Talon Petroleum Farms into Corallian's Curlew A Discovery

Source: www.gulfoilandgas.com 10/26/2018, Location: Europe

Talon Petroleum Limited has entered into an agreement with Corallian Energy Limited to earn a 10% interest in Licence P2396, subject to Oil & Authority (OGA) approval of the assignment.   

The Licence is located in the prolific Central Graben area of the UK North Sea and contains the Curlew-A discovery made by Shell in 1977.  Curlew-A contains an independently certified gross 2C Contingent Resource of 45mmboe. Appraisal drilling at Curlew-A is currently scheduled for 3Q 2019.

Overview of Curlew-A appraisal opportunity

Curlew-A is a significant un-appraised Tertiary aged oil discovery made by Shell in 1977, and is one of the few remaining undeveloped, sizable simple four-way dip closed oil bearing structures located adjacent to the prolific Central Graben area of the UK North Sea. The Curlew-A discovery well encountered net oil sands of 10.5m and recovered multiple 36° API oil samples.   

The Licence was most recently held by Shell but was relinquished in 2016 prior to its planned appraisal of Curlew-A during a period of lower oil price. The Licence was recently awarded to Corallian via the 30th Seaward Licensing Round and is currently in its initial 3-year phase with minimal commitments.   

Timing of appraisal drilling is planned for 3Q 2019 and subject to licensees moving into the secondary commitment phase of the Licence.

Overview of farmin agreement with Corallian

- Talon to be assigned a 10% interest in P2396 Licence subject to regulatory approvals
- Talon to participate in the drilling of the Curlew-A appraisal well at 10% participating interest/15% paying interest (1.5x promote capped at £12 million)
- Current well cost estimate - £10 million
- Talon net well cost £1.8 million/A$3.2mm (at cap)
- Talon net share of 3-year initial phase costs – A$65k

Placement to raise $720,000

In order to provide funding for Talon’s entry into the Licence and other potential North Sea acquisitions. the company has agreed a placement to sophisticated investors of 240,000,000 shares at an issue price of $0.003 to raise an amount of $720,000. Chieftain Securities Pty Ltd acted as Corporate Advisor and Lead Manager to the placement, which will be completed under Talon’s existing Listing Rule 7.1 capacity (under which an amount of 153,018,428 shares were issued) and 7.1A capacity (under which an amount of 86,981,572 shares were issued). An Appendix 3B and cleansing notice will be lodged on completion.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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