Overview of Strike Energy's acquisition of Talon

Strike Energy Limited (ASX:STX) has successfully completed the acquisition of Talon Energy Limited (ASX:TPD) through a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth). The acquisition is expected to bring strategic and financial benefits to Strike, with material operational and corporate synergies. Talon shareholders will receive 0.4828 new Strike shares for each Talon share held, and the Scheme Consideration is set to be issued on Wednesday, 27 December 2023.

Executive commentary on the acquisition

This is a great outcome for Strike. The combined company will have an enlarged balance sheet, additional net income, and an excellent platform to deliver superior shareholder returns through the outstanding growth opportunities in the Perth Basin. - Strike Energy Limited Chair, John Poynton AO

Summary of the acquisition and outlook

Strike Energy's acquisition of Talon is now effective, providing the company with an aggregate of 1,022 PJ of Perth Basin conventional 2P Reserves and 2C Resources, along with 100% of the free cash flow generated from the Walyering gas field. The acquisition is expected to result in material operational and corporate synergies, enhancing Strike's position in the Perth Basin. The company aims to deliver superior shareholder returns through the outstanding growth opportunities in the region. With the Scheme Consideration set to be issued on 27th December 2023, Strike looks forward to leveraging the benefits of this acquisition for its future endeavors.