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Byron Energy closes South Marsh Island 58 acquisition for USD 4.25 million

Gasoil News - Published on Tue, 12 Mar 2019

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Byron Energy closed on the acquisition of South Marsh Island Block 58, SM 58 E1 producing wellbore, and the associated SM69 E Platform and Flowlines, for USD 4.25 million, being the price effective January 1st, 2019. Byron now holds all of the rights, title, and interest in and to the SM58 Lease Block with 100% working interest and 83.33% net revenue interest to a depth of 13,639 ft. subsea, 50% WI and 41.67% NRI below 13,639’TVD, and 53% WI (44.165% NRI) in the associated non-operated producing assets being the SM69 E Platform, the E1 wellbore, and the E platform to B platform pipelines located within SM69; all part of the greater SM73 Field.

The effective date of the transaction is January 1st, 2019, with relevant details of the acquisition previously outlined in the Company’s February 14th, 2019 ASX announcement. Lease assignments and other required filings have been submitted for customary recordation and regulatory approvals.

Mr Maynard Smith, Byron’s CEO, has commented "This is a milestone event in the history of our Company and we very much look forward to exploring this lease."

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Posted By : Rabi Wangkhem on Tue, 12 Mar 2019
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