Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2022drilling result▲ Good
TMK confirms 56mD permeability in the SL-05R upper seam, the best at Gurvantes so far, and over 80% gas saturation at SL-02 and SL-03. NSAI's maiden resource is due within two weeks. The pilot wells would be near SL-02, mainly funded by Talon.
19 Oct 2022joint venture update▲ Good
Operator Strike reports Walyering procurement about 70% complete and a pipeline connection agreement signed with APA. Secondary approvals are with the regulator and a gas sales term sheet is signed with a preferred buyer. First gas sales remain targeted for Q1 2023.
19 Oct 2022investor presentation● Neutral
Colby Hauser's South-West Connect conference presentation. The visible text is only the disclaimer and resource notes; no new figures or events can be taken from it.
11 Oct 2022drilling result▲ Good
TMK says the fifth well, SL-05R, finished with 69m of coal. Preliminary testing of the upper seam shows the highest permeability yet. The five-well exploration program is complete; the maiden resource is now targeted by 31 Oct 2022.
28 Sept 2022drilling result▲ Good
TMK reports SL-03R finished at 558m with 175m net gassy coal, up from 140m reported earlier. Stage 1 is complete, so Talon's 90-day election to fund the US$3.15M pilot wells runs from 26 Sept 2022. SL-05 was re-spudded; the resource assessment is under way.
15 Sept 2022drilling result▲ Good
TMK reports SL-03R hit 80m of gassy lower-seam coal, about 140m net coal in total, the thickest yet at Gurvantes. SL-05 is drilling. Talon has not yet elected stage 2; maiden contingent resource is expected early Q4 2022.
12 Sept 2022half year report● Neutral
Half-year accounts to 30 June 2022 show a loss of $9.35M (against $2.33M a year earlier). Net cash was $10.9M, up from $6.7M at December 2021 after the May raising; operating cash outflow was $6.4M.
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.
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.
29 July 2022quarterly activities report▲ Good
June quarter report: Walyering-5 testing finished, Walyering-6 hit gas and flowed 35 mmscfd in mid-July, and the maiden RISC reserve followed. Gurvantes SL-1 and SL-2 are done and SL-3 started. Management says production is possible in Q1 2023; development cost is about $14.4M gross.
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).
