Talon Petroleum is a Texas and Gulf Coast focused exploration and appraisal company listed on ASX (ASX code: TPD). Talon's strategy is to invest in multi-well oil projects that are located within areas with good production infrastructure employing horizontal drilling and advanced fraccing technologies. The projects target oil in resource plays (shales) or in low permeability conventional reservoirs that originally produced only a small fraction of the hydrocarbons in-place (old fields with tight reservoirs) where recoveries can be improved with new technologies. Funding to drill the proof of concept tests in the early projects will come from selling down in large acreage blocks.
Talon's current portfolio reflects the strategy and consists of seven projects located in East and South Texas, USA. Talon has 1P, 2P and 3P reserves of 0.09 mmboe, 0.76 mmboe and 2.17 mmboe respectively (NSAI - 31 December 2013)*. Talon is headquartered in Brisbane, Australia with an office in Houston, Texas, USA.
*The 2013 net reserves were assessed by Netherland, Sewell & Associates, Inc. which meets the requirements of qualified petroleum reserves and resources evaluators in accordance with the ASX Listing Rules (refer to the 2013 Annual Report and the Australian Roadshow Presentation (Presentation), released to ASX on 28 March and 23 May 2014 respectively for further detail, including the qualified evaluator statement). Talon is not aware of any new information or data that materially affects the information regarding the 2013 net reserves included in the 2013 Annual Report and the Presentation and all the material assumptions and technical parameters underpinning the estimates of reserves in the 2013 Annual Report and the Presentation continue to apply and have not materially changed. Note that the boe conversion ratio used is 6 mcf: 1 bbl.