Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 May 2014asset acquisition disposition▲ Good
BOEM formally awarded Grand Isle 63, 72 and 73 to Byron on 1 May 2014, each 100% WI and 81.25% NRI. This confirms the March high bids. RTM seismic processing is expected within 12-18 months, versus 12 months stated earlier.
11 Apr 2014drilling scheduled▼ Bad
Spartan Rig 202 is further delayed finishing work for another operator, so SM6 #1 spud moves from early-to-mid April to mid-May 2014. A second slip after the March target.
2 Apr 2014investor presentation● Neutral
Morgans conference presentation restates the strategy, team record and 16-block portfolio, with market cap $104m at $0.81 and cash about US$12m at 31 Dec 2013. Spud now expected April 2014. No new results.
20 Mar 2014asset acquisition disposition▲ GoodMajor
Byron is high bidder on three Grand Isle blocks (63, 72, 73) in Lease Sale 231, about US$488,000 in total if awarded, subject to BOEM review. The salt dome produced 827,000 barrels of oil and 12 Bcf gas from 1968 to 2009. Expected 100% WI, 81.25% NRI.
10 Mar 2014drilling scheduled▼ Bad
SM6 #1 spud slips again, from the first half of March to early-to-mid April 2014, because Spartan Rig 202 has not finished its current job. Continues the delay pattern for Byron's first well at SMI 6 (100% WI).
17 Feb 2014drilling scheduled▲ GoodMajor
US regulator BSEE gave final approval on 14 February 2014 to drill SM6 #1, and the caisson is installed. Byron expects the Spartan rig to spud in the first half of March 2014. Also hires WesternGeco to reprocess seismic over two salt domes.
28 Nov 2013other● Neutral
AGM chairman's address: SM6 #1 exploration plan is approved, drilling permit expected by end December, rig secured for about 1 March 2014. Says weak US gas prices make it unlikely that three gas-prone leases (WC 490, WC 472, WD 49) will be drilled before their 2014 expiry.
17 Oct 2013contract award▲ GoodMajor
Byron contracts a Spartan jack-up rig for SM6 #1, with drilling to start no earlier than 1 March 2014, and orders a seven-slot caisson. This secures the rig for the first well, though the exact spud date depends on the rig's earlier commitments and final approval.
16 Oct 2013annual report● Neutral
Annual report for the year to 30 June 2013, the first as Byron Energy. Repeats the SM6 #1 well plan for the March quarter 2014 and the 22 leases. SMI 6 net proved and probable reserves are 4.2 MMbbl oil and 8 Bcf gas. Auditor listed as Deloitte.
8 Aug 2013contract award▲ Good
Byron signs a deal with FairfieldNodal to license 3D seismic over two salt dome projects (five leases) and process one with advanced imaging (ARTM) within six months. Total cost is under US$1m. Builds the pipeline of prospects beyond SMI 6.
24 June 2013asset acquisition disposition▲ Good
The US regulator has awarded the last of six Lease Sale 227 blocks, Eugene Island 190, to Byron. All six are 100% owned with 81.25% net revenue interest. This completes the March 2013 lease sale bids and takes the portfolio to 22 blocks (the presentation had said 21).
17 June 2013admin correction● Neutral
Company notifies a change of registered office to Level 4, 480 Collins Street, Melbourne. Administrative notice; the Melbourne address was already the stated principal office.
30 May 2013other▲ Good
Byron announces its successful ASX listing as BYE after the $14.5m raise, including $2m oversubscriptions. Market cap at the $0.40 offer price is $51.2m. First wells target SMI 6's 3.2 MMbbl of proved undeveloped oil. Largely restates known facts.
30 May 2013investor presentation● Neutral
Corporate presentation restates the Gulf of Mexico story: 21 blocks, net 3P 7.8 MMbbl oil and 164.7 Bcf gas, and market cap $51.2m at $0.40. First well at SMI 6 is now slated for Q1 2014, a slip from the earlier December 2013 quarter plan.
28 May 2013other● Neutral
Byron's securities trading policy for directors and staff, setting blackout periods and trading windows. Administrative governance document with no commercial news.
28 May 2013other● Neutral
The company's constitution, still under the Trojan Equity name. Standard governing document with no new commercial information.
28 May 2013listing compliance notice● Neutral
ASX confirms the suspension of Byron Energy shares ends at the start of trading on 30 May 2013 after re-compliance with listing rules. 108,519,329 shares will be quoted. Repeats the reinstatement already notified.
28 May 2013listing compliance notice● Neutral
ASX notice listing the documents released before reinstatement on 30 May 2013, such as the constitution, trading policy and shareholder lists. Administrative, with no new substance.
28 May 2013other● Neutral
Company confirms its name change from Trojan Equity to Byron Energy Limited, code BYE, and a new principal office in Melbourne. Follows the completion of the Byron acquisition.
28 May 2013other● Neutral
Confirms 19,450,518 shares and 13,687,083 options are escrowed for 24 months from reinstatement, and that the purchase agreement is complete. Reports 84,026,411 shares issued for Byron. Compliance statement; adds little new.
28 May 2013other● Neutral
Top 20 holders at 24 May 2013 own 61.85% of the 108,519,329 shares, the largest being Veruse at 8.05% and Summit LLC at 7.43%. Administrative disclosure.
28 May 2013other● Neutral
Shareholder distribution at 24 May 2013: 491 holders of 108,519,329 quoted shares, with 131 holders owning 95.3%. Administrative disclosure.
28 May 2013listing compliance notice▲ GoodMajor
ASX says Byron Energy shares return to quotation at 10am on 30 May 2013, after suspension from 22 April. 108,519,329 shares will trade; 19,450,518 shares are escrowed for 24 months.
28 May 2013other● Neutral
Corporate governance statement as at 22 May 2013. Says none of the five directors is independent and no nominations committee exists, so it departs from ASX guidelines. Notes only three full-time employees. Administrative disclosure with no commercial news.
28 May 2013other● Neutral
Pro forma balance sheet after the deal shows about US$20.6m cash and net assets of US$25.7m, with 127,969,847 shares after the $2m oversubscription. Confirms no material subsequent events.
28 May 2013listing compliance notice● Neutral
Listing application form for re-admission to the ASX list: 127,969,847 shares, 19,450,518 of them restricted, and 37,380,084 options. Names the new board with Maynard Smith as CEO. Administrative paperwork.
23 May 2013business combination▲ GoodMajor
Byron acquisition completed and raising closed at $14.5m ($8.25m placement, $6.25m entitlement), including the full $2m oversubscriptions, above the $12.4m target. Expected 127,969,847 shares and 37.4m options on issue. Company renamed Byron Energy Limited.
22 May 2013capital raising announcement▲ GoodMajor
The entitlement offer closed fully subscribed on 17 May, raising $6.23m from 15,577,374 shares at $0.40, each with 0.4 unlisted options at $0.50 expiring 31 December 2016. Meets the minimum condition for the Byron deal.
What it means for a shareholder
15.6m new shares at A$0.400 to raise about A$6.2m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00506% to 0.00385% of the company. To keep it you'd need 788 more shares - about A$315 at the issue price.
Create a free account to see this worked out for your own holding.
13 May 2013other● Neutral
NTA 29.8c at 30 April 2013, net assets $2.32m. Confirms all resolutions passed on 22 April; trading expected to resume 29 May as Byron Energy, subject to completion of the raising and ASX requirements.
3 May 2013other● Neutral
Trojan says the entitlement offer prospectus (two new shares at $0.40 per share held) was posted to shareholders on 3 May 2013. Administrative step only.
