Ivanhoe PurchaseThe total purchase price is C$105 million, of which C$30 million is payable at closing. The transaction will see the first commercial application of Ivanhoe Energy's proprietary HTL(TM) heavy-oil upgrading technology in a major, integrated heavy-oil project.
Based on the most recent evaluations of the Talisman leases conducted by Sproule Associates Limited ("Sproule"), independent reservoir engineers, two of the three leases are estimated to contain, on a best estimate basis, approximately 294 million barrels of contingent bitumen resources (with low and high estimates of approximately 216 million and 394 million barrels, respectively) out of approximately 752 million barrels of discovered petroleum initially-in-place.