In January 2021, Talon announced that it had entered into a non-binding option agreement with Macallum Group Limited (Macallum Group) to acquire a 100% interest in the area covering the Condor Structure located on EP 494 and SPA-0081 (Condor Prospect) in the onshore Perth Basin.

Talon entered into the option agreement with Macallum Group following a strategic review undertaken to identify opportunities in the Perth Basin to appraise and explore for conventional, “Wet Gas” reservoirs close to gas transport infrastructure. With the successful appraisal drilling program at Walyering, the option over the Condor Prospect provides Talon with significant exposure to what could be the Perth Basin’s largest untested Jurassic wet gas structure. The structure of the Macallum transaction allows the Company to undertake low-cost initial exploration work to better define the hydrocarbon potential at Condor.

On 17 March 2021 Talon announced a Maiden Prospective Resource for the high relief Condor Structure of 2U 408 Bcf Gas and 20.2 Mmbl of Condensate (unrisked).

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