A$14.0 million

Sale of Gurvantes to TMK Energy

Congratulations to Talon Energy on executing a Binding Agreement pursuant to which TMK Energy Limited will consolidate ownership of the Gurvantes XXXV Project to TMK.

The gross consideration is up to 1.1bn fully paid ordinary TMK shares and up to 550m TMK listed options. This net consideration currently implies a value of approximately $0.020 per Talon share held. The TMK Transaction is not conditional on completion of the proposed scheme of arrangement between Talon and Strike Energy Limited.

Talon’s Managing Director, Colby Hauser, commented: “This consolidation is a logical transaction and compelling opportunity to create value for both sets of shareholders by unlocking important synergies in the exploration and development of the Gurvantes Project. Assuming the TMK Transaction completes, Talon shareholders will continue to have a material interest in the upside associated with Gurvantes, while at the same time mitigating the liquidity and funding risks that would have existed in the unlisted spin-out structure.”

Sternship Advisers is pleased to have acted as financial adviser to Talon. Steinepreis Paganin Lawyers and Consultants acted as legal adviser for the Transaction.

Financial Adviser