TMK de-risks, pivots from WA to focus on Mongolian | Australian Markets
TMK Energy has executed a sale settlement to divest the 20% curiosity it holds within the Talisman Deeps project offshore in Western Australia’s Barrow-Dampier Sub-basin.
TMK says it has agreed on a deferred $1M consideration for the sale that shall be payable upon the onset of industrial oil or fuel manufacturing from the project.
The sale of the non-operated 20% curiosity within the Talisman Deeps Project is well timed and frees up sources as we proceed to quickly advance our Gurvantes XXXV project in Mongolia. We are all conscious of the numerous challenges of exploring for hydrocarbons and developing tasks offshore Western Australia and it’s actually no longer the Company’s focus.
The Talisman Deeps entails the rights attaching to the offshore petroleum licence WA-8-L under a depth of 2700 metres. The assignees of these rights are Kato NWS Pty Ltd and Kato Amulet Pty Ltd which maintain the rights to the licence at or above the 2700m depth.
TMK says the sale removes any potential publicity or risk related to future work applications and ensures it has no additional financial obligations relating to Talisman. It additionally allows the company to commit its consideration to its Mongolian Gurvantes XXXV Coal Seam Gas (CSG) project.
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