Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Apr 2022quarterly activities report▲ Good
March 2022 quarter: record revenue of about US$14.7m at US$84.04/bbl oil, on net sales of 143,836 bbl and 509,877 mmbtu gas. Cash fell to US$0.9m; borrowings US$11.2m, with the Crescent note cut to US$7.65m. US$11m prepayment closed.
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.
31 Jan 2022quarterly activities report▲ Good
December 2021 quarter: net 145,815 bbl oil and 668,010 mmbtu gas, revenue about US$13.4m at US$68.24/bbl, up from US$8.7m. Cash US$1.6m, borrowings US$13.8m. 41.1m options exercised into shares (loan-funded) after quarter end; director loans extended to March 2023; US$4.0m oil prepayment received.
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.
29 Nov 2021agm notice● Neutral
All eight AGM resolutions carried, including the remuneration report, re-election of Battersby and Kallenberger, extra share-issue capacity, and loans to Smith, Kallenberger, Sack and senior staff. Administrative.
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.
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 2021quarterly activities report● Neutral
September 2021 quarter, hit by Hurricane Ida: net 88,563 bbl oil and 733,757 mmbtu gas, revenue about US$8.7m (US$9.7m prior). Cash US$4.1m, borrowings US$16.9m. Directors' and shareholder loans extended from 31 March to at least 30 June 2022.
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.
1 Oct 2021agm notice● Neutral
The AGM will be held 29 November 2021 at 11:00am AEDT. Director nominations close 8 October 2021, and the notice of meeting will follow in the second half of October. Administrative only.
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.
