In our 2003 Annual Report, we set out a number of key performance measures for 2004:

• Production of 415,000-445,000 boe/d. Production averaged 438,000 boe/d.
• Cash flow of $5.67-$7.33 per share. Cash flow per share was $7.65, with higher than expected oil and gas prices.
• Exploration and development spending of $2.3 billion. Talisman spent close to $2.5 billion, announcing a major increase in North American spending in July.
• An expected increase in unit operating costs of 5-10%. Talisman’s unit operating costs were up 4% with additional production in relatively low cost areas.
• Participation in approximately 760 exploration and development wells. The Company participated in 698 wells with a 92% success rate.