Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2023drilling scheduled▼ Bad
The other operator on the EOD 264 rig has begun driving conductor after a 23-day permit delay, with its well expected to take 45–50 days. Byron's two-well program follows directly. This pushes Byron's start later than the earlier late-June estimate.
22 June 2023other● Neutral
CEO letter responding to shareholder concerns: says production has not collapsed (about 1,397 bopd net in Q2 versus 1,491 in March quarter). Says finance for G4/G6 will come from existing sources and no equity raise is planned. Addresses SM71 D5 development questions.
8 June 2023drilling scheduled▼ Bad
The EOD 264 rig is at another operator's location, awaiting that operator's drilling permit. Byron's G4 and G6 wells start within 30 days if that well is cancelled, or after a 45–60 day well otherwise. This is a further delay to the March 2023 rig timing.
19 Apr 2023regulatory community update▲ GoodMajor
BOEM awarded Byron the Grand Isle 63/72 and SM57 leases from Sale 259. Byron's own estimate for GI63/72 is 4.1 mmbo and 156.8 Bcfg net prospective resources; the platform bought in November 2022 is said to suit it. SM57 Silver Trout is drill ready.
30 Mar 2023regulatory community update● NeutralMajor
Byron was sole high bidder (US$147,525 each) on Grand Isle 63 and 72 and South Marsh Island 57, subject to BOEM review. The rig slipped again to late June/July 2023. SM70 will be relinquished, dropping Golden Trout, partly citing lower gas prices.
16 Mar 2023half year report▲ Good
Half-year to 31 December 2022: profit US$17.7m (US$7.0m a year earlier), revenue US$33.4m (up 51%) and EBITDAX US$26.7m (up 61%), driven by higher prices and the new G3/G5 wells. Winter Storm Elliott hurt compressor uptime late in the period.
28 Feb 2023production update● NeutralMajor
The SM69 E2 well, flowing since October 2021, reached project payout of over US$22m in under 15 months. W&T Offshore converted its royalty to a 30% working interest, so Byron drops to 70% WI (58.33% NRI). E2 makes 725 bopd with no water.
18 Nov 2022production update▼ BadMajor
Net output has fallen to 1,818 bopd and 4,728 mcf/d, from over 2,300 bopd in September. SM71 F3 water cut hit 30% and the G3 and G5 wells keep declining with minimal aquifer support, contradicting hopes of stabilisation. The rig is delayed to March 2023; a used platform deck was bought for SM70.
31 Oct 2022admin correction● Neutral
Share registry Boardroom Pty Limited is changing its address to Level 8, 210 George Street, Sydney from 1 November 2022. Administrative notice only; contact numbers are unchanged.
28 Oct 2022annual report▲ Good
2022 Annual Report: record production, revenue and earnings, with net revenue of about US$53.2m. It repeats the reserves (1P 13.2 MMboe) and the G3/G5 completions already announced. Funded by the oil prepayment, with no new equity raised.
28 Oct 2022other● Neutral
Appendix 4G and Corporate Governance Statement for the year to 30 June 2022, dated 20 October 2022. Standard compliance filing with no new operational or financial information.
30 Sept 2022annual report● Neutral
Full-year financial report to 30 June 2022 for Byron, lodged as the statutory accounts. The excerpt provided shows only the contents page and director biographies, with no financial figures, so no results can be stated here.
15 Sept 2022regulatory community update▲ Good
Byron has been awarded the South Marsh Island 61 lease, resolving the pending BOEM review after its sole US$130,260 bid in November 2021. SM61 sits within the RTM reprocessing area and adds to Byron's acreage around the SM73 salt dome.
14 Sept 2022resource reserve update● NeutralMajor
Collarini's 30 June 2022 assessment put net reserves at 13.2 MMboe proved (1P), 18.6 MMboe proved plus probable (2P) and 23.7 MMboe 3P. Proved developed reserves rose 163% to 6.90 MMboe on the E2, G3 and G5 wells, at a finding and development cost of US$10.60/boe.
7 Sept 2022production update● Neutral
Net output on 4 September 2022 was 2,332 bopd and 7,154 mcf/d (3,524 boe), with daily net revenue over US$260,000. G3 and G5 are still slow to stabilise; the CEO expects final stable rates within weeks. F2 recompletion began flowing 31 August; F4 may still have damage.
10 Aug 2022production update● NeutralMajor
G3 began producing on 1 August at a managed 500 bopd, and G5 at 280 bopd. Byron's net output exceeds 3,000 boepd. G3/G5 capex came to about US$35.1m, against the US$21.6m originally planned and US$24.6m adjusted. F2/F4 recompletion started.
27 July 2022production update● Neutral
G3 is completed in the J and K4 sands, with J Sand production due within days (500-1,000 bopd expected). G5's L2 Sand, flowing 500 bopd after initially exceeding 800, shows pressure depletion, confirming limited extent. The N2 is expected to give under 350 bopd. Liftboat secured for August.
7 July 2022regulatory community update● Neutral
G5 was perforated in the L2 and N2 sands. Pressure data suggest the L2 may be of limited extent, so the N2 will be completed through tubing at only 300-500 bopd. F2/F4 recompletion slips to September. Eugene Island leases were relinquished; SM60 and SM70 permits were approved.
7 June 2022drilling result▲ GoodMajor
G5 reached total depth and logged 36 ft of pay in the primary N2 Sand (thinner than the 50 ft predicted) plus 11 ft in N4, for 128 ft of net pay in five sands. Byron signed the EOD 264 rig contract for three wells plus an optional fourth.
2 June 2022drilling progress report● Neutral
G5 casing was cemented, protecting the logged pay sands. Top-drive repairs continue, with the replacement motor found faulty. The rig is on zero day rate meanwhile; Byron still expects July production and calls the overrun immaterial.
26 May 2022drilling result▲ GoodMajor
SM58 G5 (Smoked Trout) logged 81 ft of pay in three sands, including 47 ft of oil in the L2 Sand, which Byron calls a very positive outcome. A rig top-drive failure forced casing to be run before the primary N2 Sand was reached.
16 May 2022drilling result▲ GoodMajor
SM58 G3 (Rainbow Trout, 100% owned) logged 58 ft of oil pay: 27 ft in the J Sand (thinner than the 50 ft Collarini predicted) and 31 ft in K4/B65. Casing set; first production expected July. Rig contract widened to three wells plus an optional fourth.
19 Apr 2022drilling progress report▲ Good
The EOD 264 rig arrived at SM58 G on 18 April 2022 to batch-drill the G3 and G5 wells. Byron signed a contract for a further two-well programme, with a third optional, in late 2022 or early 2023, including Golden Trout on SM70.
23 Mar 2022drilling scheduled▲ Good
Drilling permits for SM58 G3 and G5 are approved and the rig is on schedule for early-to-mid April. The US$11m prepayment is executed. Byron is also negotiating a January 2023 programme including Golden Trout on SM70. Current net output is 1,680 bopd and 4.7 MMcfd.
15 Mar 2022half year report▲ Good
Half year to 31 December 2021: profit US$7.04m versus US$0.74m a year earlier. Revenue US$22.1m, up about 55%, on higher prices; EBITDAX US$16.7m, up 89%. Sales 234,377 bbl oil and 1.40m mmbtu gas.
4 Mar 2022other▼ Bad
S&P index rebalance notice, not issued by Byron. Byron is listed among removals from the S&P/ASX All Ordinaries, effective 21 March 2022. No company operational news.
1 Feb 2022drilling scheduled▲ GoodMajor
Byron committed to a two-well SM58 programme (G3 Rainbow Trout, G5 Smoked Trout) starting April 2022, targeting combined net 2P of 3.5 Mmbo and 4.6 Bcf at about US$20m total cost. Funded by free cash flow plus a prepayment facility of up to US$11m; oil offtake extended three years.
11 Jan 2022security holder rights change● Neutral
Byron will issue 2.0 million unlisted options, exercisable at A$0.16 until 31 December 2024, to two new US employees (drilling manager and US controller). Issued under existing placement capacity; small incentive grant.
25 Nov 2021production update▼ Bad
The SM71 F4 recompletion finished but the well produces only 10 bopd, likely from blocked or damaged perforations; remedial work is planned. F2 acid job doubled output to 31 bopd. SM69 E2 is held at a controlled 870 bopd.
18 Nov 2021asset acquisition disposition● Neutral
Byron is apparent high bidder on SM61 with a US$130,260 bid (100% WI, 87.5% NRI), subject to BOEM review of up to 90 days. It replaces SM57, relinquished in October 2021 ahead of its June 2022 expiry; SM57 had no 3P reserves.
