25 June 2019drilling progress report● Neutral
Metgasco repeats Byron's 25 June update: SM74 D14 stuck at 14,423 ft MD, sidetrack planned, and 50 ft of possible hydrocarbon sand in the 13,000 Sand with commercial significance undetermined.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2019drilling progress report● Neutral
SM74 D14 got stuck at 14,423 ft MD, so Byron will sidetrack around it. It saw 50 ft of possibly hydrocarbon-bearing sand in the 13,000 Sand, but its commercial significance is unknown until porosity logs. Two stronger targets remain.
21 June 2019drilling progress report● Neutral
SM74 D-14 passed its formation integrity test and is drilling ahead at 12,960 ft MD, still above the target sands expected below 13,800 ft. No result yet.
21 June 2019drilling progress report● Neutral
Metgasco repeats Byron's 21 June update: SM74 D-14 drilling ahead at 12,960 ft MD after a successful formation integrity test. No new information.
19 June 2019drilling progress report● Neutral
Metgasco repeats Byron's 19 June update: SM74 D-14 at 12,726 ft MD with 9-5/8 inch casing being cemented ahead of target sands. No new information.
19 June 2019drilling progress report● Neutral
SM74 D-14 reached 12,726 ft MD and 9-5/8 inch casing was being cemented. Target sands are expected below 13,800 ft MD. Drilling continues after a formation integrity test; no result yet.
17 June 2019other▲ Good
The platform bought on 9 May has been offloaded at a fabrication yard in Abbeville, Louisiana. Byron now estimates savings of US$4-6m and 9 months to first production. It plans to use it on SM58 if the first well there succeeds.
5 June 2019asset acquisition disposition▲ GoodMajor
BOEM accepted Byron's roughly US$188,000 bid, so SM60 is now awarded: 100% WI, 87.5% NRI. This resolves the 90-day review open since March. It lifts Byron to nine blocks around the SM73 salt dome.
27 May 2019drilling progress report● Neutral
Metgasco repeats Byron's 27 May update: SM74 D-14 casing set at 3,510 ft MD and drilling ahead at 4,490 ft MD. No new information.
27 May 2019drilling progress report● Neutral
SM74 D-14 had 13-3/8 inch casing cemented at 3,510 ft MD and was drilling ahead at 4,490 ft MD. Planned depth is still 16,747 ft MD. No new result yet.
16 May 2019drilling spud● Neutral
Partner Metgasco repeats Byron's news that SM74 D-14 began drilling on 15 May 2019. It says its share of the well cost is fully funded from cash. Its net share of prospective resource is 1.56 mmbo and 3.96 bcf.
16 May 2019drilling spud● NeutralMajor
The SM74 D-14 Raptor well spud on 15 May 2019 from Ankor's SM73 D platform, after earlier slips. Target depth is 16,747 ft MD, about 50 days, testing 5.2 mmbo and 13.2 bcf gross prospective. SM71 is back producing after a 7-day pipeline shut-in.
9 May 2019resource reserve update▼ BadMajor
Reprocessing of 172 sq miles of seismic is complete. It generated new prospects, especially at SM58, but did not support VR232 and VR251. Byron will write off about US$0.54m and US$0.45m, remove 4.8 Bcf and 74,000 bbl net prospective resource, and hand VR232 to Otto.
9 May 2019asset acquisition disposition● Neutral
Otto Energy says it acquired Byron's 50% of the VR 232 lease at no cost and took over as operator, lifting it to 100%. This completes the VR 232 arrangement from the Dec 2015 farm-out; Byron receives no payment.
9 May 2019asset acquisition disposition▲ GoodMajor
Byron bought a production platform (two decks, jacket and equipment) from a private company for US$1.0m. It expects savings of about US$4m and 6-9 months faster first production. Likely use is SM58, if the SM58 #1 well is a commercial discovery.
30 Apr 2019admin correction● Neutral
Byron re-released its March 2019 quarterly report because one column in tables on pages 4 and 7 was mislabelled. The content is otherwise the same as the 29 April report.
12 Apr 2019investor presentation● Neutral
Investor presentation giving an overview of Byron, its team's Gulf of Mexico track record and assets. The visible text shows no new announcements; truncated, so any new content is not confirmed.
1 Apr 2019joint venture update▲ Good
Metgasco paid Byron US$4.39m, its share of the SM74 D-14 well, being 40% of the US$11.42m well cost estimate less amounts already billed. It will announce a spud date soon. This shows its funding for the Raptor well is in place.
1 Apr 2019material agreement▲ GoodMajor
Byron signed a non-binding letter of intent to drill the SM69 E2 well off the E Platform, targeting 2.0 Mmbo and 2.3 Bcf gross prospective. Funding 100% earns 100% WI. Spud is planned August-October 2019, subject to final agreements, rig and permits.
21 Mar 2019asset acquisition disposition▲ Good
Byron was the sole, apparent high bidder at Lease Sale 252 for South Marsh Island 60, bidding US$187,654 for 100% WI and 87.5% NRI. The award is subject to BOEM review of up to 90 days. SM60 sits next to SM59.
18 Mar 2019resource reserve update▲ GoodMajor
Byron says SM58 holds 18.5 Mmbo and 57 Bcf of gross prospective resource, mapped on its new seismic, and will drill it ahead of EI77 and EI63 after SM74. It set up an unsecured US$4.2m loan facility, US$3.25m from directors, for short-term contingencies.
14 Mar 2019joint venture update▼ Bad
Partner Metgasco says the SM74 Raptor well is now delayed to late April/early May 2019 because the WFD 350 rig was handed over late by the previous operator. This is a further slip from the March spud expected earlier.
12 Mar 2019half year report▲ Good
For the six months to 31 December 2018, Byron reported a net profit of US$7.59m (loss of US$4.83m a year earlier), driven by SM71 net revenue of US$17.2m. Impairments hit Bivouac Peak and Eugene Island 18. Cash was US$6.1m; Metgasco notes outstanding were 2m.
8 Mar 2019other▲ Good
S&P Dow Jones Indices will add Byron to the S&P/ASX All Ordinaries index from 18 March 2019. This is an index-provider notice, not a company announcement; it carries no change to Byron's assets or finances.
7 Mar 2019asset acquisition disposition▲ GoodMajor
Byron closed the US$4.25m acquisition of South Marsh Island 58, the E1 producing well and the SM69 E platform, effective 1 January 2019. Lease assignments are filed for regulatory approval. This completes the deal announced on 14 February.
25 Feb 2019joint venture update● Neutral
Partner Metgasco said drilling of the SM74 Raptor well, targeting gross prospective resources of 5.2 million barrels of oil and 13 Bcf of gas, was expected to start in March 2019 when the rig arrived. Production could begin within about three months of success.
14 Feb 2019asset acquisition disposition▲ GoodMajor
Byron agreed to buy South Marsh Island 58 and related assets for US$4.25m: 100% WI above 13,639 ft, a 53% WI in the E1 producing well, and the SM69 E platform. E1 was making about 120 bopd. The block adjoins its SM57 and SM59 leases.
31 Jan 2019security holder rights change● Neutral
Metgasco elected to convert its remaining A$1m of Byron convertible notes into shares at a 10% discount to the 30-day VWAP, taking its stake to about 6.7%. It also says SM74 is expected to spud in early March.
23 Jan 2019director officer appointment● Neutral
Byron appointed Skip Erwin, a consultant for the past year, as Senior Reservoir Engineer. He and a regulatory consultant received 1.25m unlisted options at A$0.40 expiring 31 December 2021. Minor staffing change.
17 Jan 2019regulatory community update▲ Good
Byron received final reprocessed WesternGeco seismic covering 22 South Marsh Island blocks and has identified new low-risk development opportunities and prospects. The data lowers the geological risk of the SM74 Raptor prospect, due to be drilled with Metgasco's 30% interest.