10 Jan 2018drilling spud● Neutral
Partner Otto repeats Byron's report that F3 has spudded and is drilling at 668 ft MD, with pipeline tie-ins complete. First production from F1, F2 and F3 is still expected in early March 2018. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Jan 2018drilling spud▲ Good
The F3 development well at SM 71 is drilling at 668 ft MD toward 7,624 ft, expected done by early February. Pipeline tie-ins to sales lines are complete. First production from all three wells is still expected early March 2018.
2 Jan 2018production update● NeutralMajor
After the stuck pipe, F2 was cased at 7,700 ft to produce from the B65 sand. Byron will drill a third well, F3, to take the D5 using the Ensco rig. This delays first production about a month, to early March 2018.
2 Jan 2018drilling progress report● Neutral
Partner Otto repeats that F2 will be cased at 7,700 ft to produce from the B65 sand, and that the F3 well will be drilled as a second D5 take point. First production from F1, F2 and F3 is expected early March 2018. No new information.
27 Dec 2017drilling result▲ Good
Partner Otto reports the same SM 71 F2 result: four oil sands with 190 ft net pay, B65 a new discovery and a better D5 than F1. Otto expects a significant reserves uplift. The pipe is stuck below the D5.
27 Dec 2017drilling result▲ GoodMajor
SM 71 F2 found oil in four sands, including B65 and D5, with an estimated 190 ft of net oil pay. This turns the B65 from a prospect into a find. Drill pipe stuck 214 ft below the D5; Byron expects a material reserves uplift.
20 Dec 2017director officer appointment● Neutral
Byron appointed Christopher Decuir, a consultant for six months who worked on the SM 71 platform, as Operations and Construction Manager. He received 2.0 million unlisted options at A$0.16, expiring 31 December 2021.
18 Dec 2017drilling progress report● Neutral
SM 71 F2 has set 10 3/4 inch casing at 3,685 ft and is drilling ahead at 4,895 ft, with total depth expected before the end of December. Drilling is proceeding according to plan.
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.
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.
28 Nov 2017agm notice● Neutral
Results of the 28 November AGM. Votes shown are overwhelmingly in favour of the remuneration report, re-election of Paul Young and Bill Sack, ratification of 28,569,610 shares, and the extra 10% placement capacity. The text doesn't state formal pass/fail outcomes.
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.
19 Oct 2017quarterly activities report▲ Good
The A$28.5m raise completed in September and Byron ended the quarter with US$22.6m cash, which it says funds SM 71 development to production in late January 2018. Platform construction is nearly done, with installation planned for late October.
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.
18 Sept 2017agm notice▲ Good
Shareholders at the 18 September EGM approved all resolutions, including the 327,284,547 placement shares to institutional investors and director participation, and the options for executives, managers and consultants. This clears the A$26.5m placement at A$0.07 to proceed.