Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 Nov 2016agm notice▲ Good
All 2016 AGM resolutions passed, including the director placement shares (Battersby, Young), re-election of Kallenberger and Sands, and the incentive options for Smith, Kallenberger, Sack and senior managers. This completes the conditional A$0.7m placement and the option grants.
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 2016quarterly activities report● Neutral
September 2016 quarter: cash rose to US$3.0m after the placement's first tranche. Shares on issue are 272.0m. Metgasco received its 10m options on 22 September; the SM 6 and GI 95 leases were relinquished. No SM 70/71 production yet.
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.
29 July 2016quarterly activities report● Neutral
June 2016 quarter: cash fell to US$0.9m from US$3.3m. Collarini 2P at SM 71 is 2,272 MBOE, and Metgasco documents were signed. Director Doug Battersby's company lent A$650,000 at 10%, unsecured and due by 31 December 2016.
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.
