18 Sept 2023admin correction● Neutral
Talon notes that Computershare's Perth office, its share registry, moved to Level 17, 221 St Georges Terrace from 18 September 2023. Phone numbers and postal address are unchanged. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2023half year report● Neutral
Half-year accounts to 30 June 2023: loss of A$2.95m (A$9.34m a year earlier), net cash A$9.15m (A$12.0m at Dec 2022), operating outflow A$2.05m. Cash is lower than the A$16.1m at March.
7 Sept 2023admin correction● Neutral
Talon corrects a typo in its 6 September presentation: Walyering first gas is expected in Q3 2023, not Q3 2024. Updated presentation attached.
6 Sept 2023investor presentation● Neutral
Talon's conference presentation repeats the recommended Strike scheme terms and company assets already announced. Visible text shows no new information.
1 Sept 2023production update▲ Good
TMK reports the three Gurvantes pilot wells performing as expected, with water up to ~630 barrels a day and gas flaring continuously at low rates within modelled range. A pump replacement at Lucky Fox-3 showed the wells are connected. Gas rates are expected to rise.
29 Aug 2023joint venture update▲ Good
Operator TMK signs a cost-sharing deal with Terra Energy to explore the eastern Gurvantes area: at least four cored wells and ~40 km of seismic, costs split 50/50. Drilling has begun, about two months. This follows the pilot wells; Talon holds 33%.
28 Aug 2023business combination● Neutral
Talon explains Strike's best-and-final statement: price cannot rise without a superior proposal. If the scheme fails, the Strike loan must be repaid within 60 days rather than converted to shares. Talon's board believes 60 days is enough to refinance or raise capital.
28 Aug 2023business combination● NeutralMajor
Strike declares 0.4828 shares its best and final offer, absent a superior proposal. If the scheme fails, Strike will call the drawn convertible funds; if unpaid within 60 days it may enforce security over Talon's Walyering interest. Timetable: effective and delisting early to 20 December 2023.
17 Aug 2023investor presentation● Neutral
Webinar slides repeat the Strike scheme terms already announced: 0.4828 Strike shares per Talon share, ~11% of the merged company, and a possible Gurvantes spin-out. Visible text shows no new information.
16 Aug 2023investor presentation● Neutral
Talon announces an investor webinar on 17 August in which CEO Colby Hauser will explain the Strike scheme and potential Gurvantes spin-out. Notice of an event only; no new information.
14 Aug 2023business combination▲ GoodMajor
Talon confirms the binding Strike scheme: 0.4828 Strike shares per Talon share, implied A$0.212, 21.4% above the last close. Board unanimously recommends it, absent a superior proposal. Talon will explore spinning out its 33% Gurvantes stake, with A$850,000 cash; no certainty. Scheme booklet expected November 2023.
14 Aug 2023business combination▲ GoodMajor
Strike signs a binding deal to acquire Talon by scheme: 0.4828 Strike shares per Talon share, implied A$0.212, a ~21% premium to the 11 Aug close. Revives the proposal Strike withdrew on 1 Aug. Mongolian spin-out possible; Strike provides up to A$6m convertible funding; Talon holders get ~11%.
9 Aug 2023flow test result▲ Good
Talon relays that all three Gurvantes pilot wells now flow gas continuously, enough to sustain flares, at about 600 barrels of water a day combined. Initial flow rates are expected in several weeks. Commercial significance is still to be assessed.
9 Aug 2023flow test result▲ GoodMajor
TMK reports sustained gas flow from all three Gurvantes pilot wells, enough to support continuous flares, with water at over 600 barrels a day combined. Initial flow rates are expected in several weeks. TMK says this is proof of concept; commerciality is still to be assessed.
1 Aug 2023business combination▼ BadMajor
Strike says it ceased talks on acquiring Talon, which had been at 0.4828 Strike shares per Talon share plus retained Mongolian assets and a up to $6m funding facility. After due diligence and finance facility negotiation, the parties could not agree terms.
1 Aug 2023business combination▼ BadMajor
Talon says Strike's revised proposal, 0.4828 Strike shares per Talon share (implied $0.21, 20% premium) plus Mongolian assets and a up to $6m convertible facility, was withdrawn when the parties could not agree terms by 1 August. Talon was willing to keep negotiating.
1 Aug 2023other● Neutral
ASX says Talon's trading suspension will lift immediately after Talon releases its announcement on the proposed material transaction. Administrative notice only.
31 July 2023other● NeutralMajor
Talon's shares are suspended from quotation at its own request from 31 July, pending an announcement about a proposed material transaction. Expected to last until 1 August at most or until the announcement.
25 July 2023flow test result▲ GoodMajor
TMK flared gas from Lucky Fox-1 for about three hours, the first gas to surface at Gurvantes. The flow was unsustained, so it does not indicate sustained rates. The three wells produce about 500 barrels of water a day combined.
25 July 2023flow test result▲ Good
Talon relays that gas from Lucky Fox-1 was flared for about three hours, the first gas to surface at Gurvantes. TMK stresses the flow was unsustained. The three wells are producing about 500 barrels of water a day combined.
25 July 2023business combination● NeutralMajor
Talon discloses an unsolicited, non-binding Strike proposal received 19 July: a scheme at 0.4586 Strike shares per Talon share, plus Talon's Mongolian assets demerged to shareholders. Strike withdrew it on 23 July after Talon sought time to evaluate. No action needed.
19 July 2023well test result▲ Good
The Gurvantes pilot wells are now pumping water at low rates, starting the six-month production test. Rates are in line with expectations. Gas breakthrough could come at any time after reservoir depressurisation begins, but no gas has been reported yet.
19 July 2023well test result▲ Good
Talon relays that Gurvantes production testing has started with all three wells pumping water. Talon has now met its Stage 2 obligation, having funded the first US$3.15m; costs are now shared 33% Talon, 67% TMK.
13 July 2023drilling progress report● Neutral
TMK reports pumps, drive heads and all surface facilities at the Gurvantes pilot are complete, with final commissioning underway. Production testing is due within about a week. Dewatering is expected to take 2-3 months before initial gas breakthrough.
13 July 2023drilling progress report● Neutral
Talon relays TMK's update that Gurvantes pilot commissioning is underway and facilities are complete. The CEO is confident of gas breakthrough after a projected 2-3 month dewatering. Largely duplicates TMK's release of the same day.
3 July 2023director officer appointment● Neutral
Shannon Coates and Joan Dabon of Source Governance are appointed joint company secretaries, replacing Jo-Ann Long, who resigned effective immediately. Administrative change only.
28 June 2023drilling progress report● Neutral
Operator TMK says the Gurvantes pilot program is on schedule and budget, with surface facilities over 80% complete. Pump installation finishes early July and the six-month production test starts around mid-July. Talon funds the first US$3.15m of about US$3.5m.
21 June 2023investor presentation● Neutral
Talon's presentation at the Gold Coast Investment Showcase. Only the disclaimer and a strategy slide (emerging Perth Basin producer, self-funded exploration growth) are visible, with no new figures.
19 June 2023other● Neutral
Text not readable.
19 June 2023joint venture update● Neutral
Strike estimates Walyering mechanical completion within two weeks, with commissioning under a week once the regulator permits hydrocarbons. A condensate trucking agreement was signed with Road Trains Australia. First gas has slipped from earlier targets but remains pending.