Talon buys 25% stake in Perth basin permits from Triangle
Talon Energy has executed a binding term sheet with Triangle Energy to farm into a 25% participating interest in Western Australian onshore production licence L7 and exploration permit EP 437 for A$9.26mn, it said on December 19.
The company 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.
Talon said it has identified L7 and EP 437 as “high-potential” areas for hosting large gas fields and will work closely with Triangle to unlock the “significant” resource potential of these two permits.
Recently, Triangle completed the purchase of Key Petroleum’s interests in permits L7 and EP 437. This purchase, in addition to the acquisition of 13.058% from Pilot Energy in EP 437 resulted in Triangle owning a 100% interest in both permits.
Talon CEO, Colby Hauser, said the execution of the term sheet for 25% interest in L7 and EP 437 with Triangle “represents the culmination of over six months of work evaluating the potential of the northern Perth Basin for potential gas reserves to build on the company’s recent success at the Walyering gas field.”
Talon and its partner Strike Energy in August this year sanctioned the Walyering gas field in the Perth basin for development.