Each one in plain English, with the numbers worked through for a shareholder.
15 Dec 2014capital raising announcement● NeutralMajor
Byron raises about A$2.27m by placing 4,541,095 shares at A$0.50 to sophisticated investors, below the A$0.65 of the 2014 placements. Funds working capital; Byron says it is pursuing strategic approaches for capital to drill a second SM 6 well.
What it means for a shareholder
4.5m new shares at A$0.500 to raise about A$2.3m. That's 3.5% dilution: every existing holder's slice gets 3.5% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.0016% to 0.00154% of the company. To keep it you'd need 73 more shares - about A$37 at the issue price.
December 2014 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.
The chairman's AGM address says SM 6 #1 BP02 found F-sand pay but missed the G Sand target. Byron currently intends to drill SM 6 #2 in the first quarter of 2015, subject to funding and rig availability. An exploration plan is under way for SM 70/71.
Addendum gives the reserves breakdown by project and reconciles to 2013. 2P reserves are 16.473 MMboe versus 16.428 MMboe, while 3P fell from 35.3 to 21.8 MMboe, mainly from relinquishing WC 490 and WC 472 leases. Repeats the 11 September totals.
Annual report for year to 30 June 2014. The chairman cites cost overruns on SM 6 #1 and the bypass wells as the reason for the A$8.4m of placements at A$0.65, plus director loans. The F-sand discovery stands, but the G, H and I targets were not reached.
October 2014 investor presentation. The visible text is mostly disclaimers and reserves reporting notes, with the rest truncated, so no new information can be confirmed. Treated as repeating known facts.
3 Oct 2014director officer appointment● NeutralMajor
Bill Sack, a Gulf of Mexico explorationist, joins as Executive Director on US$350,000 a year plus 1.7 million options at A$0.65. His firm Aurora grants Byron a one-year option over exploration prospects, for US$187,500 up front and up to US$187,500 more, plus a 2.5% royalty.
Byron's first independent reserves report under SPE-PRMS (Collarini) gives 2P reserves of 4.79 million barrels of oil and 70.1 Bcf of gas (16.473 MMboe), all undeveloped, across SM 6, SM 71, EI 76 and GI 95. Best-estimate prospective resources total 57.5 MMboe.
A top drive failure and a wedged drill pipe led Byron to suspend BP02 before reaching the G Sand. The F30 and F40 pay zones are left unobstructed for later completion; Byron intends to drill a second well to the G, H and I sands from the same caisson.
BP02 was tripping in at 3,700 feet to drill out cement, test the casing shoe and then drill ahead toward the G Sand target. Routine step following casing being set.
Memory log data upgrade SM6 #1 BP02's F40 Sand net pay to 85 feet (from 70) and add 18 feet of net pay in the F30 Sand, both probably light condensate. Byron says SM 6 is expected to be commercial at current prices, with development anticipated over the next year.
BP02 logs show 70 feet of net pay in two lobes of the F40 Sand, probably light condensate. The sand is about 560 feet updip of the nearest earlier intersection, consistent with pre-drill ARTM seismic mapping. G20 is still to be drilled.
BP02 reached intermediate casing point at 7,861 feet with several hydrocarbon shows; their commercial significance awaits electric logs. The G20 primary target is still several hundred feet deeper.
BP01's pipe could not be freed, so Byron will sidetrack again as BP02. It raises A$1.87m at A$0.65 (2,876,923 shares) and plans an up to US$3.3m unsecured director-participating loan at 10%, repayable by 1 July 2015, on top of the A$2.0m convertible loan.
Raising mud weight to control the gas kick left the BP01 drill pipe differentially stuck near 4,600 feet. A second gas kick came with a mud show suggesting oil or condensate near the G20 target depth; its significance is unconfirmed.
Byron lodges its revised Securities Trading Policy under Listing Rule 12.9, stating no material changes from the version lodged on 28 May 2013. Administrative.
BP01 hit an 1,800-unit gas show with 250 psi at the surface choke at 7,952 feet. The pipe is free and circulating to clear gas. Byron says there is insufficient evidence to judge commercial significance.
The BP01 sidetrack intersected two apparently hydrocarbon-saturated Upper Miocene sands, each about 60 feet gross, not present in the original hole. Pay and economic value are unconfirmed until porosity logs are run; the primary G20 target is still deeper.
Sidetrack SM6 #1 BP01 began drilling and reached 7,480 feet measured depth on 22 June. The wellbore is still several hundred feet above the primary target sands and in good condition.
20 June 2014capital raising announcement▼ BadMajor
Byron raises A$6.5m via a placement of 10,070,847 shares at A$0.65 (about 7.9% of shares), after SM6 #1's drill pipe stuck at 7,738 feet, about 600 feet above the G20 target. Funds a sidetrack. Directors also lend A$2.0m, convertible at A$0.65.
Byron's shares are suspended at its own request pending a capital raising announced to the market on 16 June 2014. The company expects to announce completion before trading on 20 June.
SM6 #1 is at 6,813 feet, tripping for a new bit, still several hundred feet above the first target sand. A fourth regulator inspection and a surprise oil spill drill passed with no deficiencies.
SM6 #1 has set surface casing and is drilling at 4,800 feet. It is 3-4 days behind plan, mainly due to mechanical issues, but the wellbore is in very good condition and regulator inspections found no citations.
Spartan Rig 202 spudded SM 6 #1 at South Marsh Island Block 6 on 24 May 2014, where Byron holds a 100% working interest. Byron was preparing to run 10¾-inch conductor casing at 1,535 feet measured depth.
High seas have delayed towing the Spartan rig to SM6 #1; a 36-48 hour weather window is needed. Byron's day-rate contract starts once the rig is under tow, so delay costs money. Spud follows mobilisation.
Rig mobilisation to SM6 #1 is due to start 8 May, with spud expected the week of 12 May. The well is planned to about 9,560 feet and to take about 28 days to drill and evaluate, testing only the shallow section.
