Byron Energy Limited to provide 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 and the 2023 planned drilling program. Company-wide production, while below that reported last quarter, has been impacted by increasing water cut in the SM71 F3 and the initial instability of the SM58 G3 and G5 wells. At SM71, the water production from the F3 has increased to 30% water cut, in line with Byron's production models and Collarini reserve assessments.

As the water cut continues to increase, the F3 will be placed on gas lift and the D5 reservoir will be produced at a total fluid rate of 2,400 bbls per day between the SM71 F1 and F3 wells. The updip SM71 F1 well continues to produce water free. At SM58, the G3 and G5 wells continue to decline with minimal aquifer support to date.

The G3 has produced a total of 31.6 mbo and the G5 has produced a total of 21.2 mbo. Neither well produces water. The SM69 E2 well is produced through the SM58 G platform and production has remained steady at approximately 750 bopd with no water production.

The expected start date for Byron's next round of drilling has been changed due to rig scheduling. The Enterprise Offshore Drilling 264 jack-up drilling rig is expected to be available to Byron in March 2023. When the EOD 264 is available, Byron currently intends to drill three wells and has the right to drill an optional fourth well at its discretion.

The Company is currently permitting several additional wells to allow for flexibility based on continuing geophysical and geological reviews and commodity prices. Byron has received an approved Development Operations Coordination Document (DOCD) for a surface location with a future platform and pipelines on SM70. The Company has submitted a well permit for the first well on SM70 (Golden Trout prospect) and will soon file permits for two wells from the SM58 G Platform.

Additional permits will be filed as technical reviews are completed. Byron is prepared to step in and drill a well ahead of other operators should they require a delay to their program.