Energy: Byron hits black gold in the Gulf of Mexico
Byron Energy (ASX:BYE) has had a day out in the Gulf of Mexico, hitting 271 feet of net pay at its SM58 011 well — hitting the best column ever in a field where 350 wells have been drilled.
It told the market today that logs and isotope samples had come back from its drilling into the ‘O Sand’ at its SM73 field, with a few positive conclusions for the company.
Aside from hitting the 271 feet of net pay from 302 gross feet, the sands showed an average porosity above 30 per cent — with the sands the thickest on the entire play.
Isotope analysis run on the hydrocarbons brought up indicated that they are from the same source rock at its SM71 F platform nearby.
That source rock has produced 1.5 million barrels of high-quality oil and 2.5 billion cubic feet of gas.
Meanwhile, 10 completions from the O Sand right next door have produced 11.6 million barrels of oil and 26.3 million cubic feet of gas.
The data also showed that the O Sand should produce a liquids-rich gas with high-quality oil — and while the company can’t be entirely certain yet it did say that it could reasonably expect to produce 30 to 100 barrels of oil per million cubic feet of gas.
It will be in a position to come up with reserves for the well in mid-September.
The news sent shares up as much as 17.5 per cent to an intra-day high of 37c.
Genex Power (ASX:GNX) has posted positive results, booking an EBITDA increase of 424 per cent to $5.6m. It also chalked up revenue of $15.6m and increased generation by 143 per cent to 126,759 megawatt hours.
Gemba-1 in the Cooper Basin will be brought online by the end of the year for Senex Energy (ASX:SXY) after completing a production test. After a five-stage frack, the well produced a stable flow of 5 million cubic feet of gas per day.