re: Ann: Successful Listing of Byron Energy L...
Byron Energy lists on ASX; to commercialise Gulf of Mexico oil and gas portfolio Thursday, May 30, 2013 by Proactive Investors
Byron Energy lists on ASX; to commercialise Gulf of Mexico oil and gas portfolio
Byron Energy (ASX: BYE) formerly Trojan Equity has today successfully listed on the Australian Securities Exchange.
The entitlement offer and placement closed fully subscribed, raising $14.5 million including full oversubscriptions of $2.0 million.
Funds will be used to explore and develop the company's 100% owned oil and gas properties in the shallow waters of the Gulf of Mexico.
Byron Energy is expected to trade at a premium.
The company's first wells will be drilled in South Marsh Island Block 6 and are targeting 3.2 million barrels of proved undeveloped oil reserves.
Substantial volumes of oil have been produced from multiple reservoirs in adjacent down-dip wells.
Newly reprocessed seismic data indicates that significant oil may remain unproduced up-dip from reservoirs in these wells. The company will test these reservoirs with a targeted drilling campaign.
Total 3P undeveloped reserves net across the company's portfolio is 7.8 million barrels of oil and 165 billion cubic feet of gas.
