- Byron Energy (BYE) has provided updates on production rates at the South Marsh Island 71 (SM71) platform in the Gulf of Mexico
- Given the rising oil prices in the last few days, the company has increased oil production at SM71 to 2900 barrels of oil per day
- As a result, Byron will continue to monitor production levels on an ongoing basis and will keep it in-line with oil prices
- Company shares are steady on the market today and are trading for 17 cents each
Byron Energy (BYE) has provided updates on production rates at the South Marsh Island 71 (SM71) platform in the Gulf of Mexico.
Over the last month, Byron has managed production levels at SM71 to minimise the production of unhedged oil.
Hedged oil is when a certain price is locked in, so essentially unhedged oil is when there is no price locked in and the price is based off market conditions.
Given the rising oil prices in the last few days, Byron has increased oil production at SM71 to approximately 2900 barrels of oil per day (bopd) and seven million cubic feet of gas per day (mmcfgd).
Of this seven million cubic feet, approximately five million is coming from the F4 well.
Byron will continue to monitor production levels on an ongoing basis and will keep it in-line with oil prices.
“We are pleased to restore SM71 production levels now that the oil price is above US$20/bbl. We will continue to closely manage daily production levels,” CEO Maynard Smith commented.
Byron Energy is steady on the market today and shares are trading for 17 cents each at 1:19 pm AEST.