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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2021quarterly activities report● Neutral
June 2021 quarter: net 109,680 bbl oil and 1.02m mmbtu gas, revenue about US$9.7m (US$11.8m prior) at US$59.26/bbl. Cash US$4.1m, borrowings US$18.7m. Crescent note is repayable from July 2021 to November 2022. Confirms refinancing ended.
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.
26 Apr 2021quarterly activities report▲ Good
March 2021 quarter: net 132,621 bbl oil and 1.31m mmbtu gas, revenue about US$11.8m (US$9.2m prior) at US$53.71/bbl. Cash US$3.1m, borrowings US$20.4m after Crimson principal fell to US$16.75m. A US$3.5m oil prepayment was received from the hedging counterparty.
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.
28 Jan 2021quarterly activities report● Neutral
December 2020 quarter: net output 111,516 bbl oil and 1.74m mmbtu gas, about US$9.2m net revenue (up from US$5.1m). Cash fell to US$1.5m with borrowings US$22.1m. Crimson fixed its production-handling fee at US$15/bbl, deferring principal repayments, and Byron relinquished SM74.
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.
26 Nov 2020agm notice● Neutral
Results of the 26 November 2020 AGM: all four resolutions carried, including the remuneration report, the re-election of Paul Young and Charles Sands, and additional share-issue capacity. Administrative.
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.
30 Oct 2020quarterly activities report● Neutral
September 2020 quarter: net output 99,281 bbl oil and 529,560 mmbtu gas, about US$5.1m net revenue. Cash US$11.5m (down from US$16.6m in June), borrowings US$22.0m. The extra US$3.5m Crimson note was drawn in August, and the director shares issued.
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.
13 Oct 2020production update● Neutral
Hurricane Delta caused no damage to the SM58 or SM71 platforms. Production is restarting and G2ST completion has resumed, expected to finish by the end of October.
13 Oct 2020other● Neutral
Cover note for a CEO letter to shareholders, whose readable text covers risk management. FY2020 net production was 394,000 bbl oil and 0.8 Bcf gas, with US$21.4m net revenue. The letter cites hedging and sidetrack options as risk controls, and expects revenue to rise over the next 12 months.
8 Oct 2020production update● Neutral
Byron shut in and evacuated SM58 and SM71 ahead of Hurricane Delta, the fourth named storm since the rig arrived in July. G2ST production casing was cemented, and completion will restart once conditions allow.
5 Oct 2020drilling result▲ GoodMajor
The G2 sidetrack to the Brown Trout prospect reached 7,720 ft MD and logged 280 gross feet of hydrocarbon in the Upper O Sand with no water contact. Casing will be run and completion takes about three weeks. The rig is then released until March 2021, to fund drilling from cash flow.
30 Sept 2020annual report● Neutral
Financial report for the year to 30 June 2020. The readable portion covers only the directors' report and director biographies, with no financial figures visible. The board is unchanged: Battersby chair, Smith CEO.
25 Sept 2020joint venture update▼ BadMajor
Byron disputes Otto's 24 September reclassification of SM71 reserves, and stands by its 10 September Collarini Associates report. It says Otto used an unrelated firm, and calls the F5 gas sand a stray sand rather than the D5. This is a public disagreement with its 50% SM71 partner.
21 Sept 2020drilling result▼ BadMajor
SM58 G2 reached 11,237 ft MD and was deemed non-commercial, with low-saturation sands consistent with a failed seal in the Lower O Sand. The Lower O Sand was a prospective resource, not reserves. Byron will sidetrack to the Brown Trout prospect, which has 1.6 MMbbl of 3P reserves.