Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Oil and gas explorer Byron Energy identified hydrocarbons at its SM58 011 well, located in the Gulf of Mexico
  • The company CEO said the findings place the SM58 development in a good position to become commercial
  • Byron Energy’s share price is up 19.57 per cent this morning, currently sitting at $0.28 per share

Byron Energy’s share price is showing a near 20 per cent increase, following positive updates at the SM58 011 well in the Gulf of Mexico.

Hydrocarbons, which are the main components of petroleum and natural gas, were identified at the well.

Byron’s CEO Maynard Smith said the well’s recent results set the SM58 development in a good position to become commercial.

“We are very enthused and excited by what we have seen thus far in the SM58 011 well, and are confident that this result will lead to a commercial development of SM58,” Maynard advised.

The intercept was made once drilling reached a measured depth of 10,875 feet, which is equal to a true vertical depth of 9.832 feet.

The hydrocarbons were identified through logging while drilling, including the use of gamma rays and resistivity tools. The gross thickness is measured at a 300 feet depth.

High quality O sands were recognised during the logging. According to the company, a well developed reservoir looks likely too.

The well will be drilled to its total depth before additionally logging takes place. Additionally, Byron will assume all costs for the well.

Byron Energy’s share price is up 19.57 per cent this morning, currently sitting at $0.28 per share, as of AEST 11:26 am.

BYE by the numbers
More From The Market Herald
Worley (ASX:WOR) - CEO, Chris Ashton

" Worley (ASX:WOR) awarded Shell contract in The Netherlands

Worley (WOR) has been awarded a services contract to support the development of a low-carbon fuels facility in The Netherlands.

" Melbana Energy (ASX:MAY) undertakes logging at Alameda-1

Melbana Energy (MAY) has updated the market on its progress at the Alameda-1 exploration well being drilled in Block 9 PSC in Cuba.
Senex Energy (ASX:SXY) - CEO and MD, Ian Davies

" Senex Energy (ASX:SXY) in talks with POSCO International over $815m takeover bid

Senex Energy (SXY) has spiked in early trading action after flagging a takeover bid from South Korean big-cap POSCO International that values SXY

" Renergen (ASX:RLT) facilitates first helium forward sale agreement

Renergen has facilitated its first helium forward sale agreement of 100,000 units over a period of nineteen years.