Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
31 July 2017quarterly activities report● Neutral
June 2017 quarter: cash US$3.4m. The SM 71 development plan was approved on 30 June and a suspension of production was requested to allow platform installation later in 2017. Fund raising initiatives are under way but not yet announced. Jacket modifications are complete and load-out is expected by mid to late October.
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.
26 Apr 2017quarterly activities report● Neutral
March 2017 quarter: cash US$6.26m after the A$8m note draw-down. The SM 71 development permit application was deemed submitted on 28 March and deck modifications progressed. More funding is still needed by mid-2017 and options are being explored.
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.
30 Jan 2017quarterly activities report● Neutral
December 2016 quarter: cash US$1.8m at 31 December. The A$0.7m director placement completed and the A$750k director loans were repaid. The A$8m note was drawn in January. Reprocessed SM 71 seismic shows promising D5 sand extent and B65 targets.
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.
