Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2022flow test result▲ GoodMajor
Strike reports Walyering-5 testing finished after 21 days: the A-Sand flowed 59 mmscfd peak, and the commingled flow peaked at 75 mmscfd (67 stabilised), limited by equipment. Strike is studying lifting plant capacity to 35 mmscfd. This resolves the earlier equipment-limited tests, far exceeding the first 7 mmscf/d.
29 Apr 2022capital raising announcement● NeutralMajor
Talon raises A$11m via placement of 1.375bn shares at A$0.008, a 20% discount to the last price, plus a A$4m share purchase plan. Proceeds fund its share of Walyering development and Mongolia work. CEO Hauser plans to invest A$150,000, subject to approval.
What it means for a shareholder
1.38bn new shares at A$0.008 to raise about A$11.0m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.00178% to 0.00149% of the company. To keep it you'd need 24,470 more shares - about A$196 at the issue price.
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26 Apr 2022flow test result▲ GoodMajor
Strike reports individual Walyering-5 tests: B-Sand peaked at 33 mmscfd, C-Sand 32 mmscfd (27 stabilised), D-Sand 13 mmscfd, with clean gas. Walyering-6 has begun drilling, at 969m. Builds on the earlier 7 mmscf/d D-Sand flare result.
26 Apr 2022asset acquisition disposition● NeutralMajor
Finder Energy will acquire 100% of Talon's UK licence P2527 (White Bear), conditional on approvals. Talon pays nothing and receives no upfront cash, but gets 12.5% of Finder's gross income from the licence, converting to a 3% production royalty. This advances Talon's UK exit.
21 Apr 2022annual report● Neutral
Re-release of the 2021 annual report already lodged on 30 March 2022, with the same content. No new information.
19 Apr 2022investor presentation● Neutral
Investor presentation whose text is mostly unreadable bullets. The only legible item is a 360 Bcf gas and 1.2 mmbbls condensate 2C resource (DeGolyer & McNaughton), which is already known.
14 Apr 2022drilling progress report● Neutral
Talon recaps Walyering-5 flow testing about to start over four weeks, RISC engaged for resource assessment, Walyering-6 spud expected late April, and Snow Leopard-1's 44m gassy coal. Mostly repeats announcements by Strike and TMK.
13 Apr 2022flow test result● Neutral
Strike says formal Walyering-5 flow testing is starting, with the test period extended to up to 28 days. RISC Advisory is appointed to assess reserves and resources after testing. Walyering-6 rig mobilisation begins, with drilling by late April.
11 Apr 2022drilling result▲ GoodMajor
TMK reports Snow Leopard-1 intersected 44m of gassy coal at 406-461m, with preliminary gas content of 7.5-12.5 m3/t and high saturation. Talon is funding the program under the US$4.65m farm-in; a maiden contingent resource is targeted in 2H 2022.
30 Mar 2022other● Neutral
Appendix 4G corporate governance checklist accompanying the annual report, dated 29 March 2022. Administrative filing with no new operational or financial information.
30 Mar 2022annual report● Neutral
Full-year 2021 statutory accounts released. The chairman's letter confirms Colby Hauser appointed MD/CEO in March 2022, replacing David Casey, who is now a non-executive director. It also confirms the UK North Sea exit and the Gurvantes first hole spud, with results expected June 2022.
28 Mar 2022flow test result▲ Good
Talon repeats Strike's Walyering-5 D-Sand result: gas flowing to surface at about 7 mmscf/d, low CO2, zero H2S, with full testing still to come. It says positive tests could allow a resource upgrade and its maiden gas reserve; Walyering-6 is due to spud in May.
25 Mar 2022flow test result▲ Good
Strike reports Walyering-5 preparation complete; the perforated D-Sand flowed wet gas to flare at about 7 mmscf/d (equipment-limited), with 4,516 psi reservoir pressure and negligible CO2. Full testing awaits equipment. Walyering-6 is permitted, with drilling expected in May.
16 Mar 2022drilling spud▲ GoodMajor
Operator TMK reports the first of four Gurvantes coreholes, Snow Leopard 01, spudded 15 March 2022, targeting about 650m over four weeks. Talon funds the program to earn 33%; the other three holes follow over 3-4 months, a first step to converting the 5.96 TCF prospective resource.
9 Mar 2022drilling progress report● Neutral
TMK says the drilling rig is being mobilised to Gurvantes, with the first of at least four cored holes due to start within a week. Talon funds the program under its farm-in to earn 33%, by funding the first US$4.65m.
24 Feb 2022contract award▲ Good
TMK, owner of Telmen, awarded the Gurvantes drilling contract to Ellehcor Drilling for at least four cored holes starting March 2022. Talon funds it under the farm-in, earning 33% by funding the first US$4.65m across two stages. All local approvals are in place.
23 Feb 2022investor presentation● Neutral
TMK Energy, which acquired Telmen and so now owns the Gurvantes project, presents it. Talon's farm-in funds first US$1.5m, with a further US$3.15m stage 2 on election. Drilling is due early March 2022; this mostly repeats known facts.
16 Feb 2022drilling progress report▲ Good
Strike says the Walyering-5 flow test starts after equipment arrives in late February, taking 15-20 days. Core tests show A-Sand permeability up to 280mD. Long-lead items and a rig slot are secured for Walyering-6; development concept is up to 30 TJ/d from two wells.
11 Feb 2022asset acquisition disposition● NeutralMajor
Talon is exiting its UK North Sea exploration portfolio to focus on more advanced projects, relinquishing licences. It is discussing a possible sale of P2727 (White Bear). NED Steve Jenkins steps down in February, and consultants Dorè and Young finish. This ends the UK strategy begun in 2019.
3 Feb 2022regulatory community update▲ Good
Mongolia approved the Gurvantes XXXV environmental impact assessment, clearing the way for drilling. Four cored holes are now expected late February to early March 2022. This is the first step toward converting the 5.96 TCF risked prospective resource to contingent.
17 Jan 2022security holder rights change● Neutral
Routine notice to holders of unlisted A$0.004 options, which expire 28 February 2022 unless exercised. The shares last closed at A$0.007 on 14 January 2022, above the exercise price. Exercise could bring cash to Talon.
12 Jan 2022regulatory community update▲ Good
Telmen completed community consultation and lodged the Gurvantes environmental impact assessment, with approval expected late January to early February 2022. Drilling of four cored holes stayed on track for mid-Q1 2022.
4 Jan 2022director officer appointment● NeutralMajor
David Casey became a Non-executive Director on 1 January 2022, retaining a Mongolia focus. His performance rights were cut to 160m from 327.7m, with 40m options at A$0.01 proposed subject to shareholder approval. Talon has begun a search for a new CEO.
8 Dec 2021drilling result▲ Good
Strike says Walyering-5 is cased and pressure tested, cost about A$8.5m gross (under the A$9m budget), and the completion allows each sand to be tested separately. A flow test is planned Q1 2022, then independent resource certification; a concept of up to 20 TJ/d from ~2 wells is being studied.
6 Dec 2021drilling result▲ GoodMajor
Strike reports Walyering-5 confirmed four gas-charged sands with 51m net pay, results exceeding its pre-drill expectations; CO2 under 1%. The A Sand sits higher than Walyering-1, suggesting a larger gas column. A production test is planned Q1 2022. Positive for Talon's 45%.
6 Dec 2021drilling result▲ Good
Talon repeats Strike's result: Walyering-5 confirmed four gas sands, 116m gross and 51m net pay, CO2 under 1%, better than expected, including two extra deeper gas sands. Talon says exploration now turns to other EP447 leads and Condor (P50 408 Bcf). Production testing is still needed.
29 Nov 2021drilling result▲ GoodMajor
Walyering-5 reached 3,435m, 8 days ahead of schedule. Strike saw elevated gas and good sands in the A and B targets plus deeper sands. Logging is under way, so the significance is not yet confirmed.
25 Nov 2021regulatory community update● Neutral
Telmen has started community consultation, the final step for the Gurvantes environmental approval, after COVID restrictions delayed site access. Approval is expected early Q1 2022, so drilling now looks like mid-Q1 2022, later than the December quarter earlier flagged.
24 Nov 2021director officer appointment● NeutralMajor
Managing Director David Casey will move to Executive Director by the New Year to take a new role outside the company, staying on the Board and working on Mongolia. Matt Worner continues as Executive Director. No replacement MD is named in the text.
24 Nov 2021drilling progress report● Neutral
Walyering-5 has reached 2,380m, with 9-5/8 inch casing run and cemented. Strike is about to drill the final section, expecting the A and B Sand targets at about 3,073m and 3,195m measured depth. No results yet.
