Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2014agm notice● Neutral
All six AGM resolutions passed, including re-electing David Mason and Bruce Cowley and a special resolution to increase share issue capacity. That capacity increase may allow future share issues (inference). The remuneration report drew 19.19% proxy votes against.
30 May 2014agm notice▼ Bad
AGM chairman's address. It says Bonner 1H indications are that it is not as commercial as hoped, a shift from the earlier positive tone. The Quintanilla 1H well is planned within 2-3 months, and Talon has joined Angourie (10%) and Dunsborough (15%) in Jackson County.
23 May 2014investor presentation● Neutral
Australian roadshow presentation. It shows cash and market capitalisation both at A$2.1m as at 30 April 2014, a share price of 2.0 cents, no debt, and 2.17 mmboe 3P reserves. It adds new projects (Angourie, Sunshine, Dunsborough) and an estimated NPV range of A$31.2m-53.3m.
30 Apr 2014quarterly activities report● Neutral
March 2014 quarter: 3P reserves at 31 December 2013 were 2.17 mmboe. Bonner 1H had recovered 94% of frac load and averaged 58 bopd per producing day in April. Insurance has covered 90% of repair costs. Hoskins #1 went off production in January.
4 Apr 2014agm notice● Neutral
Administrative notice: the 2014 AGM will be held on Friday 30 May 2014 at 11.00am. A formal notice of meeting will follow.
28 Mar 2014annual report● Neutral
2013 annual report, the first as a standalone company. The chairman says the Bonner 1H technical issues are resolved and the Sundance claims settled. Focus for 2014 is finishing Bonner 1H testing and drilling Quintanilla 1H. Full financials are not shown in the excerpt.
26 Mar 2014material agreement● NeutralMajor
Talon settled Sundance's claims: US$300k of the roughly US$1.35m escrow goes to Sundance and about US$1.05m is released to Talon. Talon also assigns its Austin Chalk interest to Sundance and will help reallocate pre-demerger costs. This resolves the September 2013 dispute.
5 Feb 2014farm in farm out agreement▲ GoodMajor
Talon agreed a joint group with Terrace, Aschere and EFSE to drill the Quintanilla 1H Olmos well, with Talon operating at 10% of an estimated US$5.5m cost. Talon is paid about US$90k and keeps 50% of the surrounding acreage. Options could add about US$2m. Drilling is expected in the June 2014 quarter.
31 Jan 2014quarterly activities report▲ Good
December 2013 quarter: Bonner 1H fracing finished in November and the well is producing 60-70 bopd plus frac water. Talon received US$0.5m from insurers for the casing-failure costs. Net production was 18 bopd.
29 Jan 2014flow test result▲ GoodMajor
Bonner 1H, on a jet pump since November 2013, has lifted oil recovery from about 45 to 70 bopd, with about 60% of frac fluid recovered and 1,849 barrels of oil produced. These are early, preliminary results for the Roundhouse proof-of-concept well, in which Talon holds about 24%.
31 Oct 2013quarterly activities report▲ Good
September 2013 quarter: Talon's net production was 12.5 bopd after Hoskins #1 restarted following 21 months shut in. 3P reserves rose to 2.09 mmboe from 1.33. Bonner 1H was repaired, with remaining fracing planned for November. A lawsuit was settled.
26 Sept 2013drilling progress report▲ Good
The operator has installed and cemented the 5-inch tie-back casing in Bonner 1H, resolving the repair step flagged on 9 September. Fracing of the remaining seven stages is now scheduled for the second half of October 2013. Talon holds about 24%.
13 Sept 2013half year report▼ Bad
Six months to 30 June 2013: loss of A$6.46m (2012: A$0.55m), mainly from A$3.63m of written-off exploration costs and a A$2.23m Hoskins #2 impairment. Revenue was A$303k and cash A$4.99m, down from the A$8.5m reported at 31 March.
12 Sept 2013material agreement● Neutral
Talon says it has strong grounds to challenge all of Sundance's claims and expects any liability to be well below the roughly US$1.5m in escrow. The claims could still affect the timing and amount of escrow funds released.
9 Sept 2013drilling progress report● Neutral
The operator has plugged the Bonner 1H well to isolate the four fracced stages and will run a new 5-inch casing string over the next few weeks before resuming fracing. Talon and the operator have started insurance claims; Talon holds about 24%.
9 Sept 2013material agreement▼ BadMajor
Sundance Energy has given notice of claims under the Texon merger agreement and the demerger deed. US$1.5m is held in escrow for such liabilities. Talon is assessing the claims; the amount claimed is not stated.
31 July 2013quarterly activities report▼ Bad
June 2013 quarter: Talon's share of production fell to 14 barrels a day. Hoskins #2 was shut in after a pump failure; Bonner 1H completion is on hold after 4 of 11 frac stages. Shares on issue rose to 102,135,433 after the Wandoo issue.
31 July 2013drilling progress report● Neutral
Update on the Bonner 1H incident: the injured workers had minor acid burns and returned to work. A blowout preventer is on the well, which is flowing a little water. The operator plans to mobilise a rig to try to restore casing integrity.
26 July 2013drilling progress report▼ BadMajor
During fracing on 25 July the Bonner 1H casings parted and two contractors were injured. Well-control specialists are assessing; the impact on completing the well, in which Talon holds 24.25%, is not yet known. Insurers have been told.
11 July 2013drilling result▲ Good
The Roundhouse proof-of-concept well, Bonner 1H, reached 15,260 ft total measured depth on 3 July with casing cemented. Fracing is expected in early August. Talon holds 23.89% of the well; no production result yet.
30 May 2013investor presentation● Neutral
AGM presentation by the CEO repeating the corporate overview: A$8.5m cash at 31 March, 1.33 mmboe 3P reserves, 27 bopd, and two proof-of-concept wells ready to drill. No new results are evident in the text shown.
30 May 2013agm notice● Neutral
All five resolutions passed at the first AGM, including director re-elections, options for CEO Foss and for Wandoo, and the auditor appointment. This clears the open approval of the CEO's options.
28 May 2013farm in farm out agreement▲ GoodMajor
First Roundhouse horizontal well expected to start in early June, 5,500 ft lateral, Talon 25% for US$1.65m with O'Brien operating. This replaces the earlier 50% deal (about US$4m well cost). Holding rises to 7,380 acres; management suggests 10-15m barrels potential if successful.
28 May 2013investor presentation● Neutral
Sydney investor presentation repeating known facts: cash A$8.5m at 31 March 2013, reserves 1.32 mmboe, production 27 bopd gross, and 15,061 net acres. It restates the low-risk oil strategy and farm-out plans.
23 May 2013director officer appointment● NeutralMajor
Chairman John Armstrong will retire after the 30 May AGM. Jeff Forbes becomes chairman and Bruce Cowley, a Minter Ellison partner and former Texon legal adviser, joins as director, completing the board renewal.
30 Apr 2013quarterly activities report● Neutral
March 2013 quarter: Talon's share of production was about 19 barrels a day from two wells, with no drilling during the demerger. Texon loans of about A$7.09m were converted into shares, leaving 98,135,433 on issue. The first AGM was set for 30 May.
19 Apr 2013regulatory community update● Neutral
The ATO issued a second class ruling, on the Texon-Sundance share swap, allowing eligible Australian Texon holders to choose scrip-for-scrip roll-over relief. It complements the demerger ruling of 3 April. General information, not tax advice.
19 Apr 2013investor presentation● Neutral
Corporate update restating the strategy: sell down parts of its prospects to partners to fund wells, aiming to drill 1-3 wells in 12-18 months. Mosman Rockingham Olmos target is put at 5.5-7 mmboe gross from 20 wells; first well tentatively later in 2013 pending a sell-down. Overheads are under review.
5 Apr 2013director officer appointment● Neutral
Jeff Forbes, recently retired CFO of Cardno, joined the board as a non-executive director on 4 April 2013. The company says this continues the board renewal foreshadowed in the demerger documents.
4 Apr 2013director officer appointment● Neutral
Company Secretary Des Olling retired on 4 April 2013 under the company's renewal policy. Anastasia Maynes, a corporate lawyer with 7 years' experience, replaces him.
