Pan Orient Energy

Pan Orient Energy entered into an agreement to transfer 51% direct working interest in, and operatorship of, Indonesia’s onshore and offshore East Jabung production-sharing contract to a wholly owned subsidiary of Talisman Energy. The subsidiary will pay USD 8 million in cash and allow Pan Orient an option to acquire 20% working interest in the Talisman-operated South Sumatra joint study area. The transaction is subject to approval by the Indonesian government and is expected to close in March 2015.