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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 2015agm notice● Neutral
AGM results: proxy votes were strongly in favour of the remuneration report, the re-election of Paul Young and Doug Battersby, and the constitution change. The extra 10% placement capacity had 7.86m votes against. Formal pass/fail outcomes are not stated.
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.
20 Oct 2015quarterly activities report● Neutral
September quarter report: cash fell to US$3.7m from US$6.0m. The A$3m share purchase plan was dropped after the oil price fell. The SM 71 #1 exploration plan was deemed submitted, with drilling targeted very early 2016, subject to approval and 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.
24 July 2015quarterly activities report▲ Good
June quarter report: cash US$6.0m after the A$11.0m placement, with borrowings of about US$1.15m due 1 July 2016. BP02 was completed and the SM 6 lease extended to 27 December 2015. EI 18 was awarded; shares on issue 192.9m.
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.
19 June 2015agm notice▲ Good
EGM results: proxy votes were overwhelmingly in favour of director participation in the placement, ratification of 19,584,000 shares, the 20,668,000-share conditional issue and a 12m-share purchase plan. Formal outcomes are not stated, so passing is an inference; the later quarterly confirms the purchase plan was approved.
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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30 Apr 2015quarterly activities report▼ Bad
March quarter report: cash fell to US$0.6m. Talks with an unnamed funder for drilling capital ceased when it could not secure funding; the director loan repayment was extended to 1 July 2016. Executives took 33% pay cuts, and EI 18 was awarded after quarter-end.
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.
13 Jan 2015quarterly activities report● Neutral
December quarter report: cash US$2.15m at 31 December after the A$2.27m placement. SM 6 #2 remains planned, subject to funding; SM 70/71 well planning began and inversion work confirmed prospectivity in the J and D5 sands. Shares on issue 148.9m.
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.
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10 Dec 2014investor presentation● Neutral
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.
25 Nov 2014investor presentation● Neutral
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.
25 Nov 2014agm notice● Neutral
Results of the 2014 AGM. Proxy votes for each resolution shown were heavily in favour, including election of Bill Sack, the 20,000,000-share issue approval, his 1.7 million options and the extra 10% placement capacity; formal outcomes are not stated.