- Byron Energy (BYE) upped its oil production and looked to lock in debt refinancing arrangements over the March quarter
- Oil production for the quarter came in at 132,621 barrels of oil while gas production took a hit to clock in at 1,309,513 British thermal units
- The company enjoyed a higher net sales revenue for the period of US$11.8 million (roughly A$15.2 million), owing to oil and gas prices during the quarter
- Byron said it appointed Seaport Global Securities to pursue a “more flexible” debt finance package for its existing loans, which are sitting at US$20.4 million (roughly A$26.2 million), but a final arrangement is yet to be reported
- Byron Energy shares are trading flat following the announcement at 13 cent
Byron Energy (BYE) upped its oil production and looked to lock in debt refinancing arrangements over the March quarter.
Oil production for the quarter came in at 132,621 barrels of oil, a modest increase on the 111,516 barrels of oil produced during the December period.
Conversely, gas production took a hit to clock in at 1,309,513 British thermal units compared to 1,742,124 British thermal units for the prior period.
The company reported a higher net sales revenue for the period of US$11.8 million (roughly A$15.2 million) compared to US$9.2 million (approximately A$11.8 million) for the December 2020 quarter.
Byron has attributed the revenue increase to higher oil and gas prices during the March quarter and a higher oil production which partially offset its lower gas production.
Byron reported a cash and equivalents balance of US$3.1 million (approximately A$4 million) as at March 31, which based on current spending levels is enough to see it through only one further quarter.
The company affirmed expenditure will be significantly less during the next quarter compared to the previous three.
In addition to mitigate the subdued cashflow, Byron said it appointed Seaport Global Securities to pursue a “more flexible” debt finance package for existing loans, which are sitting at US$20.4 million (roughly A$26.2 million).
A final arrangement, however, is yet to be reported.
Byron Energy shares are trading flat following the announcement at 13 cents at 3:16 pm AEST.