Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Aug 2017asset acquisition disposition▲ GoodMajor
Byron was apparent high bidder on GI 95 in Lease Sale 249 with US$142,222 in bonus bids, for 100% WI and 12.5% royalty if awarded. Byron relinquished the block in August 2016 and calls the new bid a cheap five-year option on gas. BOEM review can take up to 90 days.
17 Aug 2017capital raising announcement● Neutral
Fitzroy River Corporation is investing a further A$1m at A$0.07 in the Byron placement, on top of its A$0.5m in August 2016. It will hold about 18.131m shares (about 2.76%) once shareholders approve. Adds no new Byron information.
16 Aug 2017other● Neutral
Byron advises that Breakaway Research, commissioned by the company, has published a report on Byron. The announcement is a notice with a link and carries no new company information.
14 Aug 2017investor presentation● Neutral
Capital raising presentation for the A$26.5m placement, titled 'On the Path to Production, Cash Flow & Reserve Growth'. The extract shows only disclaimers and an outline, with the rest truncated, so no new information is visible.
14 Aug 2017capital raising announcement▲ Good
Metgasco took up its 10% priority right, subscribing A$2,652,790 for 37,897,000 Byron shares at A$0.07, giving it a 5.77% stake. It also gained an option to farm into one of Byron's new Gulf of Mexico blocks. Note amortisation is stated to start next quarter.
14 Aug 2017capital raising announcement▲ GoodMajor
Byron raised A$26.5m through a placement of 378,970,262 shares at A$0.07, subject to shareholder approval at an EGM around 18 September. Directors invest A$3.6m. Funds go mainly to SM 71 development, including the #2 well, and convertible note repayment. This closes the open funding thread.
20 July 2017investor presentation● Neutral
Otto's conference presentation, attaching Byron's July deck. It gives SM 71 first oil in January 2018, with the SM 71 #1 well expected at 1,500-2,000 bopd gross, net capex US$9.7m for one well, and an SM 71 #2 well in Q4 2017. Mostly repeats known facts.
19 July 2017resource reserve update▲ GoodMajor
Byron's own estimate of prospective resources on SM 57/59/74 is 27.5m barrels of oil and 193 bcf gas gross (22.4m bbl and 156.8 bcf net). These are undiscovered, 15 prospects mapped, and to be included in the Collarini report due late August 2017.
19 July 2017investor presentation● Neutral
July 2017 investor presentation titled 'On the Path to Production, Cash Flow & Reserve Growth'. The extract shows only disclaimers and an outline, with the rest truncated, so no new information is visible.
22 June 2017farm in farm out agreement● Neutral
Otto confirms it elected to take 50% of VR 232 if Byron wins the appeal, or 50% of SM 74 on the same terms if not. This is Otto's new-asset option under the 2015 agreement. Duplicates Byron's release.
22 June 2017asset acquisition disposition▼ BadMajor
BOEM rejected Byron's VR 232 bid as insufficient and Byron will seek reconsideration. Otto has elected to take 50% of VR 232 if won, or the right to 50% of SM 74 if VR 232 is lost, using its new-asset option.
2 June 2017asset acquisition disposition▲ GoodMajor
BOEM accepted Byron's bids for SM 57 and SM 59, so three of the four Lease Sale 247 blocks are now awarded at 100% WI. VR 232 remains under review.
19 May 2017asset acquisition disposition▲ Good
BOEM accepted Byron's bid for SM 74, which is now awarded at 100% WI (81.25% NRI). The other three bids (SM 57, SM 59, VR 232) are still under review. This starts to resolve the lease sale thread.
23 Mar 2017asset acquisition disposition▲ GoodMajor
Byron was apparent high bidder on four Gulf of Mexico leases (SM 57, 59, 74 and VR 232) near SM 71, with US$561,000 in bonus bids for 100% WI each. Awards depend on BOEM review, which can take up to 90 days. First SM 71 production is now expected by end 2017.
23 Jan 2017debt financing● NeutralMajor
Byron drew down the full A$8m Metgasco convertible note, due by 21 July 2019, mainly for SM 71. SM 71 now moves to a Byron-run manned platform (4,500 bopd, 5 MMcf/d) at about US$3.0m extra net. More funding is needed by mid-2017; first oil is late in the December 2017 quarter.
23 Jan 2017joint venture update● NeutralMajor
Partner Otto says Byron proposes changing the SM 71 platform to a manned design that connects directly to sales pipelines, adding about US$3.0m net to Otto. Otto supports it in principle, but the plan needs JV approval. First production is now guided for Q4 2017, later than Byron's mid-2017.
23 Jan 2017debt financing● Neutral
Metgasco confirms it subscribed for 8,000,000 notes at A$1 each (A$8.0m) on 20 January 2017, secured over Byron's assets and its SM 70/71 interest. Repeats Byron's release; the draw-down closes the open funding thread.
3 Jan 2017security holder rights change● Neutral
36,995,984 unlisted options at A$0.50 lapsed unexercised on 31 December 2016. Shares on issue are now 277,447,162, with 23.15m unlisted options remaining, including Metgasco's 10m at 25c.
24 Nov 2016investor presentation● Neutral
Byron's 2016 AGM presentation. The extract shows only disclaimers and reserves reporting notes; the rest is truncated, so no new information is visible.
24 Oct 2016other● Neutral
Corporate governance statement for the year to 30 June 2016, measuring Byron's practices against the ASX principles. Administrative, with no new operating or financial information.
24 Oct 2016annual report● Neutral
Annual report for the year to 30 June 2016. It restates known items: the SM 71 discovery (2P 2,272 MBOE net), production targeted mid 2017, and a Bivouac Peak well expected in 2017. Directors and management hold about 25% of the company.
24 Oct 2016other● Neutral
Appendix 4G, the governance disclosure checklist lodged with the annual report, current as at 19 October 2016. Administrative only, with no new substance.
17 Oct 2016remuneration report● Neutral
Byron proposed 2.5m options each (25c, expiring 31 December 2019, no vesting conditions) for CEO Maynard Smith and executive directors Kallenberger and Sack, plus 2.0m for other managers and consultants. Subject to approval at the November AGM.
28 Sept 2016asset acquisition disposition● NeutralMajor
Byron will not renew the GI 95 lease, relinquishing it at end September 2016, citing low gas prices and its focus on SM 71 and Bivouac Peak. Contingent and prospective resources for GI 95 are removed (prospective now 68,693 MBOE). Reserves are unchanged; a US$0.29m non-cash charge applies.
22 Sept 2016farm in farm out agreement▲ GoodMajor
Metgasco released news that it signed the formal Bivouac Peak Participation Agreement for a 10% WI (7.45% NRI), costing about US$1.3m to total depth. It confirms the EGM approval of its note and options. The first well is expected in Q1 or early Q2 2017.
12 Sept 2016other▲ Good
Shareholders approved the Metgasco convertible note and the 10m options at the 12 September EGM, with about 77.4m proxy votes for and under 8,000 against. This clears the condition on the A$8m SM 71 funding. Two share and option ratifications also passed.
26 Aug 2016contract award▲ GoodMajor
Byron signed a deal with Laredo Construction to buy and refurbish a used 6-slot tripod platform for SM 71, fixed at under US$4.5m. Permits are to be filed by end October; installation is targeted mid-2017, with production following completion of the SM71 #1 well. Otto pays 50%.
26 Aug 2016asset acquisition disposition▼ BadMajor
Byron relinquished the SM 6 lease, accepted by BOEM on 24 August 2016, after finding no economic development path. It had 100% WI there; Otto earned nothing. Byron has 12 months to plug the wells and remove the caisson, and now focuses on SM 71.
11 Aug 2016capital raising announcement● NeutralMajor
Byron raised A$5.5m via a placement of 42.4m shares at A$0.13, an 11.82% discount to the 5-day VWAP. A$0.7m from directors needs shareholder approval. Proceeds will repay A$750,000 of director loans, alongside the pending Metgasco note.
8 Aug 2016listing compliance notice● Neutral
ASX granted Byron a waiver of Listing Rule 7.3.2, so the Metgasco notes can be issued up to 21 January 2017 rather than within 3 months of approval. An EGM for shareholder approval is expected before mid-September 2016.
