Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2020drilling progress report▼ Bad
G2 reached 4,020 ft with surface casing cemented, but the rig was evacuated for Hurricane Marco and Tropical Storm Laura. SM71 was shut in 23 August and pipeline connections paused. Byron still says SM58 first production is on track for early September, barring further weather delays.
20 July 2020drilling progress report▲ Good
The EOD 264 rig reached the SM58 G platform on 18 July and G1 completion has begun, expected to take 30 days. Pipelines are being laid, including lines to the SM69 E platform for E2. After G1 the rig drills G2 and then E2. First G1 production is still expected by 1 September.
23 Mar 2020drilling result▼ Bad
Otto's release repeats the F5 result: 36 ft of D5 gas pay, 12 ft and 20 ft of oil pay in the I3 and J sands. Otto says the pay may have been faulted out. The joint venture will temporarily abandon the well for a future sidetrack, citing COVID-19 crew-change risk.
23 Mar 2020drilling result▼ BadMajor
SM71 F5 reached 8,505 ft and found 36 ft of net gas pay in the D5 target, but the sand is isolated and gas-bearing, so marginal to uneconomic. It also found 12 ft and 20 ft of oil pay in the I3 and J sands. The well is suspended for a later sidetrack because of COVID-19.
17 Mar 2020drilling progress report● Neutral
SM71 F5 was spud on 8 March and reached 3,600 feet, with surface casing cemented. Drilling is on schedule to a planned 8,688 feet. Byron has introduced COVID-19 screening for offshore staff and reports no issues so far.
4 Mar 2020drilling progress report▲ Good
F4 completion finished on 2 March with a frac pack over 100 feet of the Upper D5 Sand; production is expected in two weeks. The rig has started on F5, planned to 8,788 feet in about 25 days.
20 Feb 2020drilling scheduled▲ GoodMajor
After the F4 success, Otto elected to join the SM71 F5 development well, 50/50 with Byron. Drilling starts around 1 March, targeting D5 Sand possibly poorly drained by F3, planned depth 8,788 feet. F4 production expected in 4-6 weeks.
13 Feb 2020drilling result▲ GoodMajor
SM71 F4 reached total depth of 8,130 feet and logged 91 feet of net hydrocarbon pay in the Upper D5 Sand, at the upper end of expectations. It was drilled 25% under budget; completion takes about 16 days.
7 Feb 2020drilling progress report● Neutral
SM71 F4 reached 3,577 feet and surface casing is being run before the target section. The well is on schedule and budget, with total depth planned at 8,180 feet in about 25 days.
28 Jan 2020drilling scheduled▲ GoodMajor
The rig arrived at SM71 on 25 January to drill F4 (25 days). D5 production passed 2m bbl, SM58 G platform is on track for June 2020, and a contract with Enterprise covers four more wells from mid-May, starting with SM69 E2.
21 Jan 2020drilling progress report● Neutral
The EOD 264 rig finished its prior job on 15 January but bad Gulf weather delays towing to SM71 until later this week. F4 stays 100% Byron after Otto declined; F1 and F3 have produced 1.83m bbl oil since March 2018.
25 Nov 2019drilling scheduled● Neutral
Otto declined a second time (21 November) to join SM71 F4, so Byron will drill it at 100%, with the Enterprise 264 rig expected in January 2020. Byron says earlier investor-presentation comments assumed Otto would join. F5 timing is undetermined.
17 Oct 2019resource reserve update▲ GoodMajor
Collarini adds the Lower O Sand (Cutthroat/Steelhead) and a North Cutthroat fault block to SM58 prospective resources, up 10.7 MMbbl oil and 14.0 Bcf gas net to 11.2 MMbbl and 29.4 Bcf. Mud logs only, so these remain unproven; the G2 well will test them.
2 Oct 2019farm in farm out completion● NeutralMajor
Otto Energy chose not to join the SM71 F4 (Sausage) well, so Byron will drill it as a 100% well, spudding January 2020 after a compressor upgrade. Byron can recover 600% of certain costs before Otto may regain its interest. F5 proposal to follow.
30 Sept 2019drilling result▲ GoodMajor
SM58 011 BP01 stopped at 11,179 ft MD because of poor hole conditions, with no wireline logs run in the Lower O. Mud logs show 180-250 ft of likely hydrocarbons. The well will be suspended for production from the Upper O after a platform is installed; funding talks are ongoing.
24 Sept 2019drilling progress report▲ Good
A 5 1/2 inch liner is cemented at 10,811 ft across the 301 ft Upper O Sand pay, protecting it for future completion. Drilling the Lower O with a slim hole logged three hydrocarbon shows; logs await total depth. Commerciality not yet assessed.
19 Sept 2019resource reserve update▲ GoodMajor
Collarini's 30 June 2019 report lifts Byron's net 2P oil reserves 118% to 17.4 MMbbl (2P gas 150 Bcf), with 2P NPW-10 of US$562m. SM58 accounts for 2P oil up 10.8 MMbbl, including 6.0 MMbbl and 21 Bcf from the Upper O Sand. A funding model to limit dilution is flagged.
16 Sept 2019drilling progress report▼ BadMajor
The bypass well found 301 ft net pay (versus 271 ft), but a rig equipment failure left 7 5/8 inch casing stuck at 7,940 ft. Byron will run 5 1/2 inch casing across the pay, limiting rates; Enterprise has promised to make good. Lower O drilling is uncertain.
2 Sept 2019drilling progress report▼ Bad
A hole opener became stuck near the base of the O Sand in SM58 011, so Byron will bypass and redrill the bottom 900 ft as SM58 011 BP1. It expects 10-14 days to reach about 11,486 ft. A setback to the well schedule.
29 Aug 2019drilling result▲ GoodMajor
Logs show 302 ft gross and 271 ft net O Sand pay in SM58 011, with liquids-rich gas and high-quality oil, confirming the Cutthroat discovery. Byron is moving to develop SM58 with its purchased platform; third-party reserves are expected mid-September.
26 Aug 2019drilling progress report▲ Good
Byron will set casing at 10,890 ft MD across the thick O Sand pay in SM58 011 to protect it, then deepen to 11,466 ft to test the Lower O Sand. This follows the earlier hydrocarbon hit; extra logs are due in days.
26 Aug 2019drilling result▲ GoodMajor
SM58 011 hit hydrocarbons at the top of the O Sand at 10,435 ft MD, as predicted, with 300 ft gross thickness and no water seen to 10,875 ft. Drilling continues to 11,466 ft; the CEO expects a commercial development. Fluid type is not yet confirmed.
22 Aug 2019drilling scheduled● Neutral
Otto repeats Byron's proposal for SM71 F4 and F5 wells, with a rig expected early October. Otto, holding 50% of SM71, will review them using its own seismic and decide within a few weeks whether to participate.
22 Aug 2019drilling scheduled▲ Good
Byron proposes two more SM71 wells, F4 and F5, after reinterpreting reprocessed seismic: F4 to extend the D5 reservoir, F5 to drain poorly-drained areas. A rig is expected in early October; partner Otto must still decide whether to take part.
19 Aug 2019drilling progress report● Neutral
SM58 011 has 10-3/4 inch casing cemented at 3,600 ft MD and is drilling ahead at 3,610 ft. The O Sand target is at about 11,466 ft planned depth. No result yet.
7 Aug 2019drilling spud● NeutralMajor
SM58 011, the first well on the recently acquired SM58 block, began drilling on 6 August 2019 with the Enterprise 263 rig. It is to test the Cutthroat O Sand prospect to 11,466 ft MD, about a month's work, at 100% Byron cost.
1 Aug 2019drilling scheduled● Neutral
The Enterprise 263 rig is under tow to SM58 for the Cutthroat prospect well, SM58 011, to 11,466 ft MD. Gross prospective resource is 7.8 mmbo plus 18 bcf. Byron pays 100% of the well, the first of six potential SM58 wells.
18 July 2019farm in farm out completion▲ GoodMajor
Metgasco will pay Byron A$1.75m by 30 September 2019 to settle its share of SM74 well costs, capped with no further overrun liability. It also exercised its 10m Byron options at A$0.25, closing out the failed SM74 well exposure.
5 July 2019drilling result▼ BadMajor
The SM74 D14 bypass well, drilled to 14,933 ft MD, found thick wet sands with only thin, uncommercial hydrocarbon shows. Byron calls it a failed trap and is plugging the well. This ends the Raptor thread. Rig Enterprise 263 is contracted for SM58 #11, spud mid-August.
5 July 2019drilling result▼ Bad
Metgasco repeats the result that the Byron-operated SM74 D14 bypass well, drilled to 14,933 ft MD, found thick wet sands and is a commercial failure. Plugging has begun. Metgasco says it is pre-paid and funded for extra costs, and will review its operations.
