Walyering and Ocean Hill

Talon has enacted an asset strategy for the Onshore Perth Basin focussed on conventional reservoirs of natural gas, where possible enriched by associated condensate, that is, “Wet Gas”.

The Company is balancing its portfolio by acquiring interests in existing, as yet undeveloped discoveries with lower risk exploration projects by applying modern technologies for the first time to create the commercial breakthroughs.

Under a late 2019 farmin agreement with Strike Energy limited (Strike), Talon acquired a 45% non- operated participating interest in EP 447, that holds the Walyering, conventional gas appraisal project.

Newly acquired and interpreted 3D seismic over EP 447 has allowed Strike to apply its Perth Basin technical expertise to Walyering and reconcile past technical challenges with the prospect. Walyering is based on an analogous dataset and interpretation to West Erregulla-2 where similar amplitude blooms have proven to be excellent indicators of gas charged permeable reservoirs.

The original discovery well at Walyering flowed naturally up to 13.5 MMCFD from the targeted Jurassic -age, sandstone reservoirs. Walyering currently holds a gross 86 Bcf (gas) and 2.18 mmbo (hydrocarbon liquids or condensate) and a Best Estimate Prospective Resource of 38.7 Bcf and 0.98 mmbo net to Talon.

On 6 December 2021, Talon announced that the Walyering-5 well had intercepted a high-quality, low CO2, conventional gas accumulation, consisting of 4 gas charged reservoirs, with a total gross thickness of 116m and total net pay of 51m, with peak porosities of 21.5% and an average porosity of 15.4%. Pressure data for the well measured approximately 4,386 psia (per square inch absolute) with permeabilities of 274 mD (millidarcy) with CO2 levels of <1%. The Walyering-5 well drilled to ~3,400m MD (measured depth) and exceeded pre-drill expectations, by intersecting a higher quality reservoir and 2 additional net gas pay zones (in the C1 and C2 sands) which are expected to yield additional recoverable volumes. Following on from the Walyering-5 gas discovery, a well test is scheduled for April 2022.

The Joint Venture is currently undertaking a review to drill a further well at the Walyering Project, Walyering-6, which would operate in tandem with Walyering-5 should the field move into production.

Walyering is ideally located with proximity to existing gas transmission pipelines (Parmelia Gas Pipeline and Dampier to Bunbury Natural Gas Pipeline) which connect the Perth Basin to all of Western Australia’s gas customers, facilitating a path to market for commercial gas volumes. With historic levels of CO2 less than 1%, minimal processing equipment has been required to bring this gas to the market.

As part of the transaction with Strike, Talon also has a Right of First Refusal (“ROFR”) over EP 495 located on geological trend to the north. This permit area contains the as yet unappraised Ocean Hill gas discovery, again hosted in Jurassic-age sandstone reservoirs.

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