Latest on Gurvantes (take two(

With the emergence of STX's interest in acquiring all of TPD's Australian assets has been the focus, a number of key updates on our 33% stake in the Gurvantes project have flown under the radar IMO. TMK's June 2023 quarterly reported the following:-

"Lucky Fox 1, 2 and 3 all now producing gas which is being intermittently flared
during the build-up stage of the extended production test"
“Over the last quarter and during July, the Gurvantes XXXV Project has advanced significantly with gas
now being produced from each of the three pilot production wells drilled during the last quarter.
The extended production testing is now underway and to date the results are exceeding our expectations.
First gas from all wells has been achieved within two weeks of the commencement of the extended
production test which timing wise is significantly ahead of our base case scenarios.
We aim to deliver further shareholder value as the Project progresses from exploration, through appraisal
and eventually into production.
The wells will continue to be intermittently flared as the gas production rates increase. All wells are expected
to be placed on permanent flare over the coming weeks, which will allow for metering of the gas flow rates.
During the Reporting Period, following the successful drilling and completion of the three pilot production wells
in May and June 2023, work quickly progressed on site with the installation of surface facilities to each of the
three production wells and associated supporting civil works and infrastructure.
The surface facilities installation includes connecting each of the three production wellheads to a metering skid
that measure water and gas rates produced from each well. From the metering skids, gas flow lines run to a
flare which burn any unused gas produced.
A water flow line from each of the three metering skids carries produced water to a central water pond before
the water is pumped via a 1.2 kilometre pipeline to a final water storage area associated with the adjacent coal
mine owned and operated by MAK, the company with which TMK signed a Cooperation and Electricity Offtake
Agreement (refer ASX Announcement 20 March 2023).
The Major drilling rig was demobilised from site on early June 2023 with the drilling program being completed
safely, on time and on budget, whilst intersecting over 60 metres of gassy coal in each well, which is
exceptionally thick for a CSG project.
Talon elected to enter Stage 2 of the Farmout Agreement in early December 2022 and has paid the first US$3.15
million towards the now completed pilot well program. Talon has now satisfied its Stage 2 funding obligation
under the Farmout Agreement. Following satisfaction of the Farmout Agreement funding obligations, Talon and
TMK will be funding their proportionate share of further costs (Talon 33%, TMK 67%).

While the TPD June quarterly focussed mainly on the Australian assets, a key update on funding status and the Gurvantes Strategic Review was provided:-

During the quarter, Talon satisfied its Stage 2 funding obligation under the Gurvantes XXXV Farmout Agreement,
having funded the first US$3.15 million of expenditure for the Pilot Well Program. Going forward, Talon and TMK will
be funding their proportionate share of further costs (Talon 33%, TMK 67%).

Mongolia Strategic Review
Talon’s strategic review has progressed well and remains ongoing with various options under consideration. There
have been numerous external parties who have expressed an interest in the Project and discussions are ongoing.
The outcome and results of the Pilot Well Program production testing currently underway will factor into the
strategic review process and timing. Talon remains optimistic about the Gurvantes XXXV Project and its potential
future value for Talon shareholders

Personal Opinion - In the heat of the SOA process, it is easy to lose sight of Gurvantes as it was outside the offer. When you have a 33% stake in a 1.2Tcf 2C 6Tcf 2U project, I believe that it is crucial that the review be allowed to continue and reach it's natural conclusion. I look forward to further updates as metering commences.

I can't attach PAC partners valuation of TMK which is the only source of indicative TPD value that is NOT a lookthrough, it translates to17c/share for TPD by my calculations. DYOR. JMO.