Talon completes Perth basin farm-in agreement
ASX-listed Talon Energy has completed the farm-in agreement to acquire a 25% interest in Triangle Energy’s L7 and EP437 onshore Perth basin permits, it said on March 1. The A$9.26mn deal was announced in December last year.
Talon has completed the required due diligence on the permits, focusing on tenure status, environmental obligations and heritage agreements, it said. The final outstanding condition precedent to the term sheet, the approval of new joint operating agreements for L7 and EP437, has been waived by both Talon and Triangle until May to allow new joint venture farm-in partner New Zealand Oil & Gas (NZOG) sufficient time to join in drafting the new documentation.
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Talon will pay A$1.9mn ($1.27mn) towards past expenditure on the recently acquired Bookara 3D seismic data, A$6.56mn contribution for the drilling of two wells in L7 and about $800,000 for a well in EP 437.
“The completion of the farm-in agreement with Triangle for 25% interest in L7 and EP437 marks the next step in the evolution of Talon and fleshes out our plans for growth in 2024 after we commence gas production from Walyering and undertake our Gurvantes pilot well testing programme in Mongolia during this year," Talon CEO Colby Hauser said.