17 July 2024registration revoked▼ BadMajor
Byron was removed from the ASX official list at close of trading on 17 July 2024, at its own request, after shareholders approved delisting. Its shares can no longer be traded on ASX.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 July 2024other● Neutral
ASX suspended Byron's shares from quotation at the close of trading on 15 July 2024, at the company's request, pending its removal from the official list. This is a procedural step following the delisting vote.
14 June 2024agm notice● NeutralMajor
Shareholders passed the delisting special resolution, with about 90.4% of votes cast in favour from nearly 61% of issued shares voting. Suspension is expected 15 July and removal from the ASX official list on 17 July 2024.
13 May 2024other▼ BadMajor
Byron asked ASX to remove it from the official list, with ASX approval conditional on a special shareholder resolution. It requested 17 July as the delisting date. The board says the share price undervalues assets; MST values Byron at A$0.46 against A$0.08. This reverses the CEO's earlier stance of no equity raise.
23 Apr 2024well test result▼ BadMajor
SM58 G4 fell from 652 bopd at start-up to 45 bopd as water production rose, and remedial work was being designed. G5's K4 Sand was producing 307 bopd with confirmed perforation damage and sand-up risk. Net company sales on 20 April were 1,718 bopd.
25 Mar 2024drilling progress report▼ Bad
The G5 K4 Sand recompletion was done by wireline, but pressures during sand control pumping suggest the perforations may be damaged, so rates could fall below expectations. Reinstalling gas lift equipment before production is expected to take up to two weeks.
12 Mar 2024half year report▼ Bad
Half-year to 31 December 2023 profit was US$6.5m, down from US$17.7m a year earlier. Revenue fell about 40% to US$20.1m on lower prices and production; oil sold was 241,009 barrels versus 329,876. EBITDAX fell 52% to US$12.9m.
8 Mar 2024production update● Neutral
After crane repairs, paraffin removal and weather delays, net sales have stabilised at 1,809 bopd and 2,789 mcfpd, below November's 2,008 bopd. The G5 N2 recompletion failed on hard fill, so Byron is recompleting in the K4 Sand, due in 12-14 days.
22 Feb 2024capital raising announcement● Neutral
Byron completed a buy-back of small shareholdings at A$0.103 a share, repurchasing 2,609,623 shares from 1,775 holders for about A$269,000. Shareholder numbers fall to about 3,020, cutting administration costs.
19 Feb 2024asset acquisition disposition▲ Good
BOEM formally awarded Byron the SM70 lease, immediately north of its SM71 F platform. Together with SM60 (awarded 7 February), this completes both Lease Sale 261 wins.
16 Feb 2024drilling progress report● Neutral
A liftboat arrived 15 February 2024 to recomplete SM58 G5 from the L2 Stray Sand to the N2 Sand using coiled tubing, expected to take 21 days. Byron holds 100% WI. This is the G5 N2 work flagged earlier.
9 Feb 2024resource reserve update● NeutralMajor
Collarini's 31 December 2023 assessment shows 1P reserves of 12.5 MMboe, up about 1% as additions offset production, and 2P of 17.7 MMboe, down about 7%. Prospective resources rose about 81% to 95.8 MMboe with SM60 and a new SM66 prospect.
7 Feb 2024asset acquisition disposition▲ Good
BOEM formally awarded Byron the SM60 lease, east of SM58, from the December 2023 sale. The SM70 bid is still under BOEM review.
21 Dec 2023asset acquisition disposition▲ GoodMajor
Byron was apparent high bidder on SM60 and SM70 in Lease Sale 261, bidding US$310,985 in total. It relinquished both in mid-2023 and re-bid after new data, expanding its position around the SM73 salt dome. Award depends on BOEM review.
15 Dec 2023debt financing▲ GoodMajor
Byron drew a second US$9m under its oil prepayment facility, taking the total to US$19m of US$22m. The lender waived the extra hedging for this draw and cut the per-barrel fee to about US$1.05. The funds are for working capital.
29 Nov 2023security holder rights change● Neutral
Copy of the constitution approved at the 29 November 2023 AGM, filed under the listing rules. The text supplied is the document itself, with no summary of what changed. Administrative filing.
28 Nov 2023production update▲ GoodMajor
Byron's net oil production is 2,008 bopd, up more than 60% since July 2023, with SM58 over 80% of output. G6 has shifted to oil at about 350 bopd gross and G1 adds 340 bopd, supporting a planned 2024 Cutthroat North well.
14 Nov 2023production update▲ GoodMajor
G6 BP1's N2 Sand began flowing 9 November 2023 at 6.6 mmcfgpd and 160 bopd of condensate; G4 is steady at 652 bopd. The rig was released 10 November, with costs in line with pre-drill estimates. The G4/G6 campaign is now producing, as flagged in earlier updates.
1 Nov 2023production update▲ GoodMajor
SM58 G4 began producing 26 October 2023 at 654 bopd and 412 mcfgpd, with no water. G6 BP1's N2 Sand is completed and due on stream within about 7-10 days. This follows the September drilling; Byron holds 100% WI (83.33% NRI) and says the program is on budget.
27 Oct 2023other● Neutral
Appendix 4G and corporate governance statement for FY23, approved 27 October 2023. Compliance filing accompanying the annual report with no new operational or financial information.
27 Oct 2023annual report● Neutral
2023 Annual Report: FY23 net revenue about US$53.0m (US$53.1m prior year), with about 0.575 mmbo sold. The chairman says the share price fell from A$0.17 to A$0.07 over the year, and G4/G6 should add production in the December 2023 quarter. Largely repeats known results.
3 Oct 2023drilling result▲ GoodMajor
After G6's casing stuck, Byron sidetracked it (G6 BP01) to 10,575 feet. It logged 24 feet of likely oil pay in the L2 Sand and 78 feet of hydrocarbon in the N2 Sand, resolving the earlier poor N2 result. Completion is next, with first production from G4 and G6 expected mid-Q4 2023.
29 Sept 2023annual report● Neutral
Full-year financial report to 30 June 2023, the statutory accounts with directors' report and auditor's report. The extract supplied shows only the directors' biographies, with no change to the board. No financial figures are visible in the text provided.
25 Sept 2023drilling result▲ GoodMajor
SM58 G4 (Tiger Trout) reached 10,169 feet and logged about 59 feet true vertical of likely oil pay in the K4 Sand, an attic above an older pool that produced 1.4 million barrels. Secondary targets were unsuitable. This is consistent with Collarini's 1.08 mmbo proved undeveloped estimate.
15 Sept 2023debt financing● NeutralMajor
Byron drew the first US$10m of its US$22m oil prepayment facility, as the 1 August release required before 30 September. It placed physical hedges of about 475 bopd (about 30% of gross oil) at over US$74.80 average over the 24-month term. The second draw of US$12m is optional.
11 Sept 2023drilling progress report▼ Bad
Adverse hole conditions stopped G6's production casing 169 feet above the L2 Sand, so Byron will skid to drill G4 first and finish G6 later. First production from either well is not expected until Q4 2023. The CEO still expects the budget to hold.
8 Sept 2023drilling result● NeutralMajor
SM58 G6 (Gila Trout) logged 23 feet true vertical oil and gas pay in the L2 Sand and 10 feet in the I1 Sand. The second main target, the N2 Sand, was poor quality. The rig drilled on, on budget and schedule, after the August rig arrival.
28 Aug 2023resource reserve update● NeutralMajor
Collarini's 30 June 2023 assessment puts net 1P reserves at 12.4 MMboe (down about 6%, mainly production) and 2P at 19.0 MMboe (up about 2%). About 85% of 1P comes from the 2019 US$4.3m SM58/SM69E purchase. Prospective resources fell about 39% to 53 MMboe after relinquishments.
14 Aug 2023drilling spud▲ GoodMajor
The EOD 264 rig is on location at SM58 G to batch-drill the G4 (Tiger Trout) and G6 (Gila Trout) wells. Byron's in-house net 1P estimate is 2.3 mmbo and 2.8 Bcfg, with a total program cost of about US$30m. This ends the long rig delay.
1 Aug 2023debt financing● NeutralMajor
Byron closed a US$22m multi-draw prepayment facility with its oil buyer: US$10m initial draw by 30 September, optional US$12m later, roughly 15% a year in effective cost. Offtake runs to December 2026, and directors' loans extend to December 2025. Funds the US$31m SM58 program.