Talon Energy completes A$11mn share placement
Sydney-listed Talon Energy has successfully completed the A$11mn ($7.8mn) share placement announced late April, the company said on May 6. The funds will in part be used to further advance exploration and evaluation work at the Walyering project in Australia and the Gurvantes XXXV project in Mongolia.
“The successful placement has been a great outcome for Talon and its shareholders as we look to capitalise on the success seen to date at the Walyering onshore gas project in the Perth basin,” Talon managing director, Colby Hauser, said. “Flow testing results to date have exceeded pre-drill expectations and we are confident that we will have sufficient information to endorse a final investment decision in the coming months.”
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Talon is undertaking a share purchase plan to raise an additional A$4mn and allow eligible shareholders an opportunity to participate in the growth of the company, Hauser added.
Under a late 2019 farm-in agreement with Strike Energy, Talon acquired a 45% non- operated participating interest in EP 447, that holds the Walyering project. The Gurvantes project covers an area of 8,400 km2 and is situated around 20 km from the Chinese-Mongolian border and close to the northern China gas transmission and distribution network. The drilling programme at Gurvantes is being funded by Talon Energy under an existing $4.65mn two-stage farm-out agreement executed with TMK Energy. .