Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 June 2015drilling scheduled▲ GoodMajor
Byron will re-enter SM 6 #1 BP02 with the Hercules 205 rig to perforate the F40 Sand (7,512-7,542 ft) over 8-10 days. This should extend the SM 6 lease, expiring 1 July 2015, by 180 days. A second well to the G, H and I sands now depends on funding or farm-out.
10 Nov 2014resource reserve update● Neutral
Addendum gives the reserves breakdown by project and reconciles to 2013. 2P reserves are 16.473 MMboe versus 16.428 MMboe, while 3P fell from 35.3 to 21.8 MMboe, mainly from relinquishing WC 490 and WC 472 leases. Repeats the 11 September totals.
11 Sept 2014resource reserve update▲ GoodMajor
Byron's first independent reserves report under SPE-PRMS (Collarini) gives 2P reserves of 4.79 million barrels of oil and 70.1 Bcf of gas (16.473 MMboe), all undeveloped, across SM 6, SM 71, EI 76 and GI 95. Best-estimate prospective resources total 57.5 MMboe.
28 July 2014drilling result▼ BadMajor
A top drive failure and a wedged drill pipe led Byron to suspend BP02 before reaching the G Sand. The F30 and F40 pay zones are left unobstructed for later completion; Byron intends to drill a second well to the G, H and I sands from the same caisson.
23 July 2014drilling progress report● Neutral
BP02 was tripping in at 3,700 feet to drill out cement, test the casing shoe and then drill ahead toward the G Sand target. Routine step following casing being set.
15 July 2014drilling progress report● Neutral
BP02 reached intermediate casing point at 7,861 feet with several hydrocarbon shows; their commercial significance awaits electric logs. The G20 primary target is still several hundred feet deeper.
7 July 2014drilling progress report● Neutral
Drilling of the BP02 bypass wellbore began and reached 5,630 feet measured depth by 6 July.
30 June 2014drilling progress report▼ Bad
Raising mud weight to control the gas kick left the BP01 drill pipe differentially stuck near 4,600 feet. A second gas kick came with a mud show suggesting oil or condensate near the G20 target depth; its significance is unconfirmed.
27 June 2014drilling progress report● Neutral
The BP01 gas kick is under control and circulation is being re-established before tripping out of the hole.
26 June 2014drilling progress report● Neutral
BP01 hit an 1,800-unit gas show with 250 psi at the surface choke at 7,952 feet. The pipe is free and circulating to clear gas. Byron says there is insufficient evidence to judge commercial significance.
24 June 2014drilling result▲ Good
The BP01 sidetrack intersected two apparently hydrocarbon-saturated Upper Miocene sands, each about 60 feet gross, not present in the original hole. Pay and economic value are unconfirmed until porosity logs are run; the primary G20 target is still deeper.
23 June 2014drilling progress report● Neutral
Sidetrack SM6 #1 BP01 began drilling and reached 7,480 feet measured depth on 22 June. The wellbore is still several hundred feet above the primary target sands and in good condition.
10 June 2014drilling progress report● Neutral
SM6 #1 is at 6,813 feet, tripping for a new bit, still several hundred feet above the first target sand. A fourth regulator inspection and a surprise oil spill drill passed with no deficiencies.
6 June 2014drilling progress report● Neutral
SM6 #1 has set surface casing and is drilling at 4,800 feet. It is 3-4 days behind plan, mainly due to mechanical issues, but the wellbore is in very good condition and regulator inspections found no citations.
26 May 2014drilling spud▲ GoodMajor
Spartan Rig 202 spudded SM 6 #1 at South Marsh Island Block 6 on 24 May 2014, where Byron holds a 100% working interest. Byron was preparing to run 10¾-inch conductor casing at 1,535 feet measured depth.
19 May 2014drilling progress report● Neutral
Spartan Rig 202 arrived at the SM6 #1 location on 17 May and is jacking up. Spud is expected within 2-3 days, weather permitting.
13 May 2014drilling progress report▼ Bad
High seas have delayed towing the Spartan rig to SM6 #1; a 36-48 hour weather window is needed. Byron's day-rate contract starts once the rig is under tow, so delay costs money. Spud follows mobilisation.
6 May 2014drilling scheduled● Neutral
Rig mobilisation to SM6 #1 is due to start 8 May, with spud expected the week of 12 May. The well is planned to about 9,560 feet and to take about 28 days to drill and evaluate, testing only the shallow section.
11 Apr 2014drilling scheduled▼ Bad
Spartan Rig 202 is further delayed finishing work for another operator, so SM6 #1 spud moves from early-to-mid April to mid-May 2014. A second slip after the March target.
10 Mar 2014drilling scheduled▼ Bad
SM6 #1 spud slips again, from the first half of March to early-to-mid April 2014, because Spartan Rig 202 has not finished its current job. Continues the delay pattern for Byron's first well at SMI 6 (100% WI).
17 Feb 2014drilling scheduled▲ GoodMajor
US regulator BSEE gave final approval on 14 February 2014 to drill SM6 #1, and the caisson is installed. Byron expects the Spartan rig to spud in the first half of March 2014. Also hires WesternGeco to reprocess seismic over two salt domes.
