Byron Energy Limited provided the following updates on the status of the Company's oil and gas production from its South Marsh Island 71 F and 58 G (SM71 F and SM58 G) platforms. Byron is providing this release as an update of Company's daily oil and gas production as of 4 September 2022. SM58 G Platform: The SM58 G1 well was placed in compression as expected on 24 August 2022. Accordingly, the gas rate increased and is expected to slowly decline over time.

Production from the SM58 G3 and G5 wells has been slow to stabilize, but the sales levels on 4 September are indicative of rates that are close to matching downdip aquifer support. Once that rate is determined, adjustments may be made to ensure that each completion maintains acceptable pressure drawdown between the wellbore and the reservoir. Currently, the SM69 E2 well is being produced at a higher rate than normal due to monthly pigging operations to clear the flowline of paraffin.

Prior to the pigging operations, the E2 was producing at a controlled rate of 770 bopd to match reservoir pressure support. SM71 F Platform: Production from the J1 Sand recompletion in the SM71 F2 was initiated on 31 August 2022. Since then, the well has continued to unload completion fluids and until the fluids clean up, the well will be held at a rate of around 200 bopd.

Once the completion fluids are fully produced, the flowing tubing pressure will be evaluated with respect to reservoir support which may lead to further rate adjustments. The SM71 F4 well was also recompleted to the J1 Sand and is just now being brought online. However, flowing tubing pressure data indicates that the well may still have near wellbore damage from the initial J1 Sand recompletion in October 2021.

All other wells on the SM71 F platform are performing normally. Company Combined Daily Production: On 4 September 22, combined net oil and gas sales from the SM58 G and SM71 F platforms was 7,154 mcf of gas and 2,332 bbls of oil; Accounting for the Company's oil hedges as reported in Byron's 30 June 2022 quarterly report (ASX 29 July 22), Byron's daily net revenue on 4 September 2022 exceeded USD 260,000 (AUD380,000); net revenue is after royalties but before transportation costs and lease operating expenses; Pricing: 400 bbls hedged at USD 52.70, 1,932 bbls at USD 94/bbl, gas at $9/mcf, AUD/USD equal to 0.68; and Company daily net revenue compared to the same date in 2021, has increased by 226% to over USD 260,000.