merger details out, page-102

Thanks, Aldous.

Talon will have all of the current assets except the rights to the oil & gas in the EFS leases in formations below the top of the EFS as defined in the merger agreement.

So Talon will have the rights to O&G in shallower formations plus all of the other bits & pieces, the cash and the new Roundhouse project.

It is clear from the presentation that TXN will be contributing zero cash to the merger - that presentation has been misunderstood, I believe, as suggesting that TXN had zero cash. It probably would not have much if it picked up the tab for the two wells currently being drilled, although one is a JV well. I haven't really caught up yet with what will happen to that JV.

I am very disappointed (that word keeps on cropping up) that there is no proforma balance sheet for Talon and explanation of what it is doing and what it is proposed to do over the next few months. No one really knows what kind of value to put on it. They do promise one but why on earth did they not get all of their ducks in a row before they started to fire? It suggests that they became aware of a leak...