Past year: ▲ 27%(15.0c – 21.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 May 2020agm notice● Neutral
Notice that all resolutions at the 29 May 2020 AGM will be decided on a poll, with proxy and webinar arrangements. Administrative only.
30 Apr 2020quarterly activities report● Neutral
March 2020 quarter: cash was A$1.6m, with about A$140k of spending expected next quarter. Farm-out interest remains strong, but Talon has applied to the OGA for work-phase extensions on Rocket and Skymoos. It is also reviewing its portfolio mix. 32nd round results are due this quarter.
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.
31 Jan 2020quarterly activities report● Neutral
December 2019 quarter: cash was A$1.85m, down from A$2.24m at the start of the quarter, with operating outflow of A$391k. The board plans cost-saving measures to preserve funds. Farm-out talks on Skymoos, Rocket and Vantage continue, aiming at 2020 drilling; no deal yet.
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.
30 Oct 2019quarterly activities report● Neutral
September 2019 quarter: ONE-Dyas has told the OGA it will not proceed, so Talon will hold 100% of Block 14/30b once issued. The Curlew-A site survey finished on budget. Skymoos and Rocket farm-out continues, aiming for 2020 drilling. 32nd round bids were due 12 November.
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.
26 July 2019quarterly activities report▲ Good
June 2019 quarter: the EnCounter acquisition completed, Doré joined the board, and a farm-out of Skymoos and Rocket began with strong partner interest reported. Curlew-A drilling slipped to late 2019. The Vantage and Block 14/30b licences are restated. Cash is not visible in the text.
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.
17 Apr 2019quarterly activities report● Neutral
March 2019 quarter report restates the EnCounter deal terms and gives detail on the Rocket (27 mmbo, 20-30% chance of success) and Skymoos (107 mmbo) prospects. Cash and production figures are cut off 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.
14 Mar 2019annual report● Neutral
2018 annual report: Talon describes its shift to the UK North Sea, with three assets (Curlew-A 10%, plus the Rocket and Skymoos prospects from EnCounter). Troy Harry and Peter Love have left the board. Text is truncated, so financials are not visible.
14 Mar 2019other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Compliance paperwork with no new information on operations or finances.
12 Mar 2019director officer appointment▲ GoodMajor
Shareholders approved the EnCounter acquisition at the 12 March 2019 general meeting, so it proceeds. Peter Love retired and Peter Stickland became Chairman. This completes the approval step announced on 31 January; Curlew-A appraisal is still due in Q3.
31 Jan 2019business combination▲ GoodMajor
Talon agreed to buy EnCounter Oil, adding 100% of the Skymoos (107 mmbo) and Rocket (27 mmbo) prospects, for 100m shares plus 400m performance shares tied to farm-outs. It also raises A$1.25m in a placement. Chairman Love will retire; Graham Doré joins the board.
31 Jan 2019investor presentation● Neutral
Presentation repeating the EnCounter acquisition announced the same day: 100% of the Skymoos and Rocket licences and the Doré and Young technical team. Text is truncated, with no new figures visible.
25 Jan 2019quarterly activities report● Neutral
December 2018 quarter: cash was about A$2.16m after the A$720k placement. Curlew-A appraisal is still planned for 3Q 2019 while Corallian seeks more partners. Net production table appears to be mislabelled with a March 2018 quarter heading (448 boe net); the text is truncated.
17 Dec 2018director officer appointment● Neutral
Talon signed a new executive services agreement with Managing Director Matt Worner: A$250,000 salary, a A$25,000 sign-on bonus, and a discretionary performance bonus. No fixed term. Routine disclosure of contract terms.
