Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
17 Mar 2020production update● NeutralMajor
SM71 F4 began producing about five days earlier at 8.3 mmcf/d of gas with little liquid, because it hit a small gas cap above an oil leg. Byron says oil may take several months to arrive; the gas equals roughly 500 bopd in value.
6 Mar 2020half year report● Neutral
Half-year to 31 December 2019: profit US$0.5m (previous year US$7.6m) on lower revenue, US$13.0m, and a US$5.1m write-off including the dry SM74 D14. Cash US$20.7m, borrowings US$14.3m.
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.
20 Feb 2020joint venture update● Neutral
Otto's own announcement confirms the SM71 joint venture will drill F5 from around 1 March using the Enterprise 264 rig. Otto says first production would come in Q2 2020 if successful; drilling takes about 25 days, or 39 including completion. Repeats Byron's news.
20 Feb 2020admin correction● Neutral
Byron announced the SM71 F5 development well would be drilled after F4, with Otto electing to participate, each holding a 50% working interest. Drilling was expected to start around 1 March 2020, to a planned 8,788 feet in about 25 days. F4 production was 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.
14 Jan 2020debt financing▲ Good
Byron drew the remaining US$5m of the Crimson Midstream note, taking the drawn total to US$15m, to fund the SM58 platform and SM71 F4. A 3-year hedge is detailed: 400 bopd Jan-Mar 2020 at US$52.70, rising to 670 bopd Apr-Dec 2020 at US$54.78.
16 Dec 2019production update▲ Good
The SM71 F platform compressor upgrade is complete, on budget, taking 8 days against 14 scheduled, with production back to pre-job rates by 15 December. SM71 has produced 1.97m bbl oil and 2.8 Bcf gas since March 2018; F4 rig expected late January 2020.
12 Dec 2019capital raising announcement▲ GoodMajor
The entitlement offer closed with applications for A$9.9m; the underwriter takes 5.32m shares for the balance. Total 42.08m new shares at A$0.27 raise about A$11.36m, completing the funding alongside the A$14.0m placement. Allotment expected 18 December.
What it means for a shareholder
42.1m new shares at A$0.270 to raise about A$11.4m. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held A$1,000 of shares (3,704 at the issue price), your slice goes from 0.000489% to 0.000463% of the company. To keep it you'd need 206 more shares - about A$56 at the issue price.
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4 Dec 2019debt financing▲ GoodMajor
Byron closed the binding US$15m Crimson Midstream secured promissory note (15%, 3 years, first year interest-only), with US$10m drawn, to build the SM58 platform. Includes a discounted oil transport deal and a hedge of 300 bopd at US$52.20. Completes the 6 November term sheet.
29 Nov 2019investor presentation● Neutral
AGM presentation dated November 2019 on the SM58 G platform. Only disclaimers are visible in the text provided, so no new information can be confirmed.
29 Nov 2019admin correction● Neutral
Confirms the entitlement offer document and personalised forms were dispatched to eligible shareholders on 28 November 2019. Administrative notice with no new information.
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.
22 Nov 2019security holder rights change● Neutral
Metgasco will now keep its Byron shares through the 11 December close so it can take up its entitlement (about 2.35m rights), pausing work on the distribution. The in-specie distribution of 30m shares is still intended, with its EGM now likely mid-to-late January.
21 Nov 2019capital raising announcement● Neutral
Notice that shareholders outside eligible countries cannot take part in the entitlement offer. Their shares go to the shortfall pool. Administrative notice with no new terms.
21 Nov 2019capital raising announcement● Neutral
Shareholder letter summarising the entitlement offer: 42,074,138 new shares at A$0.27, 1-for-18, record date 25 November, closing 11 December, allotment 18 December. Repeats the use of funds: A$18.9m to SM71/SM58 and about A$5.5m director loan repayment.
20 Nov 2019capital raising announcement● Neutral
Offer booklet for the 1-for-18 entitlement offer at A$0.27 to raise about A$11.4m, fully underwritten by Bell Potter. Opens 28 November, closes 11 December 2019. Terms repeat the 15 November raising announcement.
20 Nov 2019capital raising announcement● Neutral
Letter telling option holders they have no right in the entitlement offer unless they exercise options and are on the register by 25 November. Proceeds: A$18.9m to SM71 and SM58, about A$5.5m to repay director loans, A$1.5m costs.
15 Nov 2019capital raising announcement● NeutralMajor
Byron raises about A$25.9m at A$0.27 a share: a A$14.5m placement and a fully underwritten 1-for-18 entitlement offer of about A$11.4m, a 14.3% discount to the last close. Funds go to SM58 development and SM71 drilling, alongside the Crimson loan. Directors are in for 2m placement shares, pending approval.
15 Nov 2019investor presentation● Neutral
November 2019 investor presentation supporting the A$25.9m raising, titled 'Transformational Growth' and focused on the SM58 G platform. The visible text is disclaimers only; the raising and SM58 plans are already announced, so no new facts appear.
6 Nov 2019debt financing▲ GoodMajor
Byron signed a term sheet for a US$15m loan from Crimson Midstream (a Carlyle portfolio company) to build the SM58 platform: 15% interest, 3 years, senior secured over SM71 and SM58. Closing is targeted for end of November 2019. A discounted oil pipeline deal and hedging on about 50% of SM71 forecast production are included.
29 Oct 2019other● Neutral
Corporate governance statement for the year to June 2019, measuring Byron's practices against ASX recommendations. Administrative compliance document with no new operational or financial information visible.
29 Oct 2019other● Neutral
Appendix 4G, the checklist pointing to Byron's corporate governance statement on its website, signed by the company secretary on 29 October 2019. Administrative filing only.
29 Oct 2019annual report▲ Good
Byron's 2019 annual report: SM71 produced about 1.1m bbl gross in the year, with Byron's share generating US$31.0m net revenue and US$28.2m net cash flow. It restates 2P reserves of 17.4 MMbbl oil and 150.1 Bcf gas and the SM58 discovery.
