Strike Energy's acquisition of Talon Energy becomes effective

Strike Energy December 14 announced its acquisition of Talon Energy by way of a scheme of arrangement is now effective following lodgement with the Australian Securities and Investment Commission of a copy of the orders of the Federal Court of Australia approving the scheme.

Talon shareholders will receive 0.4828 new Strike shares for every Talon share held. “This is a great outcome for Strike. The combined company will have an enlarged balance sheet, additional net income and an excellent platform to deliver superior shareholder returns through the outstanding growth opportunities in the Perth basin,” said Strike Energy chair, John Poynton.

Sydney-listed Talon on August 14 entered into a binding scheme implementation deed with its joint venture partner Strike under which Strike will acquire all the issued shares in Talon.

Strike holds a 55% interest in the Walyering project in the Australian Perth basin and Talon owns the remaining 45%. Additionally, Talon has a 33% stake in the Gurvantes coalbed methane project in Mongolia.