Talon Energy Ltd (ASX:TPD) has raised $2.2 million in a share purchase plan (SPP) which will go toward development costs of the L23 permit, which holds the Walyering Gasfield in Western Australia, as well as operating costs and capital investment for the company’s other exploration projects.
The SPP was well supported and oversubscribed, with all valid applications receiving their full allocation of new shares.
Talon expects the share issue and ASX quotation of these new stocks to be complete by April 13, 2023.
Talon’s exploration portfolio
TPD is advancing several exploration projects across Mongolia and the Perth Basin of Western Australia, with varying interests and operational responsibilities.
In the Perth Basin, Talon holds the L7, EP437 and EP447 licences.
L7 is a farm-in production licence. The company acquired 25% equity from operator Triangle Energy (Global) Ltd.
Talon also holds a 25% interest in the EP437 permit, again via farm-in with Triangle Energy. Regional exploration analysis of the permit indicates that it has potential to hold several tens of millions of barrels of oil within its identified leads.
TPN holds 45% equity in the EP 447 licence, acquire via farm-in from Strike Energy. The exploration permit has a number of large structures that have the potential to host Jurassic wet gas.
In Mongolia, Talon holds what it considers to be “one of the most prospective coal seam gas basins globally” in the Gurvantes XXXV PSA.
Gurvantes is an 8,400-square-kilometre project, less than 20 kilometres from the Chinese-Mongolian border and close to the extensive Northern China gas transmission and distribution network.