Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Mar 2024drilling progress report▼ Bad
The G5 K4 Sand recompletion was done by wireline, but pressures during sand control pumping suggest the perforations may be damaged, so rates could fall below expectations. Reinstalling gas lift equipment before production is expected to take up to two weeks.
16 Feb 2024drilling progress report● Neutral
A liftboat arrived 15 February 2024 to recomplete SM58 G5 from the L2 Stray Sand to the N2 Sand using coiled tubing, expected to take 21 days. Byron holds 100% WI. This is the G5 N2 work flagged earlier.
9 Feb 2024resource reserve update● NeutralMajor
Collarini's 31 December 2023 assessment shows 1P reserves of 12.5 MMboe, up about 1% as additions offset production, and 2P of 17.7 MMboe, down about 7%. Prospective resources rose about 81% to 95.8 MMboe with SM60 and a new SM66 prospect.
3 Oct 2023drilling result▲ GoodMajor
After G6's casing stuck, Byron sidetracked it (G6 BP01) to 10,575 feet. It logged 24 feet of likely oil pay in the L2 Sand and 78 feet of hydrocarbon in the N2 Sand, resolving the earlier poor N2 result. Completion is next, with first production from G4 and G6 expected mid-Q4 2023.
25 Sept 2023drilling result▲ GoodMajor
SM58 G4 (Tiger Trout) reached 10,169 feet and logged about 59 feet true vertical of likely oil pay in the K4 Sand, an attic above an older pool that produced 1.4 million barrels. Secondary targets were unsuitable. This is consistent with Collarini's 1.08 mmbo proved undeveloped estimate.
11 Sept 2023drilling progress report▼ Bad
Adverse hole conditions stopped G6's production casing 169 feet above the L2 Sand, so Byron will skid to drill G4 first and finish G6 later. First production from either well is not expected until Q4 2023. The CEO still expects the budget to hold.
8 Sept 2023drilling result● NeutralMajor
SM58 G6 (Gila Trout) logged 23 feet true vertical oil and gas pay in the L2 Sand and 10 feet in the I1 Sand. The second main target, the N2 Sand, was poor quality. The rig drilled on, on budget and schedule, after the August rig arrival.
28 Aug 2023resource reserve update● NeutralMajor
Collarini's 30 June 2023 assessment puts net 1P reserves at 12.4 MMboe (down about 6%, mainly production) and 2P at 19.0 MMboe (up about 2%). About 85% of 1P comes from the 2019 US$4.3m SM58/SM69E purchase. Prospective resources fell about 39% to 53 MMboe after relinquishments.
14 Aug 2023drilling spud▲ GoodMajor
The EOD 264 rig is on location at SM58 G to batch-drill the G4 (Tiger Trout) and G6 (Gila Trout) wells. Byron's in-house net 1P estimate is 2.3 mmbo and 2.8 Bcfg, with a total program cost of about US$30m. This ends the long rig delay.
27 June 2023drilling scheduled▼ Bad
The other operator on the EOD 264 rig has begun driving conductor after a 23-day permit delay, with its well expected to take 45–50 days. Byron's two-well program follows directly. This pushes Byron's start later than the earlier late-June estimate.
8 June 2023drilling scheduled▼ Bad
The EOD 264 rig is at another operator's location, awaiting that operator's drilling permit. Byron's G4 and G6 wells start within 30 days if that well is cancelled, or after a 45–60 day well otherwise. This is a further delay to the March 2023 rig timing.
14 Sept 2022resource reserve update● NeutralMajor
Collarini's 30 June 2022 assessment put net reserves at 13.2 MMboe proved (1P), 18.6 MMboe proved plus probable (2P) and 23.7 MMboe 3P. Proved developed reserves rose 163% to 6.90 MMboe on the E2, G3 and G5 wells, at a finding and development cost of US$10.60/boe.
7 June 2022drilling result▲ GoodMajor
G5 reached total depth and logged 36 ft of pay in the primary N2 Sand (thinner than the 50 ft predicted) plus 11 ft in N4, for 128 ft of net pay in five sands. Byron signed the EOD 264 rig contract for three wells plus an optional fourth.
2 June 2022drilling progress report● Neutral
G5 casing was cemented, protecting the logged pay sands. Top-drive repairs continue, with the replacement motor found faulty. The rig is on zero day rate meanwhile; Byron still expects July production and calls the overrun immaterial.
26 May 2022drilling result▲ GoodMajor
SM58 G5 (Smoked Trout) logged 81 ft of pay in three sands, including 47 ft of oil in the L2 Sand, which Byron calls a very positive outcome. A rig top-drive failure forced casing to be run before the primary N2 Sand was reached.
16 May 2022drilling result▲ GoodMajor
SM58 G3 (Rainbow Trout, 100% owned) logged 58 ft of oil pay: 27 ft in the J Sand (thinner than the 50 ft Collarini predicted) and 31 ft in K4/B65. Casing set; first production expected July. Rig contract widened to three wells plus an optional fourth.
19 Apr 2022drilling progress report▲ Good
The EOD 264 rig arrived at SM58 G on 18 April 2022 to batch-drill the G3 and G5 wells. Byron signed a contract for a further two-well programme, with a third optional, in late 2022 or early 2023, including Golden Trout on SM70.
23 Mar 2022drilling scheduled▲ Good
Drilling permits for SM58 G3 and G5 are approved and the rig is on schedule for early-to-mid April. The US$11m prepayment is executed. Byron is also negotiating a January 2023 programme including Golden Trout on SM70. Current net output is 1,680 bopd and 4.7 MMcfd.
1 Feb 2022drilling scheduled▲ GoodMajor
Byron committed to a two-well SM58 programme (G3 Rainbow Trout, G5 Smoked Trout) starting April 2022, targeting combined net 2P of 3.5 Mmbo and 4.6 Bcf at about US$20m total cost. Funded by free cash flow plus a prepayment facility of up to US$11m; oil offtake extended three years.
1 Nov 2021drilling progress report● Neutral
Recompletion began on the SM71 F4 well (Byron 100% WI until payout) into the J1 Sand, using a liftboat; about two weeks of work. Rate will be capped below 150 bopd. Acid treatment of the F2 well is also planned. A modest oil boost.
28 Sept 2021resource reserve update● NeutralMajor
Collarini's 30 June 2021 report put Byron's net 2P reserves at 14.1 Mmbbl of oil and 97.5 Bcf of gas (30.4 MMboe), with 1P at 8.7 Mmbbl and 55.1 Bcf. Byron chose not to drill SM59, which cut prospective resources by 16.3 Mmbo and 62.8 Bcf.
20 Sept 2021drilling progress report● Neutral
SM69 E2 was cased and cemented; completion has begun, with first production targeted for late October or early November. The stuck logging tools could not be recovered, adding US$2.0-2.5m to the well cost, which Byron says has little effect on economics.
13 Sept 2021drilling result▲ GoodMajor
SM69 E2 reached 8,157 ft MD and logged oil in three sands (K, K4, L2), meeting pre-drill expectations; the M6 sand had an oil-water contact. Logging tools stuck downhole, delaying completion. SM71 and SM58 production restarted 9 September after Ida.
26 Aug 2021drilling progress report● Neutral
SM69 E2 reached 3,560 ft and 13 3/8 inch casing was cemented without issues. The rig is preparing to drill ahead to 8,194 ft after blowout preventer tests. No results yet; a tropical system is being monitored.
5 Aug 2021drilling scheduled● Neutral
The EOD 351 rig passed inspections and will be towed to SM69 E within days to drill E2, about 23 days to 8,194 ft measured depth. Byron funds 100% and can earn 100% WI (80.33% NRI) until payout. G3/G4 timing awaits the result.
23 Feb 2021resource reserve update▲ GoodMajor
Interim Collarini report at 31 Dec 2020 lifts company-wide net proved developed producing reserves 157% to 3.23 Mmboe. SM58 net 2P is 9.6 Mmbo and 30.7 Bcf. Refinancing is under way, and the SM58 G platform's remaining slots G5-G9 were permitted on 10 Feb.
5 Oct 2020drilling result▲ GoodMajor
The G2 sidetrack to the Brown Trout prospect reached 7,720 ft MD and logged 280 gross feet of hydrocarbon in the Upper O Sand with no water contact. Casing will be run and completion takes about three weeks. The rig is then released until March 2021, to fund drilling from cash flow.
21 Sept 2020drilling result▼ BadMajor
SM58 G2 reached 11,237 ft MD and was deemed non-commercial, with low-saturation sands consistent with a failed seal in the Lower O Sand. The Lower O Sand was a prospective resource, not reserves. Byron will sidetrack to the Brown Trout prospect, which has 1.6 MMbbl of 3P reserves.
15 Sept 2020drilling progress report● Neutral
Byron paused G2 drilling and evacuated the rig for Hurricane Sally, after setting 9 5/8in casing at 10,612 ft across the Upper O Sand. G1 keeps flowing at about 20 mmcfd and 375 bopd. SM71 was shut in on 13 September because a downstream oil pipeline closed.
10 Sept 2020resource reserve update● NeutralMajor
Collarini's 30 June 2020 estimate: 1P 8.1 MMbbl oil and 58.5 Bcf gas; 2P 17.5 MMbbl and 105.3 Bcf, NPW-10 US$486m (2019: US$562m); 3P 25.3 MMbbl. 2P is down 17% including GI95, and about flat excluding it. Prospective resources rose.
