
Talisman’s Annual Consolidated Financial Statements for the significant differences between Canadian and U.S. GAAP.

Non-GAAP Financial Measures

Included in this presentation are references to financial measures used in the oil and gas industry such as cash flow, free
cash flow and ROACE. These terms are not defined by GAAP in either Canada or the U.S. Consequently, these are referred
to as non-GAAP measures. Talisman’s reported results of cash flow, free cash flow and ROACE may not be comparable to
similarly titled measures reported by other companies. Cash flow represents net income before exploration costs, DD&A,
future taxes and other non-cash expenses. Cash flow is used by the Company to assess operating results between years
and between peer companies using different accounting policies. Cash flow should not be considered an alternative to, or
more meaningful than, cash provided by operating, investing and financing activities or net income as determined in
accordance with Canadian GAAP as an indicator of the Company’s performance or liquidity. A reconciliation of cash
provided by operating activities to cash flow for the years ended December 31 2008, 2007 and 2006 is located at page 46 of
the Company’s 2008 Annual Report Summary located at www.talisman-energy.com. The presentation also discloses free
cash flow for the UK and Southeast Asia reporting segments, which represents cash flow less capital expenditures,
excluding acquisitions. Free cash flow is used by management to measure the underlying cash generating ability of these
segments. ROACE (return on average capital employed) is used to measure returns realized by the Company on capital
employed and is calculated for each region by dividing normalized after-tax income by average capital employed.

Reserves Estimates
SE Asia:
PM-3 CAA: 1P 89mmboe, 2P 154mmboe
Song Doc: 1P 2.7mmboe, 2P 5.4mmboe
Corridor: 1P 1.73 tcfe, 2P 2.4 tcfe, P3 660 bcfe
PM-3 IOR: 1P 0 mmboe, 2P 15 mmboe, 3P, 53 mmboe
Corridor New Contracts: 1P 15mmboe, 2P 41mmboe
HSD/HST: 1P 0mmboe, 2P 52mmboe (not yet sanctioned)
UK and Norway:
Auk South: 1P 23mmboe, 2P 29mmboe
Auk North Target Area: 1P 13mmboe, 2P 17mmboe
Auk South Target Area: 1P 23mmboe, 2P 29mmboe
Monarb Hub: 1P 23mmboe, 2P 72mmboe, P3 40mmboe
Fulmar Hub: 1P 83mmboe, 2P 112mmboe, P3 42mmboe
Auk South: 1P 23mmboe, 2P 29mmboe
Auk North: 1P 13mmboe, 2P 17mmboe
Burghley: 1P 2mmboe, 2P 3mmboe
Affleck: 1P 4mmboe, 2P 9mmboe
Yme: 1P 28mmboe, 2P 43mmboe

January 2010 www.talisman-energy.com Page 35 of 35

Notes
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