Let's face it if there was a player in the wings we would have heard by now. GKP was out and proud regarding the buyer in the background as was the BH in terms of the deal. Heavy oil is not the flavour of the month and in all proberbility any bidder will now wait until the licence is put up for grabs following a default. There is no point in doing a receivership, administration or liquidation if there is no one in the wings to play so without any deal this is dead.
I have hoped for the last 6 months that we would at least have a d4e deal but nothing no RNS and no whispers if we don't hear in the next few days IMO it's game over !!
Come cob Friday, Rupes is likely to melt into the background. If I was him I would be crapping myself. Will some scorned PIs seek revenge? I would say yes.
Personally speaking I hope that Rupert Coles existence is one of chronic continued pain and unhappiness and loss of all financial well being. Rupes you lied and you miss lead all of us. For the pain and angst you have caused to many you should be lynched,
I read that, also their note of concentration in the north sea. Apart from the field reserves dropping in the equipment package and operations hugely suitable for them. Sure Bower would have been banging on their door.
The technology is there, Bently gave up 149,000 barrels over 68 days in 2012. The Management were over confident or just not man enough for the job. Xcite is no Dallas & Rupert is no JR. At what point did Xcite turn into a supermajor In Ruperts eyes. RC & SK make no mistake you have hurt thousands of PI's' With your delusion of grandeur style of leadership.
Statoil were behind XEL in the development of Bressay then they had lease problems to resolve then the price of oil cratered.
You don't recall the advice from the ceo that the Bentley dance card was full after EWT, at the time oil was in the $100 range. What clearly happened then was they considered proposals unacceptable in their wisdom, and proceeded to the big boy phase, which leaves us where we are now, screwed it seems.
Apart from Amec for guarantor as they'd like the work, just wonder if the bod might have been hoping for BP, having already the off take agreement in place and a ready market via their refineries/marketing for the product. When the mention of Statoil has come it does not seem to be with much warmth, other than the fact the fields are adjacent. Plus of course Maersk for both their north sea focus and available equipment. Just as they invested in the rig for culzean.
Everyone seems to be angry with the bod and I'm sure they've made lots of decisions they now regret. If you consider the big picture and try to piece it all together you may realise their is orher things to consider. Why has statoil never went ahead with the adjacent field? Why were their no buyers when oil was over $100 and rising? Why did decc keep renewing the license. I know xel got the oil to flow a few years back . Then decided not to go ahead with original plans. Could the answer to that be it wasn't cost effective and they had to think like the big boy's. In my opinion the technology is not there yet to drill commercially and unfortunately when this arrives it will be too late for xel
And what is this costing shareholders in expensive legal fees to work around what is pretty clearly becoming a disaster. The one saving grace may be the bondholders are in a pickle as well, despite having a lien on the field time is running out and there are all sorts of regulatory issues they will have to involve themselves in if they are landed with the 'asset' that nobody seems to want. Better if possible the company can remain afloat minus Bentley and just get back to square one and drill Chadwick. Lighter oil and a cheaper development prospect, back to fsp/ssp if it can be proven up, What a loss of years and millions these people have concocted and presided over.
After the stupidity of not ensuring a rig was ever contracted before having a draft fdp approved by DECC, with the necessity then to amend their plans in panic to a hugely expensive EWT that seemingly has impressed noone other than the execs at XEL, they then go and dump the finance they had in place for a grandiose plan and costs even a major would need to reflect on w/o any alternative funding arranged.
Now they cannot even get back what's been expensed to date, just that expense would be a blessing to shareholders.
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