30 Oct 2020investor presentation● Neutral
Presentation at the Switzer Small & Micro Cap Virtual Investor Day. The visible text is only disclaimers and competent person statements, with no new figures.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2020director officer appointment● NeutralMajor
Doug Jendry becomes Non-Executive Chairman, replacing Peter Stickland, who resigns. Graham Doré steps back from the board to lead the UK technical team. Jendry advises the Nero Resource Fund, a significant Talon shareholder, and was involved in the 2001 Walyering-4 dry hole.
12 Oct 2020drilling scheduled▲ GoodMajor
Strike has contracted Ensign Rig 970 to drill the Walyering-5 appraisal well straight after its West Erregulla campaign. Drilling is likely to start in mid-2021. This firms up the timing of the well Talon is funding.
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.
11 Sept 2020half year report● Neutral
Half-year report to 30 June 2020. The visible text restates UK farm-out efforts and the Walyering farm-in and A$5m raising. The financial statements are not visible in the truncated text.
3 Sept 2020regulatory community update▲ GoodMajor
Talon has been offered three licence areas in the UK 32nd Offshore Licensing Round, per the OGA website. Official confirmation has not yet arrived. Talon says the areas have low-cost work commitments. This resolves the pending 32nd round results.
10 Aug 2020investor presentation● Neutral
August 2020 investor update by David Casey. The visible text is only disclaimers and competent person statements, with no new figures.
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.
23 July 2020capital raising announcement▲ GoodMajor
Talon has firm commitments for a A$5m placement of about 2.5bn shares at A$0.002, a 33% premium to the 20-day VWAP, with 1-for-2 free options at A$0.004. A$0.89m comes in the first tranche. The rest needs shareholder approval and would lift cash to about A$6.4m. It funds the Walyering farm-in.
What it means for a shareholder
2.50bn new shares at A$0.002 to raise about A$5.0m. That's 58% dilution: every existing holder's slice gets 58% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.0281% to 0.0117% of the company. To keep it you'd need 703,516 more shares - about A$1,407 at the issue price.
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23 July 2020investor presentation● Neutral
Presentation on the Walyering farm-in. The visible text is only disclaimers and competent person statements, with no new figures.
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.
29 May 2020other● Neutral
Company constitution lodged on 29 May 2020. The visible text is the table of contents and definitions. The excerpt does not show whether anything has changed.
3 Apr 2020other● Neutral
Talon reports A$1.5m cash, no debt and no committed exploration spending. Non-executive fees are cut 50% and the Managing Director's pay 40% from 1 March 2020. Skymoos and Rocket farm-out talks continue, with no deal yet. This confirms the January cost-saving plan.
31 Mar 2020admin correction● Neutral
Corporate governance checklist lodged with the 2019 annual report, pointing to the governance statement on the company website. Administrative filing with no new information on assets, cash or strategy.
31 Mar 2020annual report● Neutral
2019 annual report: the Chairman says Talon became a focused UK North Sea explorer in 2019 and is pursuing farm-outs. With COVID-19 and lower oil prices, it has cut director fees and salaries significantly. Financial figures are not visible in the truncated text.
20 Dec 2019other● Neutral
Managing Director's year-end letter restates strategy and the portfolio: P2363, P2392, P2477, P2496 and P2396. It says multiple parties are in the dataroom and targets farm-out deals early in 2020. It also acknowledges the share price does not reflect progress. No new transactions.
13 Nov 2019asset acquisition disposition● Neutral
Talon submitted multiple applications in the UK 32nd licensing round covering 12 exploration prospects, with low-cost work programs over three years. Results are expected in Q2 2020. This follows the bidding plan flagged earlier; nothing is won yet.
29 Oct 2019investor presentation● Neutral
Presentation at the 121 Oil & Gas conference in London covering the same North Sea portfolio. The visible text is disclaimers and the competent person statement, with no new information.
11 Sept 2019investor presentation● Neutral
Presentation at the RIU Good Oil Conference on the UK North Sea strategy and the Skymoos, Rocket, Vantage, Thelma, Louise and Buffalo prospects. Repeats known facts; no new figures visible in the text provided.
9 Sept 2019half year report● Neutral
Interim report for the half-year to 30 June 2019, covering the EnCounter acquisition and the UK North Sea strategy. Skymoos and Rocket are being farmed out. Directors' details are confirmed; financial figures are not visible in the truncated text.
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.
23 July 2019asset acquisition disposition▲ GoodMajor
Talon and ONE-Dyas won a licence over Block 14/30b, holding the Thelma (29 mmbo), Louise (17 mmbo) and Buffalo (160 Bcf) prospects next to Talon's Skymoos. Two-year work commitments are about A$30,000 gross. It is Talon's fifth North Sea asset.
1 July 2019director officer appointment● Neutral
Non-executive director Roger Steinepreis resigned effective 30 June 2019, having joined in December 2017. This follows his stated intention to retire after the board transition, which brought in Graham Doré and Stephen Jenkins.
11 June 2019director officer appointment▲ Good
Stephen Jenkins, founder of Nautical Petroleum (sold to Cairn for £414m in 2012), joined the board as non-executive director. Roger Steinepreis intends to retire after a transition period.
5 June 2019asset acquisition disposition▲ GoodMajor
Talon was offered a 50% interest in a licence over Blocks 12/26a and 12/27a, containing the 44 mmbo Vantage prospect, from the UK 31st round. Its share of initial two-year costs is about A$60,000. It is Talon's fourth North Sea asset.
16 May 2019investor presentation● Neutral
Presentation at a Hong Kong investor conference outlining the UK North Sea strategy and the Skymoos and Rocket prospects. Repeats known facts; no new figures visible in the text provided.
2 Apr 2019investor presentation● Neutral
Talon released a video presentation on its UK North Sea strategy and its Rocket, Skymoos and Curlew-A portfolio. It repeats known plans: farm-out work on Rocket and Skymoos, and Curlew-A appraisal later in 2019. No new information.