Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2023debt financing● NeutralMajor
Byron drew the first US$10m of its US$22m oil prepayment facility, as the 1 August release required before 30 September. It placed physical hedges of about 475 bopd (about 30% of gross oil) at over US$74.80 average over the 24-month term. The second draw of US$12m is optional.
11 Sept 2023drilling progress report▼ Bad
Adverse hole conditions stopped G6's production casing 169 feet above the L2 Sand, so Byron will skid to drill G4 first and finish G6 later. First production from either well is not expected until Q4 2023. The CEO still expects the budget to hold.
8 Sept 2023drilling result● NeutralMajor
SM58 G6 (Gila Trout) logged 23 feet true vertical oil and gas pay in the L2 Sand and 10 feet in the I1 Sand. The second main target, the N2 Sand, was poor quality. The rig drilled on, on budget and schedule, after the August rig arrival.
28 Aug 2023resource reserve update● NeutralMajor
Collarini's 30 June 2023 assessment puts net 1P reserves at 12.4 MMboe (down about 6%, mainly production) and 2P at 19.0 MMboe (up about 2%). About 85% of 1P comes from the 2019 US$4.3m SM58/SM69E purchase. Prospective resources fell about 39% to 53 MMboe after relinquishments.
14 Aug 2023drilling spud▲ GoodMajor
The EOD 264 rig is on location at SM58 G to batch-drill the G4 (Tiger Trout) and G6 (Gila Trout) wells. Byron's in-house net 1P estimate is 2.3 mmbo and 2.8 Bcfg, with a total program cost of about US$30m. This ends the long rig delay.
1 Aug 2023debt financing● NeutralMajor
Byron closed a US$22m multi-draw prepayment facility with its oil buyer: US$10m initial draw by 30 September, optional US$12m later, roughly 15% a year in effective cost. Offtake runs to December 2026, and directors' loans extend to December 2025. Funds the US$31m SM58 program.
31 July 2023quarterly activities report● Neutral
June 2023 quarter: net revenue about US$9.4m, down 8%, and realised oil price US$71.08/bbl. The oil prepayment is fully repaid, cash is US$4.2m, and a US$22m multi-draw prepayment facility is nearly closed. Directors' loans were extended to 2025.
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.
27 Apr 2023quarterly activities report● Neutral
March 2023 quarter: net revenue about US$10.2m, down 28%, on lower prices and volumes. The prepayment balance fell to US$1.625m, with final payment in April. Cash was US$3.0m, up from US$2.7m. The three Sale 259 leases were awarded after quarter end.
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.
31 Jan 2023quarterly activities report▼ Bad
December 2022 quarter: net revenue about US$14.2m, down 26%, on lower prices (US$76.23/bbl) and volumes. Crescent note fully repaid; directors' loans extended to 31 March 2024. Cash fell to US$2.7m and the prepayment balance is US$6.625m.
29 Nov 2022agm notice● Neutral
AGM results: all eight resolutions carried, including the remuneration report, re-election of William Sack and Charles Sands, extra share issue capacity, and extensions of loans to executives and managers. Routine meeting outcome.
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.
26 Oct 2022quarterly activities report● Neutral
September 2022 quarter: record net revenue of about US$19.2m, up 17%, on net sales of 176,160 bbl oil. G3 and G5 started production. Crescent note cut to US$1.97m, but cash fell to US$5.75m from US$14.1m after about US$19.5m of G3/G5 development payments.
3 Oct 2022agm notice● Neutral
Byron will hold its AGM on 29 November 2022 at 11:30am Sydney time. Director nominations close 10 October 2022. Administrative notice only.
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.
29 July 2022quarterly activities report▲ Good
June 2022 quarter: record net revenue of about US$16.4m, up 12%, at US$96.13/bbl oil. Cash rose to US$14.1m after the US$11m prepayment was received in May; borrowings US$8.28m. G3 and G5 drilled, with completion after quarter end.
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.
