Byron Energy is the operator and 50-100% working interest holder of a number of blocks in the Gulf of Mexico prospective for oil and gas. The executive team is experienced with a track record of growing shareholder wealth in the region.
The Company’s strategy in the Gulf of Mexico comprises three key elements:
- secondly, to bid, usually on a 100% or majority working interest basis, primarily through the annual Federal Government lease sale process in the Gulf of Mexico; and
- thirdly, to drill-test the play, as operator holding 100% working interest or to farm-out up to 50% of Byron’s working interest to another operator with a successful track record of drilling and producing wells in the Gulf of Mexico.
The Company believes it is well positioned to exploit the competitive advantages of the Gulf of Mexico as it will have:
- an experienced team of oil and gas exploration personnel with a successful track record in the Gulf of Mexico;
- an inventory of relatively low risk, ready to drill prospects, including several prospects with significant oil potential; and
- the capacity to grow its asset portfolio in the shallow waters of the Gulf of Mexico.