Talisman Energy Poland B.V., a subsidiary of Canadian energy explorer, Talisman Energy Inc. entered into an agreement to transfer its interests in Poland to its partner, San Leon Energy.
Talisman Energy holds 100% stake in Talisman Energy Polska Sp. z o.o. The entire stake will be purchased by San Leon together with all assets and drilling equipment. Talisman Energy will have no outstanding commitment or liability in Poland after completion of this deal.
This agreement is part of Talisman Energy’s strategic plan to focus on production in two major areas namely, America and Asia Pacific.
Talisman Energy is major independent oil and gas exploration and production (E&P) company, with operations in North America (primarily Canada) and several international regions. The company conducts its operations in three principal geographic segments: North America, the North Sea and Southeast Asia.
We like Talisman Energy for its solid base business in Western Canada and in the U.K. North Sea, while offering exposure to some of the most prospective unconventional natural gas plays in North America and high-impact exploration prospects worldwide.
However, the company reported weak first-quarter 2013 results due to lower oil and liquids price realizations. The company announced loss per share from continuing operations (excluding non-operating items) of 6 cents against the Zacks Consensus Estimate for a profit of 4 cents.
Talisman Energy currently retains a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, there are certain other companies in the energy sector that are expected to perform better in the short term. These include Zacks Ranked #1 (Strong Buy) EPL Oil & Gas Inc. , McMoRan Exploration Co. and Natural Gas Services Group Inc. (NGS - Free Report) .