Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2023joint venture update● Neutral
Talon confirms the transaction is complete and will distribute about 1.001bn TMK shares and 500.5m options to its shareholders, record date expected 15 December. That is about 1.511 TMK shares per Talon share. Largely repeats TMK's completion news.
8 Dec 2023asset acquisition disposition▲ GoodMajor
TMK completed the Talon acquisition and now holds 100% of Gurvantes XXXV, issuing 1,092m shares and 546m listed options. It received $600,000 cash from Talon plus about $150,000 held in the acquired entities. This resolves the October agreement.
6 Dec 2023production update▲ GoodMajor
First gas rates reported: the highest daily rate was about 13,000 scfd on 30 November, with November output 130.5 mscf, roughly double the first month. TMK says rates are still low and not final. Both shareholder meetings approved the Talon deal.
17 Nov 2023investor presentation● Neutral
Noosa Mining Conference presentation restating known points: the 1.2 TCF (2C) and 5.3 TCF (2U) resources and the pending move from 67% to 100% of Gurvantes XXXV. Nothing new is visible in the text provided.
13 Oct 2023security holder rights change● Neutral
1,005,000,000 shares held by major shareholder Tsetsen Zantav come out of voluntary escrow on 28 October 2023. The escrow dated from the April 2023 $5.7m raise. TMK says he has not sold any of his non-escrowed shares.
11 Oct 2023asset acquisition disposition▲ GoodMajor
Talon and TMK signed a binding heads of agreement for TMK to buy Talon's 33% of Gurvantes XXXV for up to 1.1 billion TMK shares and 550m listed options. This would take TMK to full ownership; it is subject to a Talon shareholder vote expected late November 2023.
11 Oct 2023asset acquisition disposition▲ Good
TMK signed a binding agreement to buy Talon's 33% of Gurvantes XXXV for up to 1.1bn shares and 550m listed options, giving it 100%. Talon adds A$850,000 toward project costs. Needs both companies' shareholder votes, expected late November 2023.
9 Oct 2023drilling result▲ GoodMajor
Terra-area well BHN23_002C intersected about 45m of net coal with moderate to high gas content, in the same formation as Nariin Sukhait about 100km west, so four more wells are added. The two earlier wells found thin coal with low gas. Lucky Fox-3 had pump problems from coal fines.
12 Sept 2023half year report● Neutral
Interim report for the six months to 30 June 2023 (the new year-end change period). It covers the pilot wells drilled on time and budget, the April $5.7m placement and 5,030,579,300 shares on issue. Financial figures are not visible in the text provided.
8 Sept 2023investor presentation● Neutral
September 2023 Good Oil Conference presentation restating known points: the 1,214 Bcf (2C) contingent resource, 5.3 TCF prospective resource and 67% interest. The text provided is truncated and shows nothing new.
1 Sept 2023production update● Neutral
Pilot wells continue as expected, with gas continuously flared and water peaking near 630 barrels a day. The Lucky Fox-3 pump was replaced in under two days, and a test showed the wells are connected. The Terra exploration program has begun; no gas rate is yet given.
29 Aug 2023material agreement▲ GoodMajor
TMK signed a two-year exploration cooperation agreement with Terra Energy, which operates the Baruun Noyon Uul coal mine in the project area. At least four cored wells and about 40 km of 2D seismic will be drilled, with drilling and seismic costs split 50/50.
9 Aug 2023joint venture update▲ Good
Talon repeats TMK's news that continuous gas flow is established from all three pilot wells, with an initial flow rate due in several weeks. Duplicates TMK's announcement; no new information.
9 Aug 2023flow test result▲ GoodMajor
Sustained gas flow is now established from all three Lucky Fox wells, sufficient for continuous flaring, following the unsustained three-hour flare of 24 July. An initial gas rate is expected in several weeks; commercial significance still depends on the six-month test.
4 Aug 2023director officer appointment● Neutral
TMK awarded staff and consultants 61m options (2.5c, expiring 30 April 2026) and 77m performance rights, about 2.75% of issued capital. CEO Brendan Stats receives 25m options and 22.5m rights; his fixed pay rises to $350,000 from 1 July 2023. Long-term hurdles include 100 Bcf of 2P reserves.
25 July 2023flow test result▲ GoodMajor
Gas built up in the Lucky Fox-1 casing flowed to surface and was flared for about three hours on 24 July, the project's first gas to surface. The three wells produce about 500 barrels of water a day combined. TMK says the flow was unsustained.
25 July 2023joint venture update● Neutral
Talon's release repeats TMK's report of the three-hour flare of gas from Lucky Fox-1 and about 500 barrels of water a day combined. It also repeats the caution that the flow was unsustained. Duplicates TMK's announcement.
19 July 2023joint venture update● Neutral
Talon repeats TMK's news that production testing has begun. It adds that Talon has now met its Stage 2 obligation by funding the first US$3.15m of the pilot program; from here Talon pays 33% and TMK 67% of further costs.
19 July 2023production update▲ GoodMajor
The six-month production test at Gurvantes XXXV has begun, with all three pilot wells pumping water at low, constrained rates in line with expectations. Gas breakthrough may come at any time after depressurisation; the project is not yet producing sustained gas.
13 July 2023drilling progress report● Neutral
Pumps and drive heads are installed and all surface facilities are complete at the three pilot wells; the production test is expected to start within a week. Dewatering is now expected to take two to three months before initial gas breakthrough.
4 July 2023investor presentation● Neutral
Notice that CEO Brendan Stats will present at a Broker Briefing mining and resources webinar on 6 July 2023. No new project information.
28 June 2023drilling progress report● Neutral
Surface facilities for the three pilot wells are over 80% complete, with pump installation due early July and the six-month production test now scheduled for mid-July. Sustained gas is not expected until several months after pumps start; early water flow is expected.
9 June 2023director officer appointment● Neutral
Appendix 3Y notices show directors, including Brett Lawrence and Gema Gerelsaikhan, were each issued 5,000,000 unlisted incentive options at 2.5c expiring 30 April 2026, on 8 June 2023. Issued under shareholder approval of 31 May 2023, for nil consideration.
31 May 2023security holder rights change● Neutral
New company constitution adopted by special resolution of shareholders at the 31 May 2023 AGM. The text provided is a contents list and clauses; no specific change is described, so the effect on shareholders is not stated.
31 May 2023investor presentation● Neutral
AGM investor presentation repeating known points: the 1,214 Bcf (2C) contingent resource, Talon farm-in, and 2023 project milestones. The text provided is truncated, and nothing new is visible.
30 May 2023drilling result▲ GoodMajor
Lucky Fox-3 hit about 68m of gassy coal, the thickest of the three, completing the pilot drilling safely, on time and on budget. Pumps and surface facilities are due by early July, with first gas breakthrough expected one to two months after pumping starts.
19 May 2023drilling spud▲ Good
Lucky Fox-3, the final pilot well, began drilling late on 18 May and should take about two weeks. Management says Lucky Fox-1 and -2 each hit about 60m of gassy coal as prognosed, and pump installation and tie-in are scheduled for June.
16 May 2023drilling result▲ Good
Lucky Fox-2, the second of three pilot wells at Gurvantes XXXV, reached 407m and intersected about 62m of gassy coal, on prognosis, on time and on budget. This matches Lucky Fox-1's roughly 60m; the rig now moves to Lucky Fox-3.
5 May 2023drilling spud▲ Good
Lucky Fox-2, the second of three pilot wells, began drilling on 3 May and was at 138m by 5 May. Drilling is due to finish by end of May, with pumps and tie-in completed in June before the six-month production test.
3 May 2023admin correction● Neutral
Re-lodged March quarter Appendix 5B on the current ASX template, with cash flows unchanged. It shows cash of A$2.056m, with Talon funding of A$1.867m offsetting A$2.067m of exploration spend.
