Byron Energy Limited provided the following update on the Company's 100% owned and operated South Marsh Island 58 G3 (G3) and South Marsh Island
58 G5 (G5) drilling program at its South Marsh Island 58 G Platform. The Enterprise Offshore Drilling (EOD) 264 jack-up rig arrived at Byron's 100% owned South Marsh Island 58 G Platform at 0830 hours on 18 April 2022 (USCDT) to drill the G3 and G5 wells. Byron is batch drilling these wells to increase efficiency and cost savings. As of 2300 hours 5 June 2022 (USCDT) both wells have been drilled to final total depth and completion operations will soon begin. As announced to the ASX on 26 May 2022, the SM58 G5 well, drilling the Smoked Trout prospect, had been drilled to a depth of 9,650 feet Measured Depth (MD)/7,672 feet True vertical Depth (TVD) and had logged 81 feet True Vertical Thickness (TVT) hydrocarbon pay in three sands (most likely oil based on Log while Drilling logs (LWD) and mudlog responses). The I2 Sand, K4/B65 Sand and L2 Sands were cased with 7" production casing after the top drive on the EOD 264 failed and had to be replaced (See ASX Announcements dated 26 May 2002 and 2 June 2022 for additional information). Following top drive repairs, drilling operations resumed Sunday, 6 June 2022 at 1030 hours (USCDT) and the G5 well reached total depth of 10,228' MD/8,244' TVD at 2300 hours on 6 June2022 (USCDT). Real Time LWD logging tools identified hydrocarbons, most likely oil, based on the log and mudlog responses from the primary N2 Sand interval and a minor, secondary objective, the N4 sand. The primary target N2 Sand logged 36 feet True Vertical Thickness (TVT) net pay over a gross interval of 76 feet measured depth. As mapped, the G5 well has intersected the N2 Sand in an attic position updip to an accumulation of oil and gas in the N2 Sand that had previously produced 3 million barrels of oil (mmbo) and 5.7 billion cubic feet of gas (bcf) from six wells. Those wells had an average net pay thickness of 31 feet TVT and exhibited a strong water drive reservoir mechanism. The G5 is structurally 1,475 feet high to the best well in the pool, the SM58 B12 well, and potentially establishes a very large column of oil and gas. Connectivity between to G5 and the down dip area will ultimately be determined through production, but the results of the G5 are consistent with Byron's in-house pre- drill mapping and reservoir quality expectations. Pre-drill gross 1P reserves of 1.0 mmbo (net 840 mbo) were provided by Byron's third-party reserve estimator, Collarini Associates (Collarini) as disclosed in the ASX release of 1 February 2022 for the N2 Sand. Collarini predicted 50' TVT net pay at the G5 location as a basis for these reserves. While the N2 Sand in the G5 was slightly thinner than predicted, production rates are estimated to fall in the range of 700 to 1000 barrels of oil per day (bopd) depending on reservoir drawdown across the perforations. Long term stability of the initial rate will depend on the ultimate strength of the aquifer support. The Company will complete the N2 Sand using modern frac pack sand control techniques.