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Perth Basin Resources Numbers

Source: www.gulfoilandgas.com 7/24/2020, Location: Not categorized

Talon Petroleum Limited provides the following information in relation to Prospective Resource and Contingent Resource numbers relevant to Talon’s recently announced Perth Basin farmin transaction with Strike Energy Limited (Strike) and successful $5 million share placement.

Under the terms of the proposed farmin with Strike, Talon will acquire a 45% interest in EP447, which contains the Walyering wet gas prospect as well as a right of first refusal over EP495, which contains the Ocean Hill gas discovery.

Upon completion of the assignment of interest to Talon in EP447, Talon will hold a net 45% interest the Licence and in the following Prospective Resource at Walyering Prospect.

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.

Ocean Hill currently has 360BCF and 1.18mmbbls of associated condensate 2C Contingent Resource resulting from the initial discovery found by Ocean Hill-1. Ocean Hill is currently held 100% by Strike and currently no Contingent Resources are ascribed to Talon.

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