Joint Venture partners Talon Energy and Strike Energy have agreed to proceed with the commercial development of the Walyering Conventional Gas Project located onshore in the Perth Basin, Western Australia.
According to Talon Energy’s statement, the Final Investment Decision (FID) was made following the completion of the recent independent certification of the gas reserve for the Walyering gas field and the review by the Joint Venture of the project’s economic feasibility.
“The Joint Venture has been working towards FID since the initial gas discovery by the Walyering-5 appraisal well that was drilled in December 2021, and a secondary gas discovery that occurred with the Walyering-6 appraisal well in May 2022,” reads the statement.
“Both wells were successfully flow tested, the results of which have been used to inform the design of the gas processing and condensate storage facility which will be located upstream at the Project’s well site (within 1km of the Parmelia Gas Pipeline).”
Talon’s Chief Executive Officer & Managing Director Colby Hauser said the investment decision will see Talon make a rare transition from explorer to producer.
“The project showcases a quick, low-cost development which will see Talon generating significant cashflows from early 2023 in an environment where access to capital is increasingly difficult,” Mr Hauser said.
“Walyering proves the commerciality of Jurassic wet gas in the Perth Basin and has highlighted the significance of our Condor prospect which we hope can deliver another successful exploration outcome in the coming years.”
