Strike Energy to acquire Talon Energy for AUD142m.

Strike Energy, an oil and gas exploration and production company, agreed to acquire Talon Energy, an oil and gas explorer with its balanced portfolio of diversified assets in Australia and the UK’s north sea, for AUD142m. “This is an earnings accretive transaction for Strike that will simplify Strike’s operations and provide a platform to remove the costs in operating and managing its existing joint venture with Talon. The combined group will have the capacity to generate initial annualised cashflows in excess of A$82 million from the Walyering gas field alone. The additional free cashflow generation will support an acceleration of Strike’s Government endorsed Perth Basin development strategy," Stuart Nicholls, Strike Managing Director & CEO.