Ann: Investor Webinar Presentation, page-51

I agree that the income from Walyering will be reinvested into exploration, and that carries risk of failure/loss - but you seem to be ignoring the other potential outcome, success.

If/when Walyering comes into production and performs as predicted (not counting chickens yet) Talon will be very well funded to invest in exploration over a diverse portfolio - EP447, L7, EP437, Condor, and Gurvantes. Each carries a risk of failure - and therefore loss - but each one also carries the chance of success, which will return back the exploration costs many times over.