Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2020farm in farm out agreement▲ Good
Strike confirms it has signed the definitive farmout of 45% of EP447 to Talon for a A$6m carry. Talon has paid a A$1m bond, which counts toward the carry. Ministerial approval is still pending. The well is planned for 2021. This is the partner's view of the same deal.
14 Sept 2020farm in farm out agreement▲ GoodMajor
Formal agreements with Strike for the 45% Walyering (EP447) farm-in are signed, replacing the July non-binding term sheet. Completion still needs standard regulatory approval. The well is to follow Strike's West Erregulla campaign.
31 July 2020resource reserve update● Neutral
Re-release of the Walyering resource figures: Talon's 45% share is 38.7 Bcf gas and 0.981 mmbbl condensate at best estimate, with low and high cases. Ocean Hill's 360 Bcf is held 100% by Strike, with none ascribed to Talon. Confirms the 24 July numbers.
24 July 2020resource reserve update● Neutral
Talon's 45% share of Walyering prospective resource is 38.7 Bcf of gas and 0.98 mmbbl of condensate at best estimate. The operator puts the chance of success at 38%. Ocean Hill's 360 Bcf contingent resource is held 100% by Strike, with none ascribed to Talon.
21 July 2020farm in farm out agreement▲ GoodMajor
Talon signed a non-binding term sheet to farm into 45% of Strike's EP447 (Walyering, Perth Basin) by contributing A$6m to a A$9m well planned for 2021. David Casey becomes Managing Director, and Matt Worner stays as an executive director. This marks a new focus beyond the North Sea.
20 July 2020farm in farm out agreement▲ GoodMajor
Strike Energy says Talon will earn 45% of the Walyering permit (EP447) in the onshore Perth Basin by funding the first A$6m of a A$9m well. Talon also pays A$1m as security. This is the partner's side of Talon's new Perth Basin entry, and it is subject to final documents and ministerial approval.
30 July 2019resource reserve update▼ BadMajor
Curlew-A gross 2C contingent resource was cut from 45 to 39 mmboe (3.9 mmboe net to Talon) because of a gas calculation error in the original report. Recoverable oil is unchanged at 36.2 mmbbl. Site survey began; drilling is now eyed for H1 2020.
26 Oct 2018farm in farm out agreement▲ GoodMajor
Talon agreed to earn a 10% interest in UK North Sea Licence P2396 from Corallian, containing the Curlew-A discovery (45 mmboe gross 2C contingent resource). Appraisal well planned 3Q 2019; net cost about A$3.2m at cap. It also placed 240m shares at A$0.003 to raise A$720k.
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.
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%.
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.
13 Oct 2014drilling progress report▲ Good
All 12 frac stages on Quintanilla OL 1H were pumped and the well is flowing back what Talon calls substantial rates of oil, gas and frac fluid. A formal initial production test result is still to come.
8 Oct 2014drilling progress report▲ Good
Fracing of Quintanilla OL 1H began 4 October, with 7 of 12 stages pumped. Completion is due that week and flowback should start at the weekend. Surface facilities are installed, pending a gas pipeline right of way.
1 Oct 2014drilling scheduled● Neutral
Frac of Quintanilla OL 1H is scheduled for early October after a service crew was secured. Talon says a strong initial result would lift the MR Olmos valuation. Repeats known well details; no new result.
28 Aug 2014drilling progress report▲ Good
Quintanilla OL 1H, the first horizontal Olmos well, reached 13,555 ft measured depth on 21 August with a 4,286 ft lateral. Rig released; 12-stage fracing is expected late September. No flow result yet. Completes drilling begun 6 August.
6 Aug 2014drilling spud▲ GoodMajor
Drilling started on Quintanilla OL 1H, the first horizontal well at MR Olmos, targeting 13,600 ft measured depth in about two weeks. Talon operates at 10% WI at a cost of about US$550,000. Fracing follows, and 1C resource potential is 235-327 mboe per well.
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.
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%.
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%.
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.
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.
