2 Sept 2016half year report● Neutral
Half-year to 30 June 2016 loss was A$292,330, versus A$1,222,346 a year earlier. Oil and gas sales were A$59,089 (A$279,224 previously). No dividends. MR Olmos is the remaining producing asset.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 July 2016quarterly activities report● Neutral
June quarter net production was 647 boe, down from 803 boe. Quintanilla is about 31 bopd gross. Cash at quarter end was A$569k, down from A$691k. AGM held 23 May with all resolutions passed.
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%.
22 Apr 2016quarterly activities report● Neutral
March quarter net production was 803 boe, down from 978 boe. Quintanilla is about 40 bopd gross. Cash was A$691k at quarter end. MR Olmos remains on the market with no transaction reported.
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.
28 Jan 2016quarterly activities report● Neutral
December quarter net production was 978 boe, down from 1,508 boe. The US$630,000 Coolangatta/Angourie sale is complete, with the final payment received in January. Quintanilla is down to about 49 bopd gross. MR Olmos marketing continues.
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.
31 July 2015quarterly activities report● Neutral
June quarter net production was 2,323 boe. Coolangatta ELGU #1 began first production after quarter end, at 2,099 mcfd and 122 bopd gross (Talon 6.25%). Quintanilla is about 175 bopd gross. Entitlement offer and small lot sale completed; about 550 holders remain; asset sale talks continue.
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.
30 Apr 2015quarterly activities report▼ Bad
March quarter net production was 2,618 boe, down from 3,452 boe last quarter, with Quintanilla hit by a pipeline shut-in and paraffin plugging. Quintanilla is now 105 bopd gross. Talon non-consented on Bonner 1H and expects to relinquish those leases. Asset sale talks continue.
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.
30 Jan 2015quarterly activities report▲ Good
December quarter net production was 3,452 boe, up 217% on the September quarter, driven by Quintanilla. The Coolangatta discovery logged 54 ft of condensate reservoir, with flow testing planned for 1Q15. The board restructure is finalised and cost cutting continues.
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.