- Talon Petroleum (TLN) has entered a trading halt in relation to a farm-in asset in Mongolia and a capital raise
- At this stage, it’s unclear what the Mongolian asset is or which company the farm-in agreement is with
- It’s also not certain how much will be raised or what the junior oil and gas explorer will use the money for
- But, the market will only have to wait until Wednesday, February 3, at the latest to find out more details
- Talon last traded at 0.5 cents on Friday, January 29
Talon Petroleum (TLN) has entered a trading halt in relation to a farm-in asset in Mongolia and a capital raise.
The energy stock will remain in the trading halt until Wednesday, February 3, unless details of the farm-in and capital raise are released earlier.
Talon Petroleum is a junior ASX-listed oil and gas explorer focused on creating a diverse portfolio of assets in Australia and the U.K. North Sea.
The company has an existing farm-in agreement with Strike Energy (STX) whereby Talon has acquired a 45 per cent non-operated participating interest in EP447. This exploration licence holds the Walyering prospect which is located in the Perth Basin.
In the December quarter, Talon was awarded three new exploration licences in the U.K. Central North Sea after submitting multiple bids for licence areas that are known to have strong exploration potential.
However, there haven’t been any details on what the soon-to-be-announced Mongolian asset may be or what other company is involved.
At the end of the December quarter, Talon had about $4.65 million in cash, which is relatively in line with the $4.9 million it started with.
Talon last traded at 0.5 cents on Friday, January 29.