BY CURTIS WILLIAMS

Talisman Energy has failed to discover either oil or gas in its first well despite spending over US$20 million drilling.

This was confirmed by the company’s country manager Des Norris who said the well discovered some sands but that it was not commercial.

Norris said Talisman’s first well in the Eastern Block, Zaboca, was drilled to the targeted depth of 17,000 feet aiming at the older Cretaceous rocks.

“We drilled to our targeted depth and discovered sands but unfortunately they were not commercial.”

He explained that the cost of the well was significantly more than initially anticipated in part because it was hard going and the well took close to six months to complete drilling.

“I am disappointed that we did not find any hydrocarbons in commercial quantities in the first well. It cost a lot of money and people must understand that the successful wells have to pay for the unsuccessful ones so I hope that we find hydrocarbons because if we don’t then we are simply pouring money away,”Norris said.

Talisman has now moved onto its second well Shadon Bennie which will be drilled to 14,000 feet near to Navet Village, Rio Claro.