Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2021drilling progress report● Neutral
Recompletion began on the SM71 F4 well (Byron 100% WI until payout) into the J1 Sand, using a liftboat; about two weeks of work. Rate will be capped below 150 bopd. Acid treatment of the F2 well is also planned. A modest oil boost.
1 Nov 2021admin correction● Neutral
Amended September quarter report corrects two items: market capitalisation at 30 Sep 2021 is A$140 million, not A$151 million, and Appendix 5B item 8.7 becomes N/A (was 2.4). Other quarterly figures are unchanged.
29 Oct 2021annual report● Neutral
2021 Annual Report repeats known figures: net revenue US$34.2m, net 2P reserves 14.1 Mmbo and 97.5 Bcf, and the SM69 E2 discovery. The Chairman notes oil and gas prices rose strongly over the year while energy shares lagged.
29 Oct 2021other● Neutral
Appendix 4G corporate governance checklist filed with the annual report, pointing to the governance statement on the website. Administrative; no new business information.
27 Oct 2021flow test result▲ GoodMajor
SM69 E2 began producing 21 October at a stable 1,130 bopd and 0.43 MMcfd gross with no water, lifting Byron's net oil output to about 2,063 bopd from 1,155. Collarini booked 1.1 Mmbo net 1P; E2 is expected to pay out in under a year.
30 Sept 2021annual report● Neutral
Statutory financial report for the year to 30 June 2021 was lodged, with directors' report and audited accounts. The excerpt gives directors' biographies only and no new figures; directors are unchanged for the year.
28 Sept 2021resource reserve update● NeutralMajor
Collarini's 30 June 2021 report put Byron's net 2P reserves at 14.1 Mmbbl of oil and 97.5 Bcf of gas (30.4 MMboe), with 1P at 8.7 Mmbbl and 55.1 Bcf. Byron chose not to drill SM59, which cut prospective resources by 16.3 Mmbo and 62.8 Bcf.
20 Sept 2021drilling progress report● Neutral
SM69 E2 was cased and cemented; completion has begun, with first production targeted for late October or early November. The stuck logging tools could not be recovered, adding US$2.0-2.5m to the well cost, which Byron says has little effect on economics.
13 Sept 2021drilling result▲ GoodMajor
SM69 E2 reached 8,157 ft MD and logged oil in three sands (K, K4, L2), meeting pre-drill expectations; the M6 sand had an oil-water contact. Logging tools stuck downhole, delaying completion. SM71 and SM58 production restarted 9 September after Ida.
3 Sept 2021production update▲ Good
No hurricane damage found at SM71 F, SM58 G or pipelines. SM58 G1 gas resumed 1 September; SM71 oil awaits the sales pipeline. The rig is remanned and SM69 E2 had reached 3,560 ft casing depth; the next update follows final logs.
30 Aug 2021production update● Neutral
Hurricane Ida forced evacuation of the SM58 and SM71 platforms and the EOD 351 rig drilling SM69 E2 on 27 August, shutting in production. The storm appears to have passed about 90 miles east. Byron will update after inspections.
26 Aug 2021drilling progress report● Neutral
SM69 E2 reached 3,560 ft and 13 3/8 inch casing was cemented without issues. The rig is preparing to drill ahead to 8,194 ft after blowout preventer tests. No results yet; a tropical system is being monitored.
12 Aug 2021price query● Neutral
ASX queried a price move from A$0.105 to A$0.140 with heavy volume. Byron replied it knew of no unannounced information explaining the trading and was complying with Listing Rule 3.1.
5 Aug 2021drilling scheduled● Neutral
The EOD 351 rig passed inspections and will be towed to SM69 E within days to drill E2, about 23 days to 8,194 ft measured depth. Byron funds 100% and can earn 100% WI (80.33% NRI) until payout. G3/G4 timing awaits the result.
18 June 2021debt financing▼ BadMajor
Refinancing collapsed: Byron could not agree hedging terms with the lender, which required hedging nearly 100% of producing output. It will keep the existing Crescent loan. SM69 E2 remains on for August; G3/G4 timing awaits E2 result. Net output is 1,236 bopd and 9.5 mmcfd.
11 May 2021joint venture update● NeutralMajor
Byron gave a non-binding lender 90 days' exclusivity on refinancing and booked the EOD 351 rig to drill SM69 E2 by 1 August. SM58 G2 stopped returning to stable output after a March pressure survey, now about 60 bopd with water. G3/G4 are planned for Oct-Nov if funded.
31 Mar 2021debt financing● Neutral
Seaport Global has brought several non-binding lender term sheets, now under negotiation; no deal is certain. If none suits, Byron will fund SM69 E2 from cash flow, spudding June/July 2021. Crescent (ex-Crimson) fee fixed at US$20/bbl for March-May, up from US$15.
11 Mar 2021half year report● Neutral
Half year to 31 Dec 2020: net profit US$736,787 (prior US$505,416) on net revenue US$14.3m, lifted by SM58 gas sales. Cash fell to US$1.5m from US$16.6m at June; net assets US$76.5m. Repeats known figures.
8 Mar 2021material agreement● Neutral
Byron added swaps on 200 bopd for March-December 2021 at an average US$62 WTI, taking hedged volume to 650 bopd, about 40% of production. Average hedged base price rises to US$55.67, extending the existing forward sale hedge. It locks in prices but caps upside.
23 Feb 2021resource reserve update▲ GoodMajor
Interim Collarini report at 31 Dec 2020 lifts company-wide net proved developed producing reserves 157% to 3.23 Mmboe. SM58 net 2P is 9.6 Mmbo and 30.7 Bcf. Refinancing is under way, and the SM58 G platform's remaining slots G5-G9 were permitted on 10 Feb.
27 Jan 2021debt financing● NeutralMajor
Byron hired Seaport Global to arrange US debt financing, aiming to refinance existing loans in the March 2021 quarter and fund SM69 E2 and SM58 G3 and G4 wells. No certainty a refinancing will happen. Net production is about 1,500 bopd and 15.5 mmcf/d.
29 Dec 2020other● Neutral
Metgasco distributed its 20 million Byron shares to its own shareholders in specie, completing the step deferred earlier. This is a holder-level transfer, not a Byron issue, though it moves shares to a wider holder base.
17 Dec 2020production update● Neutral
SM58 G platform has produced 1.9 Bcf and 25,050 bbl since September; current gross rates 23.7 mmcfd and 410 bopd, below the early 29 mmcfd. G2ST is gassier than hoped but compression lifted oil to 202 bopd. SM71 gross is 2,734 bopd.
9 Dec 2020asset acquisition disposition▲ Good
BOEM accepted Byron's US$143,000 bid and awarded South Marsh Island 66 at 100% WI and 87.5% NRI. This resolves the 19 November apparent high bid, adding to the South Marsh Island acreage.
19 Nov 2020asset acquisition disposition▲ Good
Byron was the sole, apparent high bidder at Lease Sale 256 for South Marsh Island 66, bidding US$143,000 for 100% WI and 87.5% NRI. It sits next to SM60 and the award is subject to a BOEM review of up to 90 days.
2 Nov 2020production update▲ GoodMajor
SM58 G2ST, the Brown Trout sidetrack, began producing on 29-30 October at a controlled 10.2 mmcfd gas and 50 bbl/d condensate. SM58 platform now makes about 29 mmcfd gross. The rig left on 30 October; drilling resumes March 2021.
30 Oct 2020production update▲ Good
Hurricane Zeta caused no damage to SM58 or SM71. Production resumed on 29 October, with G1 back at its pre-storm rate and SM71 wells F1, F2 and F3 restored. This closes the storm interruption flagged the day before.
29 Oct 2020production update● Neutral
SM58 G2ST completion is finished and production is expected the week of 2 November. Platforms and rig were evacuated ahead of Hurricane Zeta, and SM71 was shut in on 25 October because of pipeline shut-ins. Another weather interruption of the kind seen all season.
26 Oct 2020annual report● Neutral
Byron's 2020 Annual Report restates known results: FY20 SM71 net output of 375,906 bbl oil and 878,811 mmbtu gas, US$20.6m net sales revenue; 2P reserves 17.5 MMbbl oil and 105.3 Bcf gas; prospective resources up to 43.6 MMbbl. Rig to be released for winter, drilling resuming March 2021.
26 Oct 2020other● Neutral
Appendix 4G confirming Byron's corporate governance statement, current at 19 October 2020, is on its website and was lodged with the annual report. Administrative filing with no new business information.
