Good morning team,

Just dropping in to suggest members have a look at Byron Energy (BYE) which has short-term up-side - particularly as energy prices rise over the Northern Hemisphere winter.

BYE has had their problems (especially since COVID) but today they have announced that their E2 well in the Gulf of Mexico has started producing which has resulted in a 77% increase in daily oil production.

Total net 1P Proved Developed Oil and Gas Reserves increased by 59% on oil to 2.9 Mmbo, and 11% on gas to 5.2 Bcfg.

The commentary from the CEO is quite reassuring:

"The success of the E2, and subsequent significant increase in both production and proven reserves, is a milestone for Byron which reduces the risk profile of the company and also accelerates the planned development drilling at SM58 without the need for any further equity capital. Adding significant unhedged production at this time also allows us to take full advantage of the current price environment.”

I’m not an expert on the O&G sector, but as energy prices rise, one might say that Byron’s timing is impeccable.

At $0.16/share the market cap is already circa $171m, but the SP is now showing clearly signs of recovery and a nice rounding bottom has been put in. Please see the post Covid weekly chart below: