Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2014resource reserve update● Neutral
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.
29 Oct 2014quarterly activities report▼ Bad
September quarter report: cash fell to US$1.55m at 30 September. Byron drew half of an approximately US$2.544m unsecured director and shareholder loan facility due 1 July 2015. Shares on issue were 144.4 million, with the director loan conversion approved.
24 Oct 2014annual report● Neutral
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.
14 Oct 2014investor presentation● Neutral
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.
11 Sept 2014resource reserve update▲ GoodMajor
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.
8 Sept 2014agm notice● Neutral
Shareholders at the EGM voted on the director loan conversions, Paul Young's 154,000-share issue, ratification of the June and July placements and a 15,000,000-share issue capacity. Proxy votes shown were overwhelmingly in favour; the full results are not shown, so formal passing is an inference. The quarterly report later confirms the loan conversion and Young issue were approved.
30 July 2014quarterly activities report● Neutral
June quarter report: cash was US$7.23m at 30 June, after raising A$6.45m in placement and drawing A$1.0m of the A$2.0m director convertible loan. Repeats the BP02 suspension and F-sand results; Ship Shoal 180 and Vermilion 200 were relinquished and West Delta 49 expired.
28 July 2014drilling result▼ BadMajor
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.
23 July 2014drilling progress report● Neutral
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.
18 July 2014well test result▲ GoodMajor
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.
16 July 2014well test result▲ GoodMajor
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.
15 July 2014drilling progress report● Neutral
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.
7 July 2014drilling progress report● Neutral
Drilling of the BP02 bypass wellbore began and reached 5,630 feet measured depth by 6 July.
3 July 2014capital raising announcement▼ BadMajor
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.
30 June 2014drilling progress report▼ Bad
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.
27 June 2014admin correction● Neutral
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.
27 June 2014drilling progress report● Neutral
The BP01 gas kick is under control and circulation is being re-established before tripping out of the hole.
26 June 2014drilling progress report● Neutral
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.
24 June 2014drilling result▲ Good
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.
23 June 2014drilling progress report● Neutral
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.
20 June 2014listing compliance notice● Neutral
The trading suspension is lifted following the capital raising announcement. Administrative notice.
18 June 2014listing compliance notice● Neutral
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.
10 June 2014drilling progress report● Neutral
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.
6 June 2014drilling progress report● Neutral
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.
26 May 2014drilling spud▲ GoodMajor
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.
19 May 2014drilling progress report● Neutral
Spartan Rig 202 arrived at the SM6 #1 location on 17 May and is jacking up. Spud is expected within 2-3 days, weather permitting.
13 May 2014drilling progress report▼ Bad
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.
6 May 2014drilling scheduled● Neutral
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.
