re: Ann: Texon Petroleum Merger with Sundance...
agent
Pg 3 of the 62 page doco =
Talon will be listed on the ASX and will hold: · a 100% interest in all oil and gas assets of Texon other than its interest in the EFS assets; · the Prospect Generation Agreement with Wandoo Energy LLC; and · cash retained after giving effect to required cash uses associated with the Merger.
So the cash texon currently holds will flow through to talon. the qu I then have is how much of the wells that are currently being drilled have to be paid by TXN.
eg TXN had about $17m at 30 September then they started 2 new wells. If TXN don't pay for any of them Talon will end up with say $15m odd after the merger costs
TXN Price at posting:
36.0¢ Sentiment: Hold Disclosure: Held
