Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2023capital raising announcement● Neutral
Cover letter opening the Share Purchase Plan: eligible shareholders can buy A$2,000 to A$30,000 of shares at A$0.145, closing 4 April 2023. Targets A$2M, with scale-back possible. Administrative; terms were announced on 3 March.
14 Mar 2023joint venture update● Neutral
Talon repeats Strike's Walyering update: Environmental Plan approved, construction about 6 weeks, production expected in April. Gross upstream costs rise to about A$19.2M plus A$3.8M for the APA pipeline connection. Safety case still pending.
14 Mar 2023capital raising announcement● Neutral
SPP offer booklet repeating the terms: A$0.145 per share, A$2,000 to A$30,000, targeting A$2M. It confirms the 82,758,621 placement shares were issued on 13 March 2023. Funds go to Walyering and Perth Basin exploration.
14 Mar 2023joint venture update● Neutral
Operator Strike says the Walyering Environmental Plan is approved, with construction about 6 weeks and first gas expected in April. Upstream cost estimate is now A$19.2M, with APA's pipeline scope A$3.8M. Only the safety case remains outstanding.
9 Mar 2023investor presentation● Neutral
Notice of a 14 March investor webinar on the capital raising, Walyering progress and the Gurvantes strategic review. Talon says it believes its 33% Gurvantes interest is undervalued within the current structure. Notice only, no new results.
3 Mar 2023capital raising announcement● NeutralMajor
Talon raises A$12M via a placement at A$0.145 (82.8m shares), plus an SPP of up to A$2M at the same price. It chose equity despite credit-approved debt terms. It also starts a strategic review of its 33% Gurvantes interest, possibly including a demerger.
3 Mar 2023investor presentation● Neutral
Investor presentation accompanying the 3 March capital raising. Text is largely unreadable, apart from a prospective resource cautionary statement and Gurvantes references. No new figures are visible.
1 Mar 2023farm in farm out completion▲ Good
Triangle confirms the binding farmout of 25% of L7 and EP437 to Talon, with conditions satisfied and an initial A$1M seismic payment. Drilling is estimated for early 2024. This is Triangle's side of the Talon farm-in announced in December.
1 Mar 2023farm in farm out completion▲ GoodMajor
Talon signs the formal farm-in for 25% of L7 and EP437 after due diligence. It pays A$1M now and about A$0.9M before 1 September 2023, plus about A$7.3M net toward three 2024 wells. Prior Triangle work shows 617 Bcf best-case prospective resource (gross, unrisked) in L7 alone.
23 Feb 2023director officer appointment● Neutral
Jo-Ann Long, currently CFO and Company Secretary of Norwest Energy, becomes Talon's Company Secretary. Joint secretaries David Lim and Lauren Nelson retire on 28 February 2023. Administrative change.
15 Feb 2023drilling scheduled▲ GoodMajor
Operator TMK signs Major Drilling to drill the three Gurvantes pilot wells, starting April, about eight weeks. Pilot cost is about US$3.5M, of which Talon pays the first US$3.15M (stage 2 funding), then 33% of the balance. Pilot wells would then run about six months.
15 Feb 2023drilling scheduled▲ Good
Talon's own release of the Major Drilling contract for three Gurvantes pilot wells, starting within 90 days and taking two months. Repeats ref 1 and adds a planned further 8 exploration wells, 7 outside the Stage 1 area. Follows the 1.2 Tcf 2C resource.
9 Feb 2023investor presentation● Neutral
February 2023 investor update by Colby Hauser, with a 2022 year-in-review of known events such as the Walyering discovery, CEO appointment and May raising. The visible text shows no new figures or events.
31 Jan 2023quarterly activities report● Neutral
December quarter report recaps the Santos gas deal, Walyering licence grant, the 33% Gurvantes interest, the A$12M placement and the Triangle farm-in. Works Approval is still being assessed; Gurvantes pilot wells are now said to start in Q2 2023, later than the earlier mid-Q1 target.
17 Jan 2023farm in farm out agreement● Neutral
Triangle farms out a further 25% of L7 and EP 437 to New Zealand Oil & Gas on similar terms, leaving Triangle with 50%. Talon's 25% is unchanged, and the JV becomes three partners with first L7 well planned Q1 2024.
12 Jan 2023regulatory community update▲ GoodMajor
The WA regulator grants Production Licence L23 for Walyering (Talon 45%), a key approval on schedule. Procurement is about 98% complete and fabrication 65%; startup is targeted by end of Q1 2023, with the workover rig due mid-February.
12 Jan 2023regulatory community update● Neutral
Text not readable.
30 Dec 2022agm notice● Neutral
Talon is dispatching documents for a general meeting on 31 January 2023 in West Perth. Administrative notice only; the cover letter gives no agenda details, though the meeting is probably where Hauser's placement shares are put to a vote (inference).
19 Dec 2022farm in farm out agreement● Neutral
Triangle announces its side of the L7 and EP 437 farm-out to Talon for 25%, with Triangle keeping operatorship and 75%. It puts Talon's total payments at A$9.26M; drilling is expected early 2024.
19 Dec 2022farm in farm out agreement▲ GoodMajor
Talon signs a binding term sheet to farm into 25% of Triangle's L7 and EP 437 northern Perth Basin permits, subject to due diligence. It pays about A$1.9M for seismic costs and funds shares of three 2024 wells, after Walyering first gas.
14 Dec 2022material agreement▲ GoodMajor
Talon announces the Walyering gas sales agreement with Santos: at least 36.5 PJ over 5 years, partly take-or-pay, US dollar priced and linked to US CPI, delivery from Q1 2023. This resolves the open gas sales term sheet from October.
14 Dec 2022material agreement▲ Good
Operator Strike announces the Walyering joint venture's binding 5-year deal to supply 36.5 PJ of gas to Santos-WA from Q1 2023. Procurement is 95% complete; Strike taking over some pipeline work lifts gross capex by at least A$2.4M.
9 Dec 2022capital raising announcement● Neutral
The A$12M placement is complete and funds received. Shares were issued under existing capacity, except Colby Hauser's A$50,000 (357,143 shares), which needs shareholder approval at a meeting expected in January 2023. A 6% fee was paid.
1 Dec 2022capital raising announcement● NeutralMajor
Talon has firm commitments for a A$12M placement of about 85.7M shares at A$0.14, a 9.7% discount to the last close. Proceeds fund the Gurvantes stage 2 commitment (~US$3.15M plus US$809,333 resource payment) and Walyering costs; debt talks continue.
1 Dec 2022farm in farm out completion▲ GoodMajor
Talon exercises its option and takes a 33% interest in the Gurvantes XXXV coal seam gas project, with about 400 BCF of the 1.2 TCF 2C resource now attributable to it. It also holds a first right of refusal over TMK's remaining 67%.
28 Nov 2022director officer appointment▲ Good
Talon appoints Christopher Kohne as Chief Financial Officer, effective immediately. He has about 15 years' experience, including 10 years at Hess and most recently Wesfarmers Chemicals, Energy and Fertilisers. Management links the hire to moving from explorer to producer.
21 Nov 2022joint venture update▲ Good
TMK acquired two 10km seismic lines to plan 2023 exploration, and pilot well design and tendering are nearly done. Talon must elect stage 2 by 25 Dec 2022 and has told TMK it expects to proceed. Pilot drilling is expected mid Q1 2023.
9 Nov 2022resource reserve update▲ GoodMajor
TMK reports NSAI's maiden Gurvantes contingent resource: 1,214 BCF best estimate (2C), 398 BCF low and 2,361 BCF high. All 1C and 2C is in the upper seam; the lower seam has only 3C. Pilot wells are planned from Q1 2023. Talon is still earning 33%.
9 Nov 2022resource reserve update▲ GoodMajor
Talon announces the NSAI-certified Gurvantes maiden contingent resource of about 1.2 TCF (2C) following the stage 1 program, funded by Talon at about US$1.5M. Talon holds an option on a 33% interest and says it is better placed to decide on continuing.
31 Oct 2022quarterly activities report▲ Good
September quarter report: Walyering reserves were certified and the field development decision taken, with first gas targeted Q1 2023. Gurvantes stage 1 drilling is complete, earning Talon the right to a 33% interest. The share consolidation was completed. It repeats known events.
