Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2018farm in farm out completion▲ Good
Partner Metgasco elected to take its 10% WI (7.45% NRI) in the Bivouac Peak first well, capping its cost at US$1.333m. It expects spud in August. It also says farm-in talks with Byron over recent block awards continue.
3 Apr 2018drilling progress report▲ Good
The damaged F3 completion assembly was fully removed on 29 March and a sand pack was placed successfully. F3 is expected to produce by the end of the week. F1 and F2 are steady at about 2,500 bopd, with a pipeline shut-in planned from 10 April. This resolves the F3 stuck-tool problem.
22 Mar 2018drilling progress report▲ Good
Partner Otto repeats Byron's report that the F3 service tool was recovered while the washpipe stays in the hole. F3 should be completed in about one week, with F1 and F2 expected to be producing already. No new information.
22 Mar 2018drilling progress report▲ Good
The key service tool of the stuck F3 assembly was recovered, but the washpipe was left in the hole. Remaining work to repack and complete F3 should take about one week. This eases the F3 problem raised on 15 March.
22 Mar 2018farm in farm out agreement▲ Good
Otto says Byron was apparent high bidder on VR 232 at the March 2018 sale, with Otto entitled to 50% under the 2015 agreement. Otto's share would be US$734,000 on the US$1.101m bid. Award is subject to BOEM review of up to 90 days.
15 Mar 2018drilling progress report▼ Bad
During the F3 completion, the drill pipe stuck across the packer after the D5 sand control job (184 ft interval). Coiled tubing is being brought in; recovery could take 7-10 days. Byron is also looking at starting F1 and F2 meanwhile, which puts the mid-March start-up at risk.
15 Mar 2018drilling progress report▼ Bad
Partner Otto repeats Byron's report that the F3 completion pipe is stuck across the packer after sand control, with recovery possibly taking 7-10 days. Efforts continue to bring F1 and F2 on line meanwhile. No new information.
5 Mar 2018drilling progress report▲ Good
F2 is completed in the B65 sand (72 ft perforated) and shut in. Work on the F3 completion in the D5 has begun, with production start-up still targeted for mid-March. This follows F1's completion and keeps the schedule on track.
16 Feb 2018resource reserve update▲ Good
Byron confirms its 30 June 2018 reserves report from Collarini is expected in the September quarter 2018. It expects higher 1P, 2P and 3P reserves, with most of the B65 moving from prospective resource to reserves. No new numbers.
5 Feb 2018drilling progress report● Neutral
Partner Otto reports the Ensco 68 rig is over F1 to begin completion, ending the drilling program. All three wells take about six weeks to complete, with production start-up in March 2018. It largely restates the earlier well results.
5 Feb 2018drilling progress report● Neutral
Byron says the rig is now over F1 to start completion, ending drilling. Completing the three wells takes about six weeks. Production start-up is slated for mid-March, so the earlier early-March guidance is now mid-March.
29 Jan 2018drilling result▲ GoodMajor
F3 reached 7,717 ft MD in 22 days and logged 175 ft net oil pay in the D5, 45 ft thicker than F2 only 70 ft away. F2 D5 pay was revised up to 132 ft. Byron expects a D5 reserve upgrade; production start-up is now targeted mid-March.
29 Jan 2018drilling result▲ Good
Partner Otto reports the same F3 result: 175 ft net D5 oil pay, F2 D5 pay revised up to 132 ft, and a D5 reserve upgrade expected. Production start-up is targeted for March.
22 Jan 2018drilling progress report● Neutral
Partner Otto repeats Byron's update that F3 is drilling at 4,969 ft MD after setting casing at 3,539 ft. Total depth is expected by early February. No new information.
22 Jan 2018drilling progress report● Neutral
F3 has 10 3/4 inch casing set at 3,539 ft and is drilling ahead at 4,969 ft MD. Drilling is on plan and total depth is expected by early February.
10 Jan 2018drilling spud● Neutral
Partner Otto repeats Byron's report that F3 has spudded and is drilling at 668 ft MD, with pipeline tie-ins complete. First production from F1, F2 and F3 is still expected in early March 2018. No new information.
10 Jan 2018drilling spud▲ Good
The F3 development well at SM 71 is drilling at 668 ft MD toward 7,624 ft, expected done by early February. Pipeline tie-ins to sales lines are complete. First production from all three wells is still expected early March 2018.
2 Jan 2018drilling progress report● Neutral
Partner Otto repeats that F2 will be cased at 7,700 ft to produce from the B65 sand, and that the F3 well will be drilled as a second D5 take point. First production from F1, F2 and F3 is expected early March 2018. No new information.
27 Dec 2017drilling result▲ Good
Partner Otto reports the same SM 71 F2 result: four oil sands with 190 ft net pay, B65 a new discovery and a better D5 than F1. Otto expects a significant reserves uplift. The pipe is stuck below the D5.
27 Dec 2017drilling result▲ GoodMajor
SM 71 F2 found oil in four sands, including B65 and D5, with an estimated 190 ft of net oil pay. This turns the B65 from a prospect into a find. Drill pipe stuck 214 ft below the D5; Byron expects a material reserves uplift.
18 Dec 2017drilling progress report● Neutral
SM 71 F2 has set 10 3/4 inch casing at 3,685 ft and is drilling ahead at 4,895 ft, with total depth expected before the end of December. Drilling is proceeding according to plan.
18 Dec 2017drilling progress report● Neutral
Partner Otto repeats Byron's update: SM 71 F2 has set casing at 3,685 ft and is drilling at 4,895 ft, on plan to reach total depth before the end of December. No new information.
4 Dec 2017drilling spud▲ GoodMajor
The SM 71 F2 well has spudded and is drilling at 564 ft MD, aiming for 8,965 ft. It targets the B65 sand (1.6 mmboe prospective net) on the way down to the D5 (625,000 boe probable net). This starts the drilling planned since September.
4 Dec 2017drilling spud● Neutral
Partner Otto repeats that SM 71 F2 has spudded and is drilling at 564 ft. It adds that the B65 will be tested first and gives a 2.869 mmboe gross-share B65 prospective figure. First production is still guided for late January 2018.
30 Nov 2017drilling progress report● Neutral
Partner Otto repeats that the Ensco 68 rig is jacked up at SM 71 and F2 will spud later this week, taking about a month. First production is still guided for late January 2018. No new information.
30 Nov 2017drilling progress report▲ Good
The Ensco 68 rig reached SM 71 on 26 November and is jacked up over the platform. It is preparing to spud F2, a 8,965 ft MD well, later this week, with about a month to drill and evaluate.
28 Sept 2017resource reserve update▲ GoodMajor
Collarini's 30 June 2017 report keeps SM 71 2P reserves net to Byron at 2.27 million barrels of oil equivalent (3P 2.87). SM 71 prospective resources rose to 5.99 mmboe net. SM 57/59/74 prospective resources are 62.98 mmboe net, the first independent estimate. Resolves the pending update.
19 July 2017resource reserve update▲ GoodMajor
Byron's own estimate of prospective resources on SM 57/59/74 is 27.5m barrels of oil and 193 bcf gas gross (22.4m bbl and 156.8 bcf net). These are undiscovered, 15 prospects mapped, and to be included in the Collarini report due late August 2017.
22 June 2017farm in farm out agreement● Neutral
Otto confirms it elected to take 50% of VR 232 if Byron wins the appeal, or 50% of SM 74 on the same terms if not. This is Otto's new-asset option under the 2015 agreement. Duplicates Byron's release.
22 Sept 2016farm in farm out agreement▲ GoodMajor
Metgasco released news that it signed the formal Bivouac Peak Participation Agreement for a 10% WI (7.45% NRI), costing about US$1.3m to total depth. It confirms the EGM approval of its note and options. The first well is expected in Q1 or early Q2 2017.
