Byron Energy Limited provided the following update on the Reverse Time Migration ("RTM") seismic reprocessing project at its South Marsh Island Block 71 ("SM71") Project Area. On 3 May 2018, Byron announced it had signed an agreement with WesternGeco, a Schlumberger subsidiary, to add additional licensed 3D seismic data to its previously licensed data inventory and to perform new, high effort seismic data processing over the South Marsh Island ("SM71") project area in the Gulf of Mexico. Under the agreement, Byron increased its licensed data coverage to approximately 172 square miles (445 square kilometres) or 22 Outer Continental Shelf ("OCS") lease blocks. Byron's recent discovery at SM71 serves as the cornerstone of this project. Since 23 March 2018, the Byron operated SM71 F1, F2 and F3 wells have produced 1,000,000 barrels of oil and 1.3 billion cubic feet of gas. Byron's 2016 SM71 discovery was drilled based on Reverse Time Migration ("RTM") data processed by WesternGeco in 2013 that revealed an undrilled pool of hydrocarbons beneath a previously productive area. Byron holds a total of seven leases, a total of 32,937 gross acres (31,430 net acres) within the project area. Historically, 523 wells (including the three producing SM 71 wells operated by Byron) have been drilled within the project area and 259 wells were completed for production. Those 259 producing wells have produced a combined total of 138 million barrels of oil and 2.2 trillion cubic feet of natural gas. The power of this contiguous dataset is enormous. Byron now can tie all 523 wells drilled in the project area with high quality, consistently processed seismic data. This, in turn, allows the Company to pursue prospects based on analogue producing wells, understand dry holes and trapping styles and then focus its efforts on key stratigraphic horizons across the area. The regional advantage is already apparent at the Byron operated South Marsh Island Block 74 ("SM74") lease where the Company is now able to tie the primary 13,500 Sand target in the SM74 Raptor prospect to stratigraphically equivalent productive sands in South Marsh Island Blocks 60,61 and 76 fields (Byron has no interest in these blocks). Using this dataset, it has been determined that the 13,500 Sand is equivalent to the Tex X sand which is a significant producer not just in the project area, but in the Gulf of Mexico which certainly lowers the risk of the Raptor prospect. The 2018 reprocessing project was managed by and paid for solely by Byron and the first set of deliverables arrived in late December 2018. The reprocessing goals were to improve signal to nose ratios through improved pre-processing, perform PreStack Depth Migrations with new algorithms and fold in new well data from the Byron's wells. Included in that work were careful determination of wavelet characteristics to allow more accurate ties to well control. Two new Pre Stack Depth Migrations ("PSDM") were run: a higher frequency RTM and higher quality Kirchhoff migrations. Following that work, WesternGeco will update and refresh the seismic inversion volumes that have also been a key tool in evaluating prospects in the area. Common depth point gathers ("CDP's") will be generated for both PSDM volumes that will allow further investigation of prospects and leads. Each PreStack migration run involved migrating and then stacking 157 million seismic traces. The initial delivery of the new, higher frequency RTM data occurred in late December 2018. The remaining deliverables will arrive in February.