Agreed, sum of the parts on Talon is attractive and I bought in with my NWE proceeds a few months ago. However, no one destroys capital like a small oil and gas explorer so be wary! I was not expecting the capital raising when I bought but hasn't destroyed the thesis. With the action on Strike since the lockyer 2 failure I think it only makes Talon more attractive.

The downside of a concentrated portfolio (most the value in walyering, whereas strike are better diversified) is that if walyering doesn't deliver they're in trouble, they are trying to diversify and that's good. I'm a little nervous about downside risk at walyering just given strike's promotional style and limited operational experience.

Its funny, when I first screened talon I wasn't interested due to the Mongolia asset, however it definitely has grown on me. Fast progress and a low risk target. They talk up the location, but they are going to need a bigger partner eventually to build a pipeline (300km from memory). All said I'd be happy to see them prove up a little more then sell it on, I expect some see it as baggage and talon would be a more attractive investment or takeover target without it. They effectively paid around 10m for their stake, but think it will fetch more than this as TMK valuation look through shows.