The Byron Energy Ltd (ASX: BYE) share price plummeted 8.82% to 15.5 cents today before recovering to 16 cents at the time of writing. This came after the company announced that it had evacuated 2 assets in the gulf of Mexico.
What was in the announcement?
Byron Energy said it had evacuated production operators from its assets at South Marsh Island 58 and South Marsh Island 71 due to adverse weather conditions caused by hurricane Zeta.
At the company’s South Marsh Island 58 asset, tying of the G2 well into production equipment is almost complete. Production from the well can begin after the tie-in is completed, the company said. However, production has been delayed due to hurricane Zeta and is now expected to resume next week after 2 November 2020. Byron has a 100% working interest in the well and an 83.33% revenue interest.
Production from the Byron Energy operated South Marshal Island 71 F platform was shut down on 25 October 2020 due to pipeline shut ins associated with hurricane Zeta. Byron Energy holds a 50% working interest in the platform and 40.625% net revenue interest in the block. Otto Energy Ltd (ASX: OEL) holds a working interest and net revenue interest in the asset equivalent to Byron Energy.
According to the Byron Energy, production at South Marshall Island 58 and South Marshal Island 71 will continue as soon as conditions are safe.
About the Byron Energy share price
Byron Energy is an oil and gas explorer with assets in the gulf of Mexico. The company has been listed on the ASX since 2005.
In the year to 30 June 2020, Byron Energy had revenue from the sale of oil and gas of US$24.37 million, down from US$38.57 million in the year to 30 June 2019. Byron Energy posted a loss of US$70,396 in FY2020, this followed a profit of US$5.74 million in the 2019 financial year.
At 30 June 2020, Byron Energy had proven reserves (1P) of 8.1 million barrels of oil and 58.5 billion cubic feet of gas. The company had proven and probable reserves (2P) of 17.5 million barrels of oil and 105.3 billion cubic feet of gas at 30 June 2020.
The Byron Energy share price is up 60% since its 52-week low of 10 cents, however, it is down 46.67% since the beginning of the year. The Byron Energy share price is down 46.67% since this time last year.
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Returns as of 6th October 2020
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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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