Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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https://www.energyvoice.com/oilandgas/north-sea/173242/whalsay-chief-to-pick-development-concept-for-bentley-in-q3/
According to chief executive Paul Warwick, the company is choosing from “two-and-a-half” different options for the Bentley asset.
Mr Warwick, formerly of Talisman Energy and ConocoPhillips, said a new platform or floating production, storage and offloading (FPSO) vessel were both possibilities.
Whalsay would have preferred the cheaper option of tying Bentley back to existing infrastructure, but
conceded that such an outcome looks unlikely.
Existing installations are too far away or do not have enough capacity, leaving Whalsay to look for a “Bentley specific solution”.
Mr Warwick said the Kraken field only recently came on stream and that its vessel would be “full for a long time”.
Equinor’s Bressay field, the closest to Bentley, has been put on the backburner while the Norwegian major focuses on Mariner, which is expected to start up later this year.
Mr Warwick said: “Equinor is a very sensible company. They do not want to do two major projects at the same time, so we are going ahead with our own solution. A platform and FPSO are in the mix.”
Aberdeen-based Whalsay has evolved from Xcite Energy Resources (XER), a wholly-owned subsidiary of Xcite Energy, the company which was liquidated before it could develop Bentley.
It is now owned by Cayman-Islands-registered Whalsay Energy Holdings (WEH), which in turn is owned by the former bondholders
of XER.
Mr Warwick said Whalsay was “thinking about the future”, while keeping “an eye on the past”.
He is “reasonably positive” about the progress Whalsay has made since it was granted a four-year licence extension on Bentley last year.
Mr Warwick said Bentley must deliver full life cycle costs of less than $35 per barrel. He could not yet say what the overall cost of Bentley would be, but stressed the firm intended to “deliver something realistic”.
Bentley will have to be a multi-phase development. “We won’t be doing 300 million barrels in phase one,” Mr Warwick said.
The company went back to the drawing board and created an independent team to critique the work it is doing. A third-party company has also been hired to assess Whalsay’s efforts.
“We’ve done the work in a focused way to make sure we can say to the owners that, at this stage, it is reasonable for them to continue funding us. There’s always a choice, but there’s no fundamental reason not to,” said Mr Warwick.
“We have done the subsurface part and can proceed on that. We are currently working on number of development concepts.
“We are keeping our options open so that we do not tie ourselves into a solution that does not work.
“We hope to reach selection of concept in the latter part of summer – in the third quarter, probably.”
Whalsay is a new company with new owners, but some figures from the Xcite days have been kept on, including chief financial officer Andrew Fairclough.
The extended/production well test at Bentley did not use a FPSO. It used a jack up rig called the Rowan Norway, modified in Dundee. The jack up exported to a tanker preloaded with diluent. Maybe a FPSO is a better solution, but that wasn't the field development plan....it was another jack up from COSL.
If those tweets are of substance SB they may well be referring to the Bentley oil field, the mature basin and maximise recovery comments to me relate to the large untapped reserves of “heavy oil” which historically have been difficult to extract using conventional methods since the 1970s, the technology has been developed and proven to extract efficiently by non other than Xite energy who where to my knowledge the last to operate the field to production, at the time they used a FPSO to recover a decent amount and sell to market but the costs involved etc proved to much for them to continue, the OSX3 links, to me, relate directly to this.. possibly totally of the mark, but recent developments, and those tweets seem to hint at Bentley or neibouring fields with untapped heavy oil, and logically would be a prime target for the consortium, especially as some of group would be more than familiar with the processes involved. The best part being reserves and seismic data is already available for costing, there is plenty of data already including multiple drilling zones and subsea infrastructure. For those that don’t know XEL traded at £1 on this field, it is a huge zone and would be a prime target, I feel we’ve had hints Bentley is a possible target and those tweets seem to further confirm that, having held XEL shares I can see the reasoning, with a competent team the field could finally be brought online properly and done well it would be massive, more than most would imagine, plus it’s possible the field is interconnected, further increasing bookable reserves. Time will tell, I really hope we get some good news soon.
Years not year regarding minty
SBP - I agree with your opinion on Simons tweets. I contacted him last week regarding his cryptic tweets and how they are causing more doubt and no good! With Alan’s reputation and misleading quotes over the year, it’s vital Simon is factual, showing progress and consistent- if he can’t do this then don’t tweet
I am getting irritated by these mindless tweets from Bygrave. They are copy and paste jobs that are not even consistent.
Today we hear that "North Sea is a mature basin that requires new technology to maximise recovery," in one tweet, only to be followed by "Nuoilandgas seek to deploy proven technology"
What is required ? New or proven, and where did NUOG prove any technology?
ShareTag, not so long ago you said you were all out to go over to UKOG, so not entirely sure what your beef is with seadog when you don't even seem capable of remembering the facts about your own investment history? Please do enlighten me...I'm sure your reply will be...enlightening.
As for J******* and Marburk, nice to see those ugly old troll faces peeking our of your caves again now you think all the genuine investors have b*ggered off to Twitter. Unfortunately not, but the good news is you can grab your coats, agendas and ruck off :)
?? I have had two user names here Last year mbev - I joined LSE in June 17 and bought shares in nuog in July 17 - and changed to seadog5 at the beginning of the year - closed the other account. If you followed my posts I tried to create a new user name - seadog5 last year but it got frozen out by LSE admin - they reactivated it when I closed the other one.
Oh ok Seadog5 so you only bought into NUOG under the pseudo seadog5 but made over 1000 posts whilst you were known as mbev but were not invested at that time just hope after those lengthy discussions with wisecrow at the time that he did not influence too much as he was a complete buffoon.
As I said no harm in writing about what you believe in.
"I am struggling to understand your motive promoting NUOG" lol that's almost too funny for words, you're struggling to understand why an investor invested in a company he strongly believes in... is promoting that company hahahahah, are you sure you're in the right game there Frank?
Sharetag - my first buy here was 3 Jul 17 - at 0.5 - I've bought shares as high as 1.6 - but mainly accumulated in the dips - so have a reasonable average. It wasn't much before that I joined LSE - I remember wisecrow - he got a bit crazy in the late night session I recall. I do post occasionally on other shares in LSE - and some shares I hold I never post anything on - But its here which is where I have done most digging around. Like all AIM shares not everything is brilliant - and this lot certainly test the patience of investors - but for me the rewards outweigh the risks (indeed I have yet to find a share which has as big a risk/reward ratio) - and if you look at the actual sources of information available its very clear that things are coming to a conclusion on multiple fronts.
GLA DYOR
you just couldn't resist those urges, bless
Hi Seagog5, I thought you were in this share now well over 2 years like myself as your prior pseudo was 'mbev' so in all you have ramped up at least 2,500 plus posts on NUOG which is some feat on only one share.
No taking away the belief you have for this share and with 1% holding you certainly beat LT with his 3% plus holding and half your post which of course are way less informative. No harm in posting in what you believe in even if you have to repeat it.
7 more trading day's to November.
Got a room and it’s got a picture of you in it, very pretty
not a buyer in sight says it all
14-20p by end of the week...make of it what you will..
why don't you guys just get a room , and be done with it.
Please!
It is re-assuring to have the likes of yourself still posting when a top proponent of NUOG, Wisecrow, was constantly ramping long & persuasive posts about the Company's potential & imminent news to break, & then he just b*ggered off, never to be heard of again. I felt cheated & party to a massive confidence trick. At least you are open about the restriction of your share dealings.
Thanks Guys - there really is no end to the crap that they will make up - I'm apparently pressurising people into twitter groups and extorting them and controlling what they post this week. PMSL
I'm certainly not being paid to do anything - and as to Minty - I'm pretty sure he has a dartboard in his office with my picture on it with all the grief I've given him on behalf of investors over the past couple of months.
Second that Ben, could be a paid ramper or minty himself, you never know, but for sure, research and thoughts are balanced and does not insult others, hope he’s as genuine as he comes across, and am thankful also for his input! Been so long waiting it’s hard to imagine anything coming good here, seadog certainly keeps the dream alive!
I think I speak for the majority of posters here when I say how grateful we are for Seadog5's input.
There are many trolls spreading lies about NUOG and even though they often attack him personally, he's still here to expose their lies and point out what the truth really is
I take my hat off to you sir
Hi FrankMini
I thought I explained that at the end of my message on Sunday? I've been investing here for around 18 months and have built up a holding of just over 1% of the company. I chose to put my "mouth where my money was" over that period - mainly to provide a counter to the false and misleading information that some try and get away with posting.
"I notice too that the instances of personal abuse are increasing. For the 18 months i have been posting on this board i have seen it all - and there really is no limit to the depths that some would not plumb in the abuse that they are prepared to dish out, nor in the nonsense that they are prepared to manufacture to mislead investors. I see too that i am apparently “running scared” into a twitter group - what nonsense - any investor should look at all sources of data on the things that they are invested in - and you should also discuss the positives and negatives wherever that is being discussed. I have been on twitter discussion groups on this share for over 12 months - hardly running scared. Just because i don’t comment as much in any particular week is only because i have a day job that gets in the way of my investing and i also have quite a lot of personal stuff to sort out at the moment.
Others say i must be nervous as i continue to post as an insider - when i could/should just be quite and wait for the deal to appear - they also try and tell you that people who are inside should not be on social media or public fora - utter nonsense - i don’t see those making that accusation taking Matt Lofgran of NTOG, or David Centrilla of LVCG, or David Lenigas of UKOG to account for posting on social media - their only purpose by attacking me and other posters on here is to discredit NUOG. I could just stop posting, after all, i am restricted from buying or selling until the deal is announced, and i would certainly get less personal abuse. But anyone following my postings over the past 18 months will know that I believe that private investors get a raw deal especially on AIM from all the false and misleading information that is posted and I particularly detest hypocrites. So I will continue to highlight where people are being misleading or posting false information. I’m sure that will antagonise my fan club on advfn even more. And i would rather be remembered for being genuine and trying to help investors than for trying to 5hit on them and make a few extra quid by manipulating the market.
But as i have said countless times before - and i’ll save the pond life the trouble - you should not take what any poster on here says at face value. If you invest in a company without doing actual research they you only have yourself to blame if it does not work"
Mark - we all appreciate your input but I am struggling to understand your motive promoting NUOG. Any comments?
I imagine newer investors would benefit from understanding why you do what you do too.
Interesting to see its North Sea focused.
News arriving on both Brazil and North Sea soon?
Wonder why Simon is straight out of the blocks this morning?
https://twitter.com/Nuoilandgas/status/1054280675606622208
Nu-Oil and Gas plc. Retweeted Simon Bygrave
Together with @MFDevCo and its consortium of oil and gas specialists, @Nuoilandgas seek to deploy proven technology and appropriate development approaches to transform undervalued, marginal fields into commercial projects then producing assets. #NUOG
https://twitter.com/SimonBygrave/status/1054276799792930816
North Sea is a mature basin that requires new technology to maximise recovery, with an experienced O&G sector, high safety standards & regulators who support innovation. The perfect platform for new technology & novel techniques that can be exported worldwide. @Nuoilandgas #NUOG