Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2018production update● Neutral
Partner Otto repeats Byron's report that F3 is producing, giving 4,288 bopd across all three wells. Otto says this completes commissioning and that SM 71 moves to operations. Further undeveloped sands are to be planned once facility capacity allows. No new Byron information.
4 Apr 2018production update● Neutral
Partner Otto repeats that F1 and F2 are steady at 2,500 bopd and F3 is due by week's end. It adds that SM 71 cash flow will contribute from this quarter and fund its Gulf of Mexico growth, including joining the Bivouac Peak well later in 2018.
3 Apr 2018drilling progress report▲ Good
The damaged F3 completion assembly was fully removed on 29 March and a sand pack was placed successfully. F3 is expected to produce by the end of the week. F1 and F2 are steady at about 2,500 bopd, with a pipeline shut-in planned from 10 April. This resolves the F3 stuck-tool problem.
28 Mar 2018production update● Neutral
Partner Otto repeats Byron's 28 March update: F1 stable at 2,055 bopd, F2 choked back to 468 bopd after pressure fluctuations, combined sales averaging 2,517 bopd, and F3 fishing two-thirds complete. No new information.
28 Mar 2018production update▼ Bad
F1 is flowing a stable 2,055 bopd, but F2 had pressure fluctuations and was choked back to 468 bopd; Byron links this to the well's closeness to the sand's updip edge. Combined sales averaged 2,517 bopd. F3 fishing is nearly done. This qualifies the 26 March start-up.
27 Mar 2018joint venture update● Neutral
Metgasco (Byron's 5.77% holder and note lender) says its farm-in rights are at least 10% of projects Otto joins and at least 15% of other Byron projects. It puts A$6.0m of its note outstanding, repaid on schedule. Fills in terms not previously stated.
26 Mar 2018production update▲ Good
Partner Otto repeats Byron's report that SM 71 production began on 23 March, with F1 and F2 restricted to a combined ~4,000 bopd. Otto expects F3 to bring the platform near capacity. No new information.
26 Mar 2018production update▲ GoodMajor
First oil from SM 71: F1 started on 23 March and F2 on 25 March, with combined rates restricted to about 4,000 bopd. Byron calls this its move to producer status. F3 is still being completed after the stuck-tool problem.
22 Mar 2018drilling progress report▲ Good
Partner Otto repeats Byron's report that the F3 service tool was recovered while the washpipe stays in the hole. F3 should be completed in about one week, with F1 and F2 expected to be producing already. No new information.
22 Mar 2018material agreement▲ GoodMajor
Byron was apparent high bidder on seven Gulf of Mexico blocks in Lease Sale 250, with about US$2.6m gross bonus bids, subject to BOEM review. These include VR 232, which was rejected a year earlier, and three blocks near SM 71. F1 and F2 start-up is expected this week.
22 Mar 2018drilling progress report▲ Good
The key service tool of the stuck F3 assembly was recovered, but the washpipe was left in the hole. Remaining work to repack and complete F3 should take about one week. This eases the F3 problem raised on 15 March.
22 Mar 2018production update● Neutral
Otto repeats that F1 and F2 are connected and cleared by safety inspectors, with start-up expected late this week. The stuck tool on F3 may have come free. Otto says the F3 delay is minor against the project's overall value.
22 Mar 2018farm in farm out agreement▲ Good
Otto says Byron was apparent high bidder on VR 232 at the March 2018 sale, with Otto entitled to 50% under the 2015 agreement. Otto's share would be US$734,000 on the US$1.101m bid. Award is subject to BOEM review of up to 90 days.
15 Mar 2018drilling progress report▼ Bad
During the F3 completion, the drill pipe stuck across the packer after the D5 sand control job (184 ft interval). Coiled tubing is being brought in; recovery could take 7-10 days. Byron is also looking at starting F1 and F2 meanwhile, which puts the mid-March start-up at risk.
15 Mar 2018drilling progress report▼ Bad
Partner Otto repeats Byron's report that the F3 completion pipe is stuck across the packer after sand control, with recovery possibly taking 7-10 days. Efforts continue to bring F1 and F2 on line meanwhile. No new information.
8 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss US$4.83m (US$1.85m a year earlier), with higher impairments, share-based payments and note interest. Cash US$14.5m and net assets US$22.2m, lifted by the A$28.5m September raising at A$0.07. Metgasco notes outstanding: 7.0m.
5 Mar 2018drilling progress report▲ Good
F2 is completed in the B65 sand (72 ft perforated) and shut in. Work on the F3 completion in the D5 has begun, with production start-up still targeted for mid-March. This follows F1's completion and keeps the schedule on track.
2 Mar 2018joint venture update● Neutral
Metgasco says it will take a 10% share in the two new Bivouac Peak leases Byron won, keeping its 10% across the whole prospect. It repeats the one-year lease extension and 2H 2018 permit and drilling timing. Largely restates Byron's 26 February release.
26 Feb 2018regulatory community update▲ Good
Byron lifted its Bivouac Peak working interest from 90% to 95% (before farm-out), won two new state leases (~330 acres) and got the lease extended to 1 Sept 2019. The coastal permit application is under review; the first well is still targeted for 2H 2018.
22 Feb 2018well test result● Neutral
Partner Otto repeats Byron's 22 February update: F1 is completed in the D5 sand and shut in, with no rate measured. F2 completion is starting and production is still targeted for March 2018. No new information.
22 Feb 2018well test result▲ Good
F1 has been completed in the D5 sand, with sand control installed, and shut in. No rate was measured because of limited tank storage. F2 completion is starting, and production is still targeted for mid-March.
16 Feb 2018resource reserve update▲ Good
Byron confirms its 30 June 2018 reserves report from Collarini is expected in the September quarter 2018. It expects higher 1P, 2P and 3P reserves, with most of the B65 moving from prospective resource to reserves. No new numbers.
16 Feb 2018investor presentation● Neutral
Metgasco's update on its Byron holdings: 37.9m shares bought at A$0.07, valued at A$0.285 on 13 Feb. A$6.0m of its loan is outstanding, convertible from July 2018. Bivouac Peak drilling is on track for 2H 2018.
5 Feb 2018drilling progress report● Neutral
Partner Otto reports the Ensco 68 rig is over F1 to begin completion, ending the drilling program. All three wells take about six weeks to complete, with production start-up in March 2018. It largely restates the earlier well results.
5 Feb 2018drilling progress report● Neutral
Byron says the rig is now over F1 to start completion, ending drilling. Completing the three wells takes about six weeks. Production start-up is slated for mid-March, so the earlier early-March guidance is now mid-March.
29 Jan 2018drilling result▲ GoodMajor
F3 reached 7,717 ft MD in 22 days and logged 175 ft net oil pay in the D5, 45 ft thicker than F2 only 70 ft away. F2 D5 pay was revised up to 132 ft. Byron expects a D5 reserve upgrade; production start-up is now targeted mid-March.
29 Jan 2018drilling result▲ Good
Partner Otto reports the same F3 result: 175 ft net D5 oil pay, F2 D5 pay revised up to 132 ft, and a D5 reserve upgrade expected. Production start-up is targeted for March.
24 Jan 2018quarterly activities report● Neutral
December quarter report restates the F2 four-sand discovery (190 ft net pay) and F3 drilling, with first production expected March 2018. Cash was US$14.5m at 31 December, down from US$22.6m in September. Convertible notes fell to 7.0m after a A$1m repayment.
22 Jan 2018drilling progress report● Neutral
Partner Otto repeats Byron's update that F3 is drilling at 4,969 ft MD after setting casing at 3,539 ft. Total depth is expected by early February. No new information.
22 Jan 2018drilling progress report● Neutral
F3 has 10 3/4 inch casing set at 3,539 ft and is drilling ahead at 4,969 ft MD. Drilling is on plan and total depth is expected by early February.
