Byron Energy Limited provides the following update regarding the drilling of the Byron operated, 100% working interest, South Marsh Island 69 E2 well (SM69 E2). As announced on 13 September 2021, the Byron SM69 E2 well reached a total depth of 8,157 feet Measured Depth (MD)/7,648 feet True Vertical Depth (TVD) on 9 September 2021 (USCDT). After logging operations, the well is now cased, and completion operations have begun with a goal of first production in late October or early November 2021. Log responses and analysis of the real time triple combo logs obtained in the SM69 E2 well confirmed the presence of oil in the K (B55), K4 (B65) and L2 (C10) Sands and verified the net pay counts released on 13 September. The logs also confirmed the initial post-drill geologic picture is reflective of the final logs. Because of the wellbore geometry, Byron will utilize high rate gravel pack type completion methods to maximize flow rates and provide sand control to each completion. A fourth target, the M6 (D5) Sand, was confirmed to have an oil water contact. However, further review of seismic data indicates that the SM69 E2 is not an ideal take point for the M6 (D5) Sand which may be the target of a future well from the SM69 E platform. Operations to recover the stuck triple combo logging tools were unsuccessful and after attempting recovery, it was decided to proceed with the casing job. 7 5/8" inch casing was run and cemented below the deepest, productive oil sand, the L2 Sand. The abandonment of the triple combo tool in the wellbore will add USD 2.0-2.5 million to the overall cost of the SM69 E2 well. While that outcome is unfortunate, it is a near term cost issue and has little adverse effect on the overall economics of the SM69 E2 well. Byron's third-party reserve engineers, Collarini, have been provided with downhole and subsurface data for the SM69 E2 well and a post drill assessment of reserves is expected to be available and released when production commences. The SM69 E2 was identified as a low risk, step out opportunity using the Company's proprietary Reverse Time Migration (RTM) processed seismic 3D and was designed to test an undrilled fault black adjacent to production from the SM58 E1 well. Like the adjacent SM58 E1 fault block, the RTM data identified multiple target sands in this fault block. The SM69 E2 well results have confirmed the high-quality oil-bearing sands in the K (B55), K4 (B65) and L2 (C10) Sands.