Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Feb 2016capital raising announcement● NeutralMajor
The Share Purchase Plan raised only A$285,550 from 1,870,344 shares at A$0.15, well short of the A$2.5m maximum. With the placement, total raised is A$4.8m before costs, and the loan conversion removes the 1 July 2016 repayments.
16 Feb 2016drilling spud▲ GoodMajor
SM 6 #2 spudded on 15 February 2016 and was drilling at 479 ft, aiming for 9,516 ft in about 40 days. It is the first well under the Otto farm-out. Byron is 100% WI now, 50% if Otto earns in.
16 Feb 2016drilling spud● Neutral
Otto Energy's release confirming the SM 6 #2 spud on 15 February, drilling at 479 ft with about 40 days planned. It duplicates Byron's announcement.
11 Feb 2016drilling scheduled▲ Good
Hercules 205 is on location for SM 6 #2, with spud due within about a week. The 9,516 ft well targets G 20 Sand 3P reserves of 3.2 mmbo and 2.5 bcf. Cost is US$8.0m, Otto paying US$5.3m, over about 40 days.
11 Feb 2016drilling scheduled● Neutral
Otto Energy's own announcement of the Hercules 205 mobilising to SM 6 #2, estimating a 70% chance of success and first oil around mid-2017 if successful. It largely duplicates Byron's release.
10 Feb 2016capital raising announcement● Neutral
SPP closing date extended a further week to 19 February 2016, with shares to be issued 25 February. Administrative change only.
8 Feb 2016drilling progress report● Neutral
Rig Hercules 205 (not Rig 264 as earlier contracted) is released and awaiting a weather window to move to SM 6 #2, the first Otto farm-out well. Byron is 100% WI now, falling to 50% if Otto earns in.
25 Jan 2016capital raising announcement● Neutral
SPP closing date extended from 29 January to 12 February 2016, giving eligible holders more time at A$0.15. Administrative change only.
12 Jan 2016capital raising announcement● Neutral
SPP offer booklet and terms for the A$0.15 offer, up to A$15,000 per holder, A$2.5m maximum. It repeats the terms in the SPP announcement, with no new substance.
12 Jan 2016capital raising announcement● Neutral
Byron opened the Share Purchase Plan foreshadowed on 30 December: eligible Australian/NZ holders can buy up to A$15,000 at A$0.15, raising up to A$2.5m. It closes 29 January 2016. Drilling is proposed for February 2016.
12 Jan 2016other● Neutral
Blank SPP application form with the A$0.15 price, A$2,000 to A$15,000 parcels and 29 January closing date. Administrative document with no new information.
8 Jan 2016regulatory community update▲ GoodMajor
BSEE granted a Suspension of Production extending the SM 6 lease from 28 Dec 2015 to 31 Dec 2016, resolving the lease-expiry thread. A pipeline survey comes first, and the SM 6 #2 spud is still expected in Q1 2016.
30 Dec 2015capital raising announcement● NeutralMajor
Byron raised A$4.5m via a placement of 29.9m shares at A$0.15, an 18.65% discount to the 5-day VWAP, to fund the Q1 2016 wells. A$2.5m SPP planned. Directors' loans (A$700k, US$612.5k) to convert to shares, subject to approval.
What it means for a shareholder
29.9m new shares at A$0.150 to raise about A$4.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00346% to 0.00299% of the company. To keep it you'd need 1,033 more shares - about A$155 at the issue price.
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23 Dec 2015investor presentation● Neutral
December 2015 investor presentation. Only the disclaimer and reserves notes are visible, and the rest is truncated, so no new information can be confirmed. Likely repeats the Otto farm-out and known projects (inference).
11 Dec 2015farm in farm out agreement▲ GoodMajor
Byron farms out to Otto Energy: Otto earns 50% of SM 6 by paying 66.67% of SM 6 #2 dry-hole costs (capped at US$5.3m). Options follow on SM 70/71 and Bivouac Peak (45%). Up to US$17.3m total. A production handling deal with Fieldwood targets first production in the March 2017 quarter.
11 Dec 2015farm in farm out agreement▲ Good
Otto Energy's own announcement of the staged farm-in to Byron's SM 6, SM 70/71 and Bivouac Peak leases, with drilling from Q1 2016 and a cash position of about US$34m. It duplicates Byron's release of the same deal.
4 Dec 2015security holder rights change● Neutral
Byron proposes 1.7m unlisted options to executive director Bill Sack (needs shareholder approval) and 0.25m to investor relations adviser Peter Love. Exercise price is A$0.25, expiring 30 September 2018. Sack's are for work on Bivouac Peak.
26 Nov 2015other● Neutral
Chairman's AGM address: oil is about US$42, the SM 71 rig is contracted and Bivouac Peak acquired. Farm-in talks continue on SM 6, SM 71 and Bivouac Peak, with Q1 2016 drilling hoped for. Byron now has seven projects. No new information.
5 Nov 2015asset acquisition disposition▲ GoodMajor
Byron acquired the Bivouac Peak onshore/marshland lease (about 2,400 acres, Louisiana) under the Aurora option, with 90% working interest and 67.05% net revenue interest. Its internal prospective resource estimate is 17.8 MMboe. It is not in the Collarini reserves report.
30 Oct 2015contract award▲ GoodMajor
Byron contracted Hercules Rig 264 to drill SM 71 #1, with an option for a second well. Spud is expected in Q1 2016, subject to farm-out/funding and permits. Drilling cost is estimated at US$4-5m, to 7,250 ft measured depth. Byron holds 100% working interest.
26 Oct 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to pages 78-86. Administrative filing with no new information.
26 Oct 2015annual report● Neutral
Annual report to 30 June 2015. The chairman says the planned SM 6 #2 well slipped because of the 2014 oil price fall, and the A$11.0m raised in May/June 2015 funded the BP02 completion. SM 71 #1 is targeted very early 2016, subject to funding. Farm-in talks continue.
4 Sept 2015resource reserve update▲ GoodMajor
Updated Collarini reserves at 30 June 2015: 2P 15.766 MMboe (4.198 MMbbl oil, 69.4 Bcf gas), about 4.6% below 2014 per the CEO, who attributes it to lower prices. Best-estimate prospective resources rose to 74.9 MMboe from 57.5, driven by SM 71 and EI 63/76 work.
2 July 2015well test result▲ GoodMajor
Byron completed SM 6 #1 BP02 on schedule by perforating the F40 Sand; pressures were as expected. The SM 6 lease is extended from 30 June to 27 December 2015. A second well to the G, H and I sands is subject to a farm-out.
22 June 2015drilling scheduled▲ GoodMajor
Byron will re-enter SM 6 #1 BP02 with the Hercules 205 rig to perforate the F40 Sand (7,512-7,542 ft) over 8-10 days. This should extend the SM 6 lease, expiring 1 July 2015, by 180 days. A second well to the G, H and I sands now depends on funding or farm-out.
15 May 2015security holder rights change● Neutral
19,450,518 shares and 13,687,083 unlisted options (exercisable at $0.50, expiring 31 December 2016) are due for release from escrow on 30 May 2015. Quotation will be sought for the shares only.
15 May 2015admin correction● Neutral
Administrative notice: share registry Boardroom changes its Sydney address from 18 May 2015. No substance for shareholders beyond where to lodge documents.
7 May 2015investor presentation● Neutral
May 2015 investor presentation. The visible text is disclaimers and reserves reporting notes (effective 30 June 2014); the rest is truncated, so no new information can be confirmed. Treated as repeating known facts.
7 May 2015capital raising announcement● NeutralMajor
Byron raises A$11.0m through a placement of 44m shares at A$0.25, a 21.9% discount to the last close, in two tranches (the second needs shareholder approval). A planned share purchase plan of up to A$3.0m at the same price follows. Funds drilling and permitting plans.
What it means for a shareholder
44.0m new shares at A$0.250 to raise about A$11.0m. That's 26% dilution: every existing holder's slice gets 26% smaller. If you held A$1,000 of shares (4,000 at the issue price), your slice goes from 0.0032% to 0.00237% of the company. To keep it you'd need 1,409 more shares - about A$352 at the issue price.
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19 Mar 2015asset acquisition disposition▲ Good
Byron was high bidder on Eugene Island Block 18, in 10 feet of water, for US$32,223, subject to BOEM award. It adds a small new project to the portfolio, to be reprocessed with enhanced seismic if awarded.
