Repost of mine from June 1st I agree 2018 is optimistic. Xcite needs financing, joint venture, take over... anything they can. This may be the most difficult oil operation in history hence the huge queue to buy this at an abysmal SP price...so where are all the buyers?
The happy clappers here seem to know more than the industry chiefs if you listen to their utter (hopeful) drivel.
Low volume & the Spread Now leg ends finally thinks they need to re think...no kidding Pate boy
Agree re yr last para. Doubt there will be any service partner change though at this late stage as so much was made of the MOUs and co-operation. What might change however is the type of equipment nominated contractors are requested to utilize, for better economy or speed of supply.
One has the feeling that perhaps the ACE at least may not get built in Thailand as originally projected by Aibel. If there is funding available from China or even Singapore that unit could conceivably be built elsewhere. XEL can't go round the houses forever on this, if they are still aiming for 2018 production FDP's got to be approved and orders for key components placed soon.
Since there has not even been any FDP submission/approval yet EPC award can't happen until after that and funding in place. We know already XEL's into 2018 now for units to be in field, and unless something happens soon event that year will slip.
Start in late 2014 According to plan, the project activities (FEED) will start in 4th quarter of 2014, with the EPC award following in the summer of 2015. The platform is expected to be on field in 2017.
Summer is coming to an end. Come on our BOD, lets get the Bentley party started.
1st August A bullish Tom Cross said low oil and gas prices provided a “win-win” situation for his firm Parkmead as the independent oil and gas explorer confirmed its recent North Sea license wins.
“If oil price stays low we can benefit from being able to drill at very low cost,” he said. “Some of the wells we budgeted last year have halved in cost because of the squeeze in costs in the service sector."
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