Byron Energy Limited (Byron or the Company) (ASX: BYE) is pleased to provide a summary of the independently assessed estimates of reserves and resources, as at 30 June 2022, for the Company's projects all of which are located in the shallow waters of the Gulf of Mexico.

The annual report covers Byron's leases comprising of producing properties SM71, SM58, SM69 and exploration and development assets SM60/66/70. The independently assessed reserves and resources estimates were prepared by Collarini Associates ('Collarini'), based in Houston, Texas, USA. The reserve classification of the SM58 G3 and G5 wells were updated as of 31 July 2022 to reflect the subsequent reclassification to Proved Developed Producing Reserves, from Proved Developed Shut In, upon the commencement of production and is noted where referenced herein.

Commenting on the 2022 reserves and prospective resources report Mr. Maynard Smith, CEO, said: 'We are very pleased to release our annual Collarini reserves and resources report for 2022. The consistent and material growth of our Proved Developed Producing reserves at a rate of over 60% for a second year in a row is a significant accomplishment for a company that only started producing in early 2018. To achieve this, while producing over 500,000 barrels of oil and 2 Bcf of gas during the last year, speaks to our staff's focus on growing the company. The successful drilling and completion of the SM69 E2, SM58 G3 and G5 wells have added material reserves by converting both undeveloped reserves and prospective resources to producing assets generating significant additional cash flow for our company. The steady growth, diversification, and operational control of our assets has positioned Byron to take full advantage of strong cash flow and a portfolio of development opportunities going forward during this positive commodity price environment. The reduction of debt with the final payoff of the Crescent loan in November frees additional cash flow to support our planned drilling and completion activities. We look forward to the upcoming 3-4 well drilling program beginning in early 2023 as we continue to develop the greater SM58 area and test the standalone SM70 play, with the goal of moving additional assets into production and cash flow plus additional developed reserves onto our books.'

Contact:

Tel: +61 7 3121 5674

About Byron

Byron Energy Limited ('Byron or the Company') (ASX: BYE) is an independent oil and natural gas exploration and production company, headquartered in Australia, with operations in the shallow water offshore Louisiana in the Gulf of Mexico. The Company has grown through exploration and development and currently has working interests in a portfolio of leases in federal and state waters. Byron's experienced management team has a proven record of accomplishment and of advancing high quality oil and gas projects from exploration to production in the shallow water in the Gulf of Mexico.

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