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Byron Energy down 17.5% to 23.5c today after the company announced that the SM74 D14 BP1 exploration well has only hit wet sand after being drilled to 14,933 feet measured depth and 13,591 feet true vertical depth. The well has been deemed uncommercial and plug and abandon operations have begun.
Disappointing news for the company and BYE shareholders.
Is the bottom in for BYE?
Director added/bought another 50,000 shares to his 57.25M holding in trust accountBYE announcement..
"Drilling Program & Current Production Update"
Enterprise Offshore Drilling 264 jack-up rig is on schedule for an early to mid-April commencement of drilling of the SM58 G3 and G5 wells
Permits for the drilling of the SM58 G3 and G5 wells are now approved by BSEE
Byron is in final discussions with EOD for a January 2023 three well drilling program
US$11 million prepayment agreement with supermajor executed
Current Byron net daily production from all wells is 1,680 barrels of oil per day & approximatley 4.7 million cubic feet of gas per day
*refer to ASX release for more information
Oil up overnight +4.41%Director added/bought another 50,000 shares to his 57.25M holding in trust account
Oil price shot up +7.1% overnight to US $101 so more cash flow $$ for BYEBYE announcement..
"Drilling Program & Current Production Update"
Enterprise Offshore Drilling 264 jack-up rig is on schedule for an early to mid-April commencement of drilling of the SM58 G3 and G5 wells
Permits for the drilling of the SM58 G3 and G5 wells are now approved by BSEE
Byron is in final discussions with EOD for a January 2023 three well drilling program
US$11 million prepayment agreement with supermajor executed
Current Byron net daily production from all wells is 1,680 barrels of oil per day & approximatley 4.7 million cubic feet of gas per day
*refer to ASX release for more information
Terrific volume/momentum with BYE @ 0.17c +9.68%Oil price shot up +7.1% overnight to US $101 so more cash flow $$ for BYE
Unsure @Tyre Kicker off the top of my head so I'll need to look into this detailHey Tela
Any idea how much it is costing BYE to produce a barrel?
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