Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 July 2016farm in farm out completion▲ Good
Metgasco told Byron it will farm into Bivouac Peak for a 10% working interest (7.45% NRI), with its initial well costs not expected to exceed US$1.33m. It confirms the Byron note is in place and the first line fee of A$40,000 was received.
26 July 2016investor presentation● Neutral
Byron's July 2016 corporate update, titled 'On the Path to Production', presents its Gulf of Mexico projects. Based on the extract, it covers known items: SM 71, reserves and Bivouac Peak. No new information is visible in the text provided.
25 July 2016resource reserve update▲ Good
Otto's release of Collarini's Bivouac Peak estimate: 15,288 MBOE net to Otto (best estimate, unrisked), up from earlier internal figures. Drilling is planned for 2017. It repeats the Byron-operated resource figures from Byron's own report.
25 July 2016resource reserve update▲ GoodMajor
Collarini's 30 June 2016 report puts Byron's net 2P reserves at 2,379 MBBL oil and 2,031 MMCF gas (2,718 MBOE), with SM 71 2P at 2,272 MBOE. Bivouac Peak is added at 30,576 MBOE net prospective. GI 95 is moved from reserves to contingent resource.
22 July 2016debt financing● NeutralMajor
Byron signed binding documents for the A$8m, 3-year Metgasco convertible note (12% coupon, secured over Byron's assets and SM 70/71 share) to fund SM 71. Metgasco gets 10m options at 25c and a Bivouac Peak 10% option. Shareholder approval is still needed.
22 July 2016debt financing● Neutral
Metgasco's release on the executed note and security deeds, repeating Byron's terms. It adds that early repayment is allowed from 90 days at 115% of principal, and that its present intention is not to convert. Line fees accrue from now.
22 July 2016admin correction● Neutral
Byron announced it had signed binding documents with Metgasco for an A$8m three-year convertible note funding SM 71 development, with 10m options at 25c and a Bivouac Peak 10% working interest option. Byron could repay early from 90 days at 115% of principal.
20 July 2016admin correction● Neutral
Otto re-issued its SM-71 reserves release after ASX said the original did not meet Listing Rule 5.31, adding required disclosures. The reserve figures are unchanged.
7 July 2016farm in farm out completion● Neutral
Otto's release on exercising its Bivouac Peak option for 45%, with the first well planned for early 2017. It also confirms the SM6 #2 re-entry will not go ahead, with Otto's remaining cost expected at about US$0.1m. Repeats Byron's news.
7 July 2016resource reserve update● Neutral
Otto's release of the same Collarini SM 71 reserves, net 2,271 MBOE 2P to its 50% interest, quoting its own finding cost of US$2.11 per boe. Duplicates Byron's figures.
7 July 2016resource reserve update▲ GoodMajor
Collarini booked SM 71 net 2P reserves of 2,271 MBOE to Byron, up 508% on 2015, after the SM71 #1 discovery. Byron targets first production by mid 2017 and cites a further B65 sand prospect.
7 July 2016farm in farm out completion● NeutralMajor
Otto exercised its option to earn 45% of Bivouac Peak, paying about US$321,000 of past costs and funding the first well up to US$6.0m; drilling is expected early 2017. Byron will not re-enter SM6 #2 and will plug it, reassessing SM 6.
9 June 2016debt financing▲ GoodMajor
Byron signed a Heads of Agreement with Metgasco for a 3-year convertible note of up to A$8m to develop SM 71, with a 12% coupon. Metgasco also gets 10m options at 25c and an option on 10% of Bivouac Peak. Shareholder approval is needed.
9 June 2016debt financing● Neutral
Metgasco's release on the same Byron deal: up to A$8m secured convertible note, 10m options at A$0.25, and a right to farm into 10% of Bivouac Peak. It says it has no present intention to convert. Repeats Byron's terms.
30 May 2016director officer appointment● Neutral
CEO Maynard Smith and COO Prent Kallenberger extended their service agreements by six months to 24 November 2016, at current pay. Other terms are unchanged.
2 May 2016drilling result▲ GoodMajor
SM71 #1 reached final depth of 7,477 ft and found a further 19 ft gas or gas-condensate sand, adding to the confirmed 132 ft net oil pay. The well will be suspended for production. Otto confirmed it will take 50%, cutting Byron to 50% WI.
27 Apr 2016drilling result▲ GoodMajor
Preliminary logs show 132 ft of net oil pay in SM 71 #1 (I3 17 ft, J 24 ft, D5 91 ft). Casing is set at 6,820 ft and the well will be deepened about 600 ft to test the rest of D5 and the D6. Otto confirmed it will take 50%, cutting Byron to 50% WI.
27 Apr 2016drilling result▲ Good
Otto's release repeating Byron's SM 71 #1 update: preliminary logs show 132 ft net oil pay, casing at 6,820 ft, and a deepening of about 600 ft within the original budget. Otto says it has earned 50% of SM 70/71. No new Byron information.
20 Apr 2016drilling result▲ GoodMajor
SM 71 #1 is an oil and gas discovery. It reached 6,843 ft and found three hydrocarbon zones totalling about 150 ft gross, including the D5 primary target. Byron plans to complete the well for production, which could make it a producer. Having reached earning depth, Otto can take 50%.
20 Apr 2016drilling result▲ Good
Otto's release on the SM 71 #1 discovery, repeating Byron's three hydrocarbon zones of about 150 ft gross. Otto says it has earned 50% WI in SM 70/71 and expects to return to production in 2017. Duplicates Byron's news.
13 Apr 2016drilling progress report● Neutral
SM 71 #1 is drilling ahead at 3,976 ft after setting 10 3/4" casing at 3,462 ft. Total depth and evaluation are expected within 7 to 10 days. No results yet.
4 Apr 2016drilling spud● NeutralMajor
SM 71 #1 spudded on 3 April 2016 using Hercules 205, drilling at 671 ft. It is the second Otto farm-out well, planned to 7,451 ft in about 20 days at US$4.5m. Otto has paid US$903,610 of past costs.
30 Mar 2016drilling result▼ BadMajor
SM 6 #2 was abandoned at about 8,085 ft after the side-track also stuck, short of the G20 target. Otto did not earn into SM 6, so Byron keeps 100% WI. Otto elected to join SM 71 #1, which is due to spud this week.
30 Mar 2016drilling result▼ Bad
Otto's account of the SM 6 #2 failure: the well was plugged at 8,084 ft after an impenetrable shale, so Otto earns no SM 6 interest and pays no past costs. Otto calls a substitute well unlikely. Largely duplicates Byron's release.
30 Mar 2016farm in farm out agreement▲ Good
Otto's release confirming it will join the SM 71 #1 well, with its share capped at US$3.0m. SM 70/71 is about 50 km from SM 6 and geologically separate. Otto also reimbursed US$0.9m of past costs. Repeats Byron's announcement.
21 Mar 2016drilling progress report▼ Bad
Attempts to free the stuck pipe in SM 6 #2 failed over three days. Byron is starting a side-track from 7,949 ft, still targeting 9,516 ft. Drilling should resume later in the week.
18 Mar 2016drilling progress report▼ Bad
SM 6 #2 drill pipe became stuck at 8,039 ft, about 400 ft above the G20 target, after the 9 5/8" casing was set. Washover and jarring attempts have so far failed. A setback to the first Otto farm-out well.
8 Mar 2016drilling progress report▲ Good
Otto's release repeating Byron's SM 6 #2 update: F-sand shows are consistent with or better than offset wells, with possible reserve additions. It adds Otto's 70% chance of success and development outline; no new Byron information.
8 Mar 2016drilling progress report▲ Good
SM 6 #2 reached 7,837 ft and logs show hydrocarbon sands in the F20, F30 and F40, the last two consistent with the SM 6 #1 BP02 well. The G20 target is still to be drilled after casing; pay counts are preliminary.
26 Feb 2016drilling progress report● Neutral
SM 6 #2 has reached 3,470 ft with 13 3/8" surface casing cemented. Blow-out preventers are being tested before drilling on to 7,885 ft, above the target. Plan remains 9,516 ft in about 40 days; Otto funds US$5.3m of US$8.0m.
