Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 May 2016investor presentation● Neutral
AGM presentation repeating known facts: 100% of about 3,600 MR Olmos acres, overheads about A$500k a year, market cap A$2.53m at A$0.01. It says a roughly 75% oil price rise since January has drawn inquiries; Trojan Capital Fund now holds 14.9%.
24 Mar 2016admin correction● Neutral
Appendix 4G corporate governance disclosure key accompanying the 2015 annual report, confirming the governance statement is on pages 9 to 15. Administrative; no new substance.
24 Mar 2016annual report● Neutral
2015 annual report. Chairman says Talon is debt free, with costs cut to the lowest practicable level and the Coolangatta/Angourie sale funding it longer. MR Olmos is mostly held by production, and the board thinks waiting for better conditions will beat selling now.
15 Jan 2016asset acquisition disposition▲ GoodMajor
Sale of the ELGU #1/Coolangatta and Scherer #2/Angourie interests completed, with all of the agreed US$630,000 received. This resolves the sale first announced in September 2015 and leaves MR Olmos as the remaining asset.
21 Dec 2015asset acquisition disposition▲ Good
US$531,500 of the US$630,000 Coolangatta and Angourie sale price had been received by 18 December 2015. The balance is expected by 8 January 2016, subject to closing adjustments. Progress on the sale first signed in September.
27 Oct 2015quarterly activities report● NeutralMajor
September quarter net production was 1,508 boe. The Coolangatta/Scherer #2 sale for US$630,000 is now under contract, closing expected 10 November. A formal MR Olmos sale process drew numerous bids, but the board rejected all as materially undervaluing the asset. Roundhouse and related leases expired.
7 Sept 2015half year report● Neutral
Half-year to 30 June 2015: loss before tax A$1,222,346 (2014: A$3.87m) after A$96,422 impairment. Oil and gas sales were A$279,224 (2014: A$288,244). The Wandoo termination removed about US$27,000 a month in payments. The company still markets its MR Olmos acreage.
3 Sept 2015asset acquisition disposition▲ GoodMajor
Talon signed a letter of intent to sell its ELGU #1 and remaining Coolangatta interest plus its Scherer #2 (Angourie) interest. A non-binding offer of US$630,000 was received, with a 60-day closing targeted. Not yet binding.
10 Aug 2015director officer appointment● NeutralMajor
Managing Director and CEO Clifford Foss retires, having led Talon since its February 2013 listing. Company Secretary Andrew Crawford joins the board as non-executive director. Completes the transition announced in February.
3 June 2015security holder rights change● Neutral
2,500,002 options exercisable at A$0.0675 were cancelled, as shareholders approved at the 28 April AGM. Administrative clean-up of the option list.
18 May 2015other▲ Good
Small lot sale completed: existing shareholders acquired 9,776,321 shares, cutting the number of holders by 1,203. Talon expects substantial overhead savings. Completes the process announced 30 March.
28 Apr 2015investor presentation● Neutral
AGM presentation repeating known facts: 100% of about 3,600 MR Olmos acres, 6.25% of Coolangatta, overheads under A$600k a year. Market cap cited as A$3.28m at A$0.013 on 252m shares. No new information.
24 Apr 2015capital raising announcement▲ GoodMajor
Entitlement offer drew applications for 41.88m of 45.84m new shares (91.37%). Applications are capped and scaled back, and the underwriter takes the shortfall. Completes the roughly A$500,000 raise at A$0.012 announced 30 March.
30 Mar 2015capital raising announcement● Neutral
Letter to shareholders restating the entitlement offer: 2-for-9 at A$0.012 to raise about A$500,000, Trojan underwriting at no cost. Shares on issue rise from 206,272,533 to about 252.1m. Administrative notice of known terms.
30 Mar 2015investor presentation● Neutral
Presentation supporting the A$0.012 entitlement offer (A$550,060 before costs). It repeats known facts: 100% of ~3,600 MR Olmos acres, 40 more locations, 6.25% of Coolangatta, and overheads under A$600k. Market cap is cited at A$2.89m at A$0.014.
30 Mar 2015capital raising announcement● Neutral
Information booklet for the 2-for-9 entitlement offer at A$0.012, fully underwritten by Trojan, closing 17 April per the booklet. Repeats the terms already announced on 30 March; no new facts in the excerpt.
30 Mar 2015security holder rights change● Neutral
Talon proposes to sell shareholdings under A$500 on holders' behalf at A$0.012, subject to approval of a new constitution at the 28 April AGM. Small holders are over 82% of the register but under 7% of shares; aim is lower admin costs and easier future transactions.
30 Mar 2015capital raising announcement● NeutralMajor
Talon launches a fully underwritten 2-for-9 entitlement offer at A$0.012 to raise about A$500,000 after costs, about 46m new shares, for working capital. Trojan Investment Management underwrites it. A small-lot share sale facility is announced alongside.
What it means for a shareholder
46.0m new shares at about A$0.0109 to raise about A$500,000. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (92,000 at the issue price), your slice goes from 0.0446% to 0.0365% of the company. To keep it you'd need 20,517 more shares - about A$223 at the issue price.
Create a free account to see this worked out for your own holding.
30 Mar 2015security holder rights change● Neutral
Notice to option holders that options do not carry entitlement rights and exercise terms are unchanged. They must exercise before the 7 April record date to participate. Administrative notice, no substance for the story.
26 Mar 2015annual report● Neutral
2014 annual report: Quintanilla OL 1H averaged 377 boepd over 90 days and Talon holds 100% of the 3,600 acres. The Coolangatta well later flowed strongly. Overheads are under A$600k a year, and the Wandoo agreement was terminated early. Financial figures are not shown in the excerpt.
27 Feb 2015other● NeutralMajor
Chairman's letter: staff cut, managing director Foss moves to a transitional role until August 2015, overheads to fall under A$600k a year. The Wandoo agreement is ended for US$100k plus the Dunsborough and Sunshine prospects. Offers for assets were received but declined; a small-lot buy-back is planned.
14 Jan 2015production update▲ GoodMajor
Quintanilla OL 1H made 33,945 boe in its first 90 days; current rate 443 boepd. Talon says Aschere did not validly exercise its option, so Talon retains 100% of the ~3,600 acres. This contradicts the 12 January statement that Aschere would take 16.66%.
12 Jan 2015farm in farm out completion▲ GoodMajor
Terrace did not exercise its option over the ~3,600 MR Olmos acres, while Aschere is to take 16.66% for about US$350,000. Talon keeps 83.33%, not the 50% sell-down expected earlier. Acreage is mostly held by production, so drilling timing is in Talon's control.
29 Dec 2014drilling result▲ GoodMajor
The Coolangatta test well reached 10,450 ft and logs show 54 ft of gas condensate reservoir. Talon elected to join completion for about US$47,000 to keep its 6.25% interest. Flow testing is expected in coming weeks; management says the discovery may be material.
23 Dec 2014regulatory community update▲ GoodMajor
Texas regulators amended the AWP Olmos field rules to allow 80-acre spacing, resolving the pending ruling. Talon raises MR Olmos drilling locations 64% to 41. Quintanilla is making 458 boepd after 73 days. Partners are expected to take up options in mid-January.
12 Dec 2014drilling spud● Neutral
The Coolangatta test well (Eagle Lake Gas Unit #1, operated by Aurora) began drilling 10 December and was at 804 ft toward a planned 10,500 ft. Talon expects logging before year-end at nil cost, with an option for 6.25%.
11 Dec 2014production update▲ Good
Quintanilla OL 1H produced 21,766 boe in its first 60 days on restricted chokes; current rate is 464 boepd. Casing pressure has fallen from 2,900 to 2,000 psi, which Talon calls extremely encouraging. Continues the monthly well updates.
2 Dec 2014director officer appointment● Neutral
Anastasia Maynes retired as Company Secretary, following the November board restructure. Andrew Crawford, a chartered accountant and Company Secretary of Maverick Drilling & Exploration, replaces her. Administrative change.
25 Nov 2014farm in farm out agreement▲ GoodMajor
Talon sold down its 25% Coolangatta interest so it pays nothing to drill the first test well through logging, receiving US$37,500. It keeps 6.25% if the well is productive, at about US$45,000 completion cost. Spud planned mid-December 2014.
17 Nov 2014production update▲ Good
Quintanilla OL 1H, the first horizontal Olmos well (Talon 10%), averaged 383 boepd over its first 30 days on a restricted choke, producing 10,748 boe. Current rate is 484 boepd. Casing pressure fell only from 2,900 to 2,350 psi, which management calls encouraging.
