Talisman Energy enters Kurdistan region of Iraq

CALGARY, Alberta (Reuters) - Talisman Energy Inc plans to spend more than $300 million to gain stakes in two oil blocks in the Kurdistan region of Iraq, marking an entrance into a new area while it exits several others, Canada's No. 3 independent oil explorer said on Monday.

Talisman Chief Executive John Manzoni said his firm studied the legal, regulatory, security and corporate responsibility implications before going ahead with the agreements with the Kurdistan regional government (KRG).

Kurdistan has the potential to be a new core operating area for the company, which has embarked on a plan to sell up to C$3 billion ($2.9 billion) of assets around the world and invest heavily in North American unconventional gas plays, Manzoni said.

Talisman will gain a 40 percent stake in Block K44, an established production sharing contract area, with Canada's WesternZagros Resources Ltd holding 40 percent and the KRG retaining the remainder, it said.

The company plans to spend $80 million on the block, including past costs and a three-well commitment, it said.

Talisman also entered into a two-year seismic services agreement with the regional government on Block K39. Following that, it will have the option to gain 60 percent and commit to one well in the first year.

As part of the agreement, the company will pay the KRG $220 million, plus further conditional contributions, representing financial support for infrastructure projects and capacity building projects for local communities, it said.

Talisman shares were up 62 Canadian cents, or nearly 3 percent, at C$22.90 on the Toronto Stock Exchange.

($1=$1.02 Canadian)

(Reporting by Jeffrey Jones; editing by Rob Wilson)