7 Sept 2022investor presentation● Neutral
Colby Hauser's RIU Good Oil & Gas conference presentation. The visible text is only the disclaimer and resource notes; no new figures or events can be taken from it.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2022drilling scheduled● Neutral
TMK adds a fifth well, Snow Leopard-5, at about US$100,000 and about 650m deep, after talks with Talon. The maiden contingent resource is now expected in October 2022. SL-03R should take about two more weeks.
29 Aug 2022drilling result▲ Good
TMK says SL-04 hit 40m of gassy lower-seam coal, with gas contents of about 5-10 m3/t. Once SL-03R finishes, Talon's stage 1 is complete and it has 90 days to decide whether to fund the US$3.15M pilot wells.
18 Aug 2022drilling result● Neutral
TMK reports final gas contents of 9.5 m3/t at SL-02 and 9.8 m3/t at SL-03, and 84% gas saturation at SL-01. A second rig started SL-04 on 16 August; SL-03R is delayed by rig breakdown and Covid-related crew shortages.
15 Aug 2022material agreement▲ GoodMajor
Talon and Strike approved development of Walyering (final investment decision), after the 54.2 PJ 2P reserve. Cost is $14.4M gross ($6.5M Talon at 45%), first gas targeted Q1 2023, and contracts expected Q4 2022. Talon has hired BurnVoir to arrange debt funding.
15 Aug 2022joint venture update▲ Good
Operator Strike's own announcement of the Walyering decision: $14.4M gross budget, commissioning gas by end of 2022, first sales targeted Q1 2023. Strike secured $10M from Macquarie for its $7.9M share. Gas pricing of $6-7/GJ has been seen in marketing. Repeats Talon's announcement.
11 Aug 2022joint venture update▲ GoodMajor
TMK, owner of Gurvantes, signed a non-exclusive MOU with PetroChina subsidiary DATAMO to speed up development, which may lead to an investment in the project or in TMK. Talon, still earning 33%, has 3 of the minimum 4 core holes completed.
21 July 2022resource reserve update▲ GoodMajor
Talon books its maiden reserve at Walyering: RISC certifies gross 2P reserves of 54.2 PJ (Talon's 45%: 24.4 PJ), plus 31.9 PJ gross 2C contingent resource. This delivers the reserve aim and underpins a final investment decision.
20 July 2022flow test result▲ GoodMajor
Strike reports the Walyering-6 Cadda gas discovery flowed at a maximum 35 mmscfd, stabilising at 30 mmscfd. The Cattamarra C and D Sands contribute gas, but the B Sand produces water and is excluded from initial production. The well will be completed for production later in 2022.
18 July 2022security holder rights change● NeutralMajor
Shareholders approved the 20-for-1 consolidation at the 18 July meeting, effective 19 July 2022. This resolves the proposal announced in June. TPD says it does not change underlying value.
11 July 2022well test result▲ Good
TMK reports permeability of 15-20mD in the upper seam at Snow Leopard-3, with net coal revised up to 60m from 47m. SL-02's final permeability is 47mD. The first hole was abandoned at 348m and re-spudded on 8 July for the lower seam.
6 July 2022joint venture update● Neutral
Strike says equipment is on site for the Walyering-6 flow test, expected to take about 10 days. The Cattamarra D-Sand is added to the program after RISC feedback. A maiden independent reserves and resources report will follow. Talon holds 45%.
28 June 2022drilling result▲ Good
TMK reports about 47m of gassy coal in the upper seam at Snow Leopard-3, with high gas contents. Permeability testing is done and results are awaited. Drilling is paused at 318m for a fishing operation. All three wells have hit thick coal over 6km.
17 June 2022drilling spud● Neutral
TMK says Snow Leopard-3, the third of four Gurvantes holes, is drilling about 3km west of SL-02, targeting roughly 650m. Lower-seam testing at SL-02 is being analysed. Pilot well planning is under way for later in 2022.
15 June 2022security holder rights change● Neutral
Formal ASX notice of the proposed 20:1 consolidation, pending the 18 July vote. Ordinary shares fall from 8.71bn to about 435.7m. Option exercise prices rise 20 times, for example A$0.01 to A$0.20. New-basis trading starts 21 July, normal settlement 1 August.
15 June 2022security holder rights change● NeutralMajor
Talon will ask shareholders at a 18 July 2022 meeting to approve a 20-for-1 consolidation of its shares, options and performance rights. TPD says this does not change underlying value; the share price should rise about 20 times.
8 June 2022drilling result▲ Good
TMK says Snow Leopard-2 reached 540m total depth with 91m of net coal (70m upper, 21m lower seam). Methane averages 97%, consistent with Snow Leopard-1. The rig moves about 3km west to Snow Leopard-3, the third of four holes.
2 June 2022well test result▲ GoodMajor
TMK reports a flow capacity of 1,090 mD.m over the 70m upper coal seam at Snow Leopard-2, which it calls high permeability. This eases the earlier Snow Leopard-1 testing difficulty (~4.1 mD.m). TMK is fast-tracking pilot production planning, the stage 2 Talon may fund.
30 May 2022drilling result▲ Good
TMK says testing of the 70m upper coal seam at Snow Leopard-2 is complete, with preliminary data far better than Snow Leopard-1's troubled tests. Gas desorption continues and shows consistently high gas contents. Drilling is at 378m seeking a lower seam. Talon is earning 33% of Gurvantes.
26 May 2022investor presentation● Neutral
AGM investor presentation whose text is mostly unreadable bullets. Legible items: project debt finance may be considered, the Ocean Hill farm-in depends on agreement with Strike, and Talon may fund Gurvantes Stage 2. Catalysts include Walyering FID and reserves report.
25 May 2022capital raising announcement● Neutral
The share purchase plan closed with A$2.529m of applications, below the A$4m target, and all valid applications are filled in full. Shares are due to be issued on 27 May 2022.
23 May 2022drilling result▲ GoodMajor
TMK reports Snow Leopard-2 hit about 70m of gassy coal from 167m, with high preliminary gas contents. Final Snow Leopard-1 gas contents averaged 13.2 m3/t, above the earlier 7.5-12.5 range, though permeability testing was troubled (about 4.1 mD.m).
19 May 2022drilling result▲ GoodMajor
Talon says Walyering-6 hit a new 4m net gas pay in the Cadda Formation and about 21m net pay in the B and C Sands, though the A Sand showed low gas saturation. Drilling is complete; flow testing is expected in June, informing the final investment decision.
16 May 2022other● Neutral
Talon confirms Strike's 16 May Walyering announcement is the one that triggered its 12 May trading halt, and trading resumes. Cover note with no new information itself.
16 May 2022other● Neutral
Text not readable. Title indicates Strike's Walyering appraisal, discovery and testing results; Talon's 16 May and 19 May releases reference it.
16 May 2022drilling spud● Neutral
TMK says drilling has started on Snow Leopard-2, the second of four Gurvantes coreholes, about 5km east of SL-1, to roughly 600m. Two more holes follow over 2-3 months; maiden contingent resource still targeted for 2H 2022.
12 May 2022price query● Neutral
ASX pauses trading in Talon shares pending a further announcement. No reason is given in the notice. Later events show it was tied to Strike's Walyering announcement (inference from the 16 May release).
10 May 2022drilling result▲ Good
TMK reports Snow Leopard-1 finished at 675m with 60m net gassy coal (44.4m upper, 15.5m lower seam). Gas content is trending to the upper end of 7.5-12.5 m3/t, with methane about 96%. Rig moves to Snow Leopard-2.
6 May 2022capital raising announcement▲ Good
Talon completes the A$11m placement at A$0.008, scaling back applications on strong demand; lead managers get a 6% fee. Directors' 24.75m shares (A$198,000) need approval at a June meeting. Hauser expects enough data for a Walyering final investment decision in coming months.
5 May 2022capital raising announcement● Neutral
Talon dispatches offer documents for the A$4m share purchase plan at A$0.008 per share, up to A$30,000 per holder, closing 20 May 2022. Administrative step in the raising announced on 29 April.