Byron Energy Limited provided the following update on the Company's 100% owned and operated G3 and G5 drilling program at its South Marsh Island 58 G Platform. The Enterprise Offshore Drilling (EOD) 264 jack-up rig arrived at Byron Energy's 100% owned South Marsh Island 58 G Platform at 0830 hours on 18 April 2022 (USCDT). Equipment and personnel have been mobilized to begin drilling operations.

The project will consist of two wells, the SM58 G3 well will drill the Rainbow Trout prospect and the SM58 G5 well will drill the Smoked Trout prospect. To increase operational efficiency and reduce cost, the wells will be batch drilled by driving conductor pipe for each well, then drilling and cementing surface casing in each well before drilling the target sections in each well. Byron and EOD have now executed a drilling contract to utilize the EOD 264 for the drilling of two wells beginning in late 2022 or early 2023 depending on rig timing.

The contract also gives Byron the option to drill a third well. The EOD 264 will work for two other operators before returning to Byron for this future program. Byron currently plans to drill the Golden Trout prospect, an open water location on SM 70, and at least one well from the SM58 G platform.

The best prospect for the optional well is under geologic review.