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Byron Energy Completes South Marsh Island 58 Acquisition

Source: www.gulfoilandgas.com 3/7/2019, Location: South America

Byron Energy has closed on the acquisition of South Marsh Island Block 58, SM 58 E1 producing wellbore, and the associated SM69 E Platform and Flowlines, for US$4.25 million dollars, being the price effective January 1st, 2019.

Byron now holds all of the rights, title, and interest in and to the SM58 Lease Block with 100% working interest ('WI') and 83.33% net revenue interest ('NRI') to a depth of 13,639 ft. subsea, 50% WI and 41.67% NRI below 13,639íTVD, and 53% WI (44.165% NRI) in the associated non-operated producing assets being the SM69 E Platform, the E1 wellbore, and the E platform to B platform pipelines located within SM69; all part of the greater SM73 Field (see map).

The effective date of the transaction is January 1st, 2019, with relevant details of the acquisition previously outlined in the Companyís February 14th, 2019 ASX announcement. Lease assignments and other required filings have been submitted for customary recordation and regulatory approvals.

Maynard Smith, Byronís CEO had this to say regarding SM58:
'This is a milestone event in the history of our Company and we very much look forward to exploring this lease.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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