Byron Energy Limited has raised US$21 million through a staged farm-out and a share placement

Byron Energy Limited raised up to US$21 million through a multi-well staged farm-out agreement with Otto Energy Limited, also an ASX-listed company, potentially injecting US$17.3 million directly into Byron's projects with the balance raised from a placement of ordinary shares to existing and new shareholders. The fundraising accelerates Byron's drilling program in the Gulf of Mexico by partnering with a well capitalized company that has had extensive experience in the oil and gas sector.

Byron is an ASX-listed oil and gas explorer and developer with 11 properties located in the shallow waters of the Outer Continental Shelf of the Gulf of Mexico, off the Louisiana coast in the USA, and is totally focused on that region. Byron has an experienced board and management team with over 150 years' combined experience in the Gulf of Mexico and with extensive success in that region.

Oaklins' team in Australia was the corporate advisor to Byron in the funding assignment and was also the manager of the share placement. The Australian team had previously advised Byron on its IPO in 2013 and on a subsequent share placement in early 2015 to raise US$8 million.