Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Oct 2019resource reserve update▲ GoodMajor
Collarini adds the Lower O Sand (Cutthroat/Steelhead) and a North Cutthroat fault block to SM58 prospective resources, up 10.7 MMbbl oil and 14.0 Bcf gas net to 11.2 MMbbl and 29.4 Bcf. Mud logs only, so these remain unproven; the G2 well will test them.
9 Oct 2019other● Neutral
CEO letter restates strategy: retain 100% of SM58, focus on oil over gas, and fund the estimated US$24.5m SM58 G platform and pipeline cost through debt. It cites SM58 14 MMbbl oil and over 40 Bcf gas 2P reserves. No new announcement.
2 Oct 2019farm in farm out completion● NeutralMajor
Otto Energy chose not to join the SM71 F4 (Sausage) well, so Byron will drill it as a 100% well, spudding January 2020 after a compressor upgrade. Byron can recover 600% of certain costs before Otto may regain its interest. F5 proposal to follow.
1 Oct 2019security holder rights change● Neutral
Metgasco proposes distributing 30m of its Byron shares to its own shareholders, subject to approval at its AGM, roughly one Byron share per 13 Metgasco shares. It would keep 12.3m Byron shares. Byron itself is not issuing anything.
30 Sept 2019drilling result▲ GoodMajor
SM58 011 BP01 stopped at 11,179 ft MD because of poor hole conditions, with no wireline logs run in the Lower O. Mud logs show 180-250 ft of likely hydrocarbons. The well will be suspended for production from the Upper O after a platform is installed; funding talks are ongoing.
26 Sept 2019annual report● Neutral
Byron's statutory full-year accounts for the year to 30 June 2019 were filed, including the directors' report and auditor's report. The visible text covers only directors' biographies, with no financial figures to report.
26 Sept 2019debt financing● NeutralMajor
Five lenders agreed to extend the repayment of Byron's roughly US$4.1m director-linked loan facility from 30 November 2019 to 31 March 2021; one A$1.0m lender is undecided. A new second facility of about US$3.0m, mostly from directors, is due 31 December 2019. Both bear 10% interest.
24 Sept 2019drilling progress report▲ Good
A 5 1/2 inch liner is cemented at 10,811 ft across the 301 ft Upper O Sand pay, protecting it for future completion. Drilling the Lower O with a slim hole logged three hydrocarbon shows; logs await total depth. Commerciality not yet assessed.
19 Sept 2019resource reserve update▲ GoodMajor
Collarini's 30 June 2019 report lifts Byron's net 2P oil reserves 118% to 17.4 MMbbl (2P gas 150 Bcf), with 2P NPW-10 of US$562m. SM58 accounts for 2P oil up 10.8 MMbbl, including 6.0 MMbbl and 21 Bcf from the Upper O Sand. A funding model to limit dilution is flagged.
18 Sept 2019security holder rights change● Neutral
Form 604 notice: Metgasco sold 8m Byron shares on-market on 17 September for A$2.72m, cutting its holding from 50.3m shares (7.14%) to 42.3m (6.00%). Administrative filing of the sale already announced.
18 Sept 2019security holder rights change● Neutral
Metgasco sold 8m Byron shares for about A$2.72m, using A$1.75m to settle its capped SM74 well-cost debt to Byron. It keeps 42.3m Byron shares as a strategic investment. This settles the A$1.75m payment due 30 September.
16 Sept 2019drilling progress report▼ BadMajor
The bypass well found 301 ft net pay (versus 271 ft), but a rig equipment failure left 7 5/8 inch casing stuck at 7,940 ft. Byron will run 5 1/2 inch casing across the pay, limiting rates; Enterprise has promised to make good. Lower O drilling is uncertain.
2 Sept 2019drilling progress report▼ Bad
A hole opener became stuck near the base of the O Sand in SM58 011, so Byron will bypass and redrill the bottom 900 ft as SM58 011 BP1. It expects 10-14 days to reach about 11,486 ft. A setback to the well schedule.
29 Aug 2019drilling result▲ GoodMajor
Logs show 302 ft gross and 271 ft net O Sand pay in SM58 011, with liquids-rich gas and high-quality oil, confirming the Cutthroat discovery. Byron is moving to develop SM58 with its purchased platform; third-party reserves are expected mid-September.
26 Aug 2019drilling progress report▲ Good
Byron will set casing at 10,890 ft MD across the thick O Sand pay in SM58 011 to protect it, then deepen to 11,466 ft to test the Lower O Sand. This follows the earlier hydrocarbon hit; extra logs are due in days.
26 Aug 2019drilling result▲ GoodMajor
SM58 011 hit hydrocarbons at the top of the O Sand at 10,435 ft MD, as predicted, with 300 ft gross thickness and no water seen to 10,875 ft. Drilling continues to 11,466 ft; the CEO expects a commercial development. Fluid type is not yet confirmed.
22 Aug 2019drilling scheduled● Neutral
Otto repeats Byron's proposal for SM71 F4 and F5 wells, with a rig expected early October. Otto, holding 50% of SM71, will review them using its own seismic and decide within a few weeks whether to participate.
22 Aug 2019drilling scheduled▲ Good
Byron proposes two more SM71 wells, F4 and F5, after reinterpreting reprocessed seismic: F4 to extend the D5 reservoir, F5 to drain poorly-drained areas. A rig is expected in early October; partner Otto must still decide whether to take part.
19 Aug 2019drilling progress report● Neutral
SM58 011 has 10-3/4 inch casing cemented at 3,600 ft MD and is drilling ahead at 3,610 ft. The O Sand target is at about 11,466 ft planned depth. No result yet.
7 Aug 2019drilling spud● NeutralMajor
SM58 011, the first well on the recently acquired SM58 block, began drilling on 6 August 2019 with the Enterprise 263 rig. It is to test the Cutthroat O Sand prospect to 11,466 ft MD, about a month's work, at 100% Byron cost.
1 Aug 2019drilling scheduled● Neutral
The Enterprise 263 rig is under tow to SM58 for the Cutthroat prospect well, SM58 011, to 11,466 ft MD. Gross prospective resource is 7.8 mmbo plus 18 bcf. Byron pays 100% of the well, the first of six potential SM58 wells.
18 July 2019security holder rights change▲ Good
Byron confirms Metgasco exercised its 10m options at A$0.25 (about A$2.5m) and that Metgasco's extra SM74 well costs are capped at A$1.75m, on top of US$4.5m already paid. Metgasco's Byron stake increases.
18 July 2019farm in farm out completion▲ GoodMajor
Metgasco will pay Byron A$1.75m by 30 September 2019 to settle its share of SM74 well costs, capped with no further overrun liability. It also exercised its 10m Byron options at A$0.25, closing out the failed SM74 well exposure.
17 July 2019regulatory community update▲ Good
After Barry, SM71 and the SM74 rig were found undamaged and SM71 oil production restarted on a limited basis, returning to normal within about a day. SM58 E1 status awaits the operator. Plugging of SM74 D14 will resume.
11 July 2019regulatory community update▼ Bad
Tropical Storm Barry forced Byron to shut in SM71 production and evacuate the platform on 10 July, with the SM69 E platform and the SM74 D14 rig also being evacuated. Operations are expected to resume around 14-15 July.
10 July 2019production update▲ Good
SM71 F platform has produced over 1.5 million barrels gross since March 2018. June averaged 3,250 bopd, the best month since August 2018, with no water. SM58 E1 gas-lift changes lifted it from 60 to 210 bopd gross.
5 July 2019drilling result▼ BadMajor
The SM74 D14 bypass well, drilled to 14,933 ft MD, found thick wet sands with only thin, uncommercial hydrocarbon shows. Byron calls it a failed trap and is plugging the well. This ends the Raptor thread. Rig Enterprise 263 is contracted for SM58 #11, spud mid-August.
5 July 2019other● Neutral
Byron files its revised Securities Trading Policy, approved by the board on 28 June 2019, as required by the listing rules. It sets blackout periods and rules on insider dealing. No business or financial news.
5 July 2019drilling result▼ Bad
Metgasco repeats the result that the Byron-operated SM74 D14 bypass well, drilled to 14,933 ft MD, found thick wet sands and is a commercial failure. Plugging has begun. Metgasco says it is pre-paid and funded for extra costs, and will review its operations.
2 July 2019drilling progress report● Neutral
The SM74 D14 bypass well was kicked off on 28 June and is drilling at 13,988 ft MD, about 70 ft from the original hole. It has not yet reached the zone of interest seen earlier. Drilling methods were changed after the stuck pipe.
