Byron Energy (“BYE”) was ASX listed on May 5, 2013 following a merger with Trojan Equity, to leverage the success of the Board and senior management team in bringing US exploration and development opportunities to the Australian market. BYE’s strategy is to acquire exploration leases in mature regions of the USA Gulf of Mexico (GoM) and then apply advanced seismic exploration techniques and in‐house expertise and experience to find oil and gas in leases that were not fully developed by previous owners.
Byron Energy is an oil exploration company specializing in the shallow waters of the Gulf of Mexico, where its Board and Management have a long and successful track record. In only 4 years since listing, it has achieved exploration success through the application of advanced seismic tools. Its first commercial discovery was drilled in 2016 at South Marsh Island block 71 (SMI‐71). This is being developed for production starting in early 2018. Reinvestment of production cash‐flow enables development of additional reserves, and drilling on other highly prospective leases.
First oil from SMI‐71 is expected January 2018. Key operational and financial parameters include:
Breakaway Research financial modeling key results are:
BYE raised A$26.5m via a placement on 14/8/2017 to complete the SMI‐71 project and a follow on SPP may raise an additional A$2m. Production cash flows from early 2018 provide funds to enable long term growth from other drill‐ready prospects.
In mid‐2017, BYE was awarded GoM leases SMI‐74, 59, and 57 which are nearby and geologically analogous to SMI‐71. BYE has mapped 15 prospects
in these with a combined gross prospective resource of 27.5 mmbbls of oil and 193 Bcf of gas. Exploration success in these leases could lead to substantial
capital growth. The development of the SMI‐71 oil project is the first step forward as the Company transitions to a producer and generates cash
flow. The alleviation of capital constraints allows the Company to re‐apply its experience and technical skills to exploration on nearby leases,
which are highly prospective. Success on these other prospects would lead to substantial capital growth...
Official website: www.byronenergy.com.au
ASX on Hotcooper: http://hotcopper.com.au/asx/BYE