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Completion of Acquisition of Encounter Oil Limited & Strategy Update

Source: 5/15/2019, Location: Europe

Talon Petroleum Limited (Talon) is pleased to advise that it has completed the acquisition of EnCounter Oil Limited. Accordingly, Talon now holds 100% interests in EnCounter’s highly prospective exploration licenses in the UK North Sea. License 2363 contains the 107mmbo (best estimate prospective resource) Skymoos Prospect and License 2392 which hosts the 27mmbo (best estimate prospective resource) Rocket Prospect. 1 The estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations.

These estimates have both an associated risk of discovery and a risk of development. Further appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. In addition, EnCounter founder and UK North Sea exploration specialist Mr Graham Dorč has joined the Talon Board as a Non-Executive Director, and EnCounter’s Mr Paul Young joins as Geoscience Manager. Please see attached Appendix 3B in respect of securities issued as consideration.

North Sea Strategy Update Skymoos and Rocket Prospects The Company has recently licensed additional high-quality 3D seismic data over both Rocket and Skymoos and has commenced a farmout process to secure industry partners to provide expertise and funding support for the drilling of these high-impact exploration targets. Talon has received strong interest from potential partners at this early stage and is confident of securing a farm-in partner for both assets in the near term.

Curlew-A appraisal project Operations planning in respect of the Curlew-A appraisal opportunity is continuing with a view to drilling in late 2019. The operator, Corallian Energy, advises that it is continuing with its farmout process and is planning for a well-site survey during the Northern summer in preparation for drilling.

Government License Round opportunities Talon has applied for an additional exploration license in the UK Oil and Gas Authority’s 31st Seaward Licensing Round. If previous license round timings are to be used as a guide, the announcement of successful applicants can be expected in May 2019.

Talon has applied for a license area that contains high-impact exploration potential identified from good quality 3D seismic, and with low-cost work commitments in the initial phase. In the event Talon is successful in what is a competitive bid process, a farm out process for the license will be commenced and drilling partners sought.

Additionally, Talon continues to review prospects to add to its UK North Sea exploration portfolio, with several strong opportunities under consideration.

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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