Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 June 2021other● Neutral
Following shareholder approval at the 28 May 2021 AGM, Talon Petroleum Limited became Talon Energy Ltd from 7 June 2021, which it says reflects a move to a more integrated energy company. ASX code stays TPD; constitution amended for the name only.
28 May 2021investor presentation● Neutral
AGM presentation of May 2021 titled 'Building a Diversified Energy Company'. The visible text is only disclaimers and competent person statements, with no new figures or news.
23 Apr 2021quarterly activities report● Neutral
March 2021 quarter report restating the Condor resource (408 Bcf best estimate), the Mongolian farm-in and the A$5m placement. Brent is over US$60/bbl, which Talon says helps the UK farm-out, though timing is uncertain. Mongolian PSA award is expected next quarter.
31 Mar 2021other● Neutral
Appendix 4G corporate governance checklist for the 2020 annual report, pointing to the governance statement on the company website. Administrative only, with no new information.
31 Mar 2021annual report● Neutral
Annual report for the year to 31 December 2020. The chairman's letter says the company is fully funded for its 2021 work program after the A$5m raising, which it dates to March 2021. Financial statements are not visible in the truncated text.
25 Mar 2021investor presentation● Neutral
Late-March investor update highlighting the Condor prospective resource already announced on 17 March. The visible text is only disclaimers and competent person statements, with no new figures.
17 Mar 2021resource reserve update▲ GoodMajor
Talon booked a maiden best-estimate (P50) prospective resource of 408 Bcf gas and 20.2 MMbbl condensate at Condor (formerly Muchea), with a high case of 710 Bcf. Chance of success is a low 15%. The formal Macallum agreement has now been signed, replacing the January term sheet.
3 Mar 2021investor presentation● Neutral
March 2021 investor update on 'near term catalysts'. The visible text is only disclaimers and competent person statements, with no new figures.
3 Feb 2021capital raising announcement▲ GoodMajor
Talon gets a binding offer to farm into 33% of the Gurvantes XXXV coal bed methane licence in Mongolia, a new country for the company. It raises A$5m at A$0.004 (about 1.25bn shares; A$1m tranche needs shareholder approval). Licence award is still pending.
3 Feb 2021investor presentation● Neutral
Presentation on the Mongolia South Gobi coal seam gas farm-in announced the same day: 33% interest, 8,400 km² area, and a US$1.5m 2021 exploration program of 3,350m partly cored drilling. It repeats the announced deal and adds a plan to book a first contingent resource.
20 Jan 2021asset acquisition disposition▲ GoodMajor
Talon signed a non-binding term sheet to acquire 100% of the Muchea Structure (EP494, SPA-0081) in the Perth Basin from Macallum, a second Perth Basin asset after Walyering. Terms: A$90k now, 54m shares on formal agreements, then A$350k of shares plus a 1.95% royalty if it proceeds; A$100k fee if not.
19 Jan 2021quarterly activities report● Neutral
December 2020 quarter: Ensign Rig 970 secured for the A$9m Walyering-5 well (Talon 45%), three new UK licences awarded (eight in total), and Jendry made chairman. UK farm-out timing remains uncertain. Quarterly spend on exploration and corporate costs was A$308k.
4 Jan 2021security holder rights change● Neutral
97.5m unlisted options at A$0.005 lapsed on 31 December 2020. Talon now has 4.35bn shares on issue, plus 1.3bn options at A$0.004 expiring Feb 2022, 300m performance shares and 445m performance rights. Housekeeping only.
21 Dec 2020regulatory community update▲ GoodMajor
Talon has been awarded three new UK Central North Sea exploration licences from the 32nd round, taking it to eight UK licences. It says work commitments are very low and that potential partners have already enquired. This confirms the September offers.
21 Dec 2020investor presentation● Neutral
December 2020 North Sea asset update presentation, published alongside the licence awards. The visible text is only disclaimers and competent person statements, with no new figures.
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.
29 Oct 2020quarterly activities report● Neutral
September 2020 quarter: the Strike farm-in documents were signed and a A$1m bond paid. Shareholders approved the Tranche 2 placement in September, and the rig is secured. Three 32nd round licences were offered. Regulatory approval of the farm-in is still pending. UK farm-out timing is uncertain.
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.
29 July 2020quarterly activities report▲ Good
June 2020 quarter report, mostly restating the Walyering farm-in (45% for A$6m of a A$9m well), the A$5m raising at A$0.002 and David Casey's appointment as MD. New: the OGA granted a one-year Skymoos extension, so tenure on all four UK licences is secure.
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.
Create a free account to see this worked out for your own holding.
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.
