18 Dec 2017drilling progress report● Neutral
Partner Otto repeats Byron's update: SM 71 F2 has set casing at 3,685 ft and is drilling at 4,895 ft, on plan to reach total depth before the end of December. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2017drilling spud▲ GoodMajor
The SM 71 F2 well has spudded and is drilling at 564 ft MD, aiming for 8,965 ft. It targets the B65 sand (1.6 mmboe prospective net) on the way down to the D5 (625,000 boe probable net). This starts the drilling planned since September.
4 Dec 2017drilling spud● Neutral
Partner Otto repeats that SM 71 F2 has spudded and is drilling at 564 ft. It adds that the B65 will be tested first and gives a 2.869 mmboe gross-share B65 prospective figure. First production is still guided for late January 2018.
30 Nov 2017drilling progress report● Neutral
Partner Otto repeats that the Ensco 68 rig is jacked up at SM 71 and F2 will spud later this week, taking about a month. First production is still guided for late January 2018. No new information.
30 Nov 2017drilling progress report▲ Good
The Ensco 68 rig reached SM 71 on 26 November and is jacked up over the platform. It is preparing to spud F2, a 8,965 ft MD well, later this week, with about a month to drill and evaluate.
22 Nov 2017production update▲ GoodMajor
The SM 71 F platform is installed over the 2016 F1 well with no safety or operational issues, despite two weather delays. The Ensco 68 rig is due 25 November to drill F2, targeting B65 (1.6 mmboe prospective net) and D5 (625,000 boe probable net).
22 Nov 2017production update● Neutral
Partner Otto repeats Byron's news that the SM 71 platform is installed and the Ensco 68 rig is due 25 November. First production is still guided for late January 2018. No new information.
6 Nov 2017production update▲ Good
Loading of the SM 71 F platform jacket (350 tons) and decks (600 tons) onto barges is complete. Offshore installation is due to start 10 November and take about 6 days. First production is still expected late January 2018.
6 Nov 2017production update● Neutral
Partner Otto repeats Byron's report that SM 71 platform load-out is complete, installation starts 10 November, and first production is on schedule for late January 2018. It adds Otto's view that the B65 sand could double field size. No new information.
3 Nov 2017other● Neutral
Partner Otto's general update says loading of the SM 71 platform deck and jacket onto the transport barge is under way, with SM 71 production still scheduled for January 2018. The rest covers Otto's other projects, not Byron.
27 Oct 2017other● Neutral
Annual Corporate Governance Statement for the year to 30 June 2017, measured against ASX recommendations. It notes there are no women on the Board or in senior executive roles. Administrative; no new business information.
27 Oct 2017other● Neutral
Chairman's covering note sends shareholders the CEO's letter, which restates Byron's strategy and the SM 71 story, with F2 to test the B65 sand and first oil expected late January 2018. It adds no new figures or results.
27 Oct 2017other● Neutral
Appendix 4G, the checklist pointing to Byron's corporate governance disclosures for the year to 30 June 2017. Purely administrative and carries no new information.
27 Oct 2017annual report● Neutral
The 2016-17 annual report repeats known points: SM 71 production expected early 2018, 2P reserves of 2,269 mboe net, the Ensco 68 rig contract, the A$28.5m raise, and Bivouac Peak's first well now expected in the second half of 2018.
23 Oct 2017production update▲ Good
SM 71 oil and gas pipelines were laid by 21 October. Platform load-out starts 30 October, with offshore installation of about 6 days after barges reach site around 9 November. F2 drilling is expected to begin late November, with first production still late January 2018.
2 Oct 2017security holder rights change● Neutral
1.7m unlisted options at A$0.65 lapsed unexercised on 30 September 2017. Byron now has 684,987,034 shares, confirming the placement and SPP shares have been issued, plus the 28.35m new A$0.12 options and 8m convertible notes.
28 Sept 2017resource reserve update▲ GoodMajor
Collarini's 30 June 2017 report keeps SM 71 2P reserves net to Byron at 2.27 million barrels of oil equivalent (3P 2.87). SM 71 prospective resources rose to 5.99 mmboe net. SM 57/59/74 prospective resources are 62.98 mmboe net, the first independent estimate. Resolves the pending update.
26 Sept 2017capital raising announcement▲ Good
The Share Purchase Plan closed with applications of just over A$2.6m against the A$2m target, so applications will be scaled back by about 24%. Shares at A$0.07 are due about 28 September. This completes the funding round launched in August.
25 Sept 2017price query● Neutral
ASX queried the share price rise from 8.5 cents to an intraday 12 cents on 22 September. Byron replied it knew of no unannounced information explaining the trading and confirmed it was complying with the Listing Rules.
15 Sept 2017director officer appointment● NeutralMajor
CEO Maynard Smith, COO Prent Kallenberger and director Bill Sack signed new three-year service agreements from 15 September 2017. Kallenberger and Sack's pay, cut 33% in April 2015, is restored to US$350,000 each; Smith stays at A$160,000. Completes the 18 August announcement.
13 Sept 2017asset acquisition disposition▲ GoodMajor
BOEM accepted Byron's bid for GI 95, so the block is awarded at 100% WI and 87.5% NRI under the lower royalty rate. Byron previously held and relinquished it in August 2016. This resolves the Lease Sale 249 bid.
12 Sept 2017contract award▲ Good
Otto repeats the Ensco 68 rig contract for the SM 71 drilling program, with the rig available before end-November 2017. It says first production is still on track for January 2018. It duplicates Byron's release.
12 Sept 2017contract award▲ GoodMajor
Byron signed a 60-day contract for the Ensco 68 jack-up rig, available end-November 2017, to drill SM71 F2 and complete F2 and F1 (formerly #1). F2 targets the B65 and D5 sands to 8,965 ft measured depth. Production is expected late January 2018.
31 Aug 2017production update● Neutral
Construction at the Galveston yard resumed after Hurricane Harvey with no significant damage reported. Load-out is still estimated for the second half of October, and the tripod and decks are still expected to be set at the end of October. A few days were lost.
31 Aug 2017production update● Neutral
Otto repeats Byron's report that SM 71 construction resumed after Hurricane Harvey with no significant damage, and says production remains on schedule for January 2018. It duplicates Byron's release.
30 Aug 2017regulatory community update▲ Good
Otto repeats that BSEE approved the SM 71 suspension of production through 30 November 2017. Otto says the B65 interval could double the field's current 2.2 MMboe of 2P reserves net to Otto. It duplicates Byron's release.
29 Aug 2017regulatory community update▲ GoodMajor
BSEE granted the suspension of production for SM 71, effective 1 August to 30 November 2017, extending the lease beyond its 31 July expiry. Drilling of SM 71 #2 and completion of #1 are expected to start before end-November. First production is still expected January 2018.
21 Aug 2017capital raising announcement● Neutral
The booklet and application form for the A$2m Share Purchase Plan at A$0.07 per share, with parcels from A$2,000 to A$15,000. This is documentation for the plan already announced and carries no new substance.
21 Aug 2017capital raising announcement● Neutral
Byron opened a Share Purchase Plan raising up to A$2.0m. Eligible Australian and New Zealand holders can buy up to A$15,000 at A$0.07, the same as the placement price. It closes 22 September, with shares issued 28 September.
18 Aug 2017director officer appointment● Neutral
CEO Maynard Smith and executive directors Prent Kallenberger and Bill Sack agreed new three-year service agreements, each with 6.3m options at A$0.12 expiring 31 December 2021. Another 9.45m options go to other managers and consultants. All are subject to approval at the EGM.