Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Board still here a case study for the perils of aim investing
And Brent at $80/bbl now?!
Looks like they get to hold it for virtually nothing until as and when it can be exploited. For sure Enquest will be experts by now at massaging OGA, should not be much trouble re lease extension and further OGA waffle in the interim to cover same. Then ENQ will have relatively little development cost v the asset.
Kew's a bag of wind, he had the chance to develop the field with the right spec and permits for the right rig at the time if he and his incompetent colleagues had lined the ducks up properly in a row at the time, from permit to the rig and production. Jmo.
EnQuest has announced the completion of its acquisition of the Bentley field, one of the North Sea’s largest untapped discoveries, from Whalsay Energy.
The company announced back in April that it was buying the field from Whalsay for up to £30million, the majority of which would come through deferred payments depending on revenues from the field.
Bentley, once estimated to be able to produce up to 300million barrels using enhanced recovery techniques, lies within 10miles of the EnQuest Kraken field and the firm’s newly-acquired Bressay asset.
EnQuest said previously that the deal was conditional upon the Oil and Gas Authority granting an extension to the Bentley licence, P1078, whose term was due to expire on June 30.
Earlier this year, Steve Kew, a former director of the collapsed firm Xcite Energy which tried to develop Bentley, said he wished EnQuest success.
He said the field is not expected to be economic below $80 a barrel oil price and developing Bentley and Bressay in tandem would be “obvious”.
““That’s the key thing, it’s going to require a lot of wells to get the field developed. It’s not a field that can be drained with a few wells, it requires a lot of wells which is where the expense is”, he said.
EnQuest has already announced it is considering developing Bressay via the Kraken FPSO but hasn’t given the same clarification on Bentley.
Bentley lies 85 miles south-east of Shetland.
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Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
From Energy Voice
They were simply maggots without a care but for themselves. They had no fear and will sleep soundly.
Still don’t know to this day how Rupert and the rest of the robbers can sleep at night after what they did. Disgusting
I hope you have had better luck since you wrote this post.
Keep wondering for sure as many others may do, as these bozos were always ace at protecting their backsides, why there never has been mention of Directors and Officers liability insurance. Were they trying to in the end to protect whoever issued this if it was, or the fact they never had it in the first place and were worried themselves of being sued directly for their regular acts of total incompetence or outright potential for implication of even worse.
For 2021 we have to view how the lease expiry pans out, can any oil price rise save them yet?
Samuel and co. clocking up the miles on starvation wages, not.
https://www.energyvoice.com/oilandgas/north-sea/285787/oga-emissions-business-travel/
Just noticed this bb light up again after all this
Just noticed this bb light up and my palpitations started all over again.
Let rotten dogs lie please!!
Prefer to approach the OGA saying shareholders got s*rewed last time by these Bondholders with OGA connivance that promised everything to secure a licence extension from OGA and have delivered nothing in 3 years now to the extent the licence sure to come up finally for delivery elsewhere next year.
When most all the previous exec clingers on have jumped ship elsewhere from Whalsay except the remaining resident 'expert' Bower. best try to secure new funder but increasing problem in Scotland now re O&G expansion with wee krankie and her cohorts still around building windmills.
Bentley Field 9/3b
Strong Buy if you can get back aboard XEL via the Whalsay Gravy Train......
Let's suppose the current Corporates (previously the Bond Holders) wanted to encourage PIs' to join in again.....
Would you play ball a second time ?
Bentley was a circa 250MMstb field in 2012.... When PIs got written out of ownership
Now Bentley 9/3b is claimed to be 912 MMstb (P50), 10°-11° API oil with well-connected and well-defined reservoir with excellent aquifer support.
Nice little earner for those Bondholders - with relatively limited *capital input at the time - who took possession...
*And relatively limited capital input in the interim..... #shufflingpaper !!
Current Investors - Blackrock - QVT - Warwick - Whitebox - will no doubt max their gain from all that PI 2009/2010 XEL investment/support.
Once Brent Crude returns to better entry level....
Here's the Whalsay Teaser for your investment..... Best if you go in as a Bondholders this time !!....
https://whalsayenergy.com/wp-content/uploads/2019/10/Whalsay-Energy-Bentley-Teaser-08102019.pdf
GLA previous holders.... Oilf.
Unfortunately their malfeasance will be like water off a ducks back, hides of rhinos all, glad to have escaped any justified retribution from creditors and shareholders. Will be really good to see the bondholders in a gtz situation as well by listening to these clowns and securing their 'bargain'. But most likely it's all been funny money in play, except ours.
One just hopes the directors & cohorts go on to have the life that they fully deserve & feel at ease with themselves...
Stunning, not.
Loss of $72m after taking impairment hit basis prospective sale valuation. Said buyer still no show..
Presume 'sale' price basis something better than nothing the way they are heading with looming 2021 lease termination with nothing having been done.
https://beta.companieshouse.gov.uk/company/04560068/filing-history
Enquest buy in and tie back proposed to Kraken. At what they have paid and with the current price of oil they will just have to sit out next year and pick up Bentley for near zero when Whalsay's lease finally expires.. Jmo.
https://www.offshore-mag.com/regional-reports/north-sea-europe/article/14180830/enquest-eyes-potential-kraken-tieback-for-north-sea-bressay-oil-field
Normally posted by April for the previous year, not yet out. They are about to enter their final year of the Bentley OGA lease, so far all talk and no action. The revised yet again operating plan looks rather similar to what XEL failed to implement as funded plan A in 2012. This also the final year of bondholder executive funding advance.. At reported $33/bbl b/even range on $730m cost to first oil at the current price for Brent must continue to be a hard sell for the 'skilled' industry executives.. Jmo.
Yes, looks like the lucky bondholders are going to have to replenish the Whalsay coffers. More importantly for them lease time is drawing to an end so how will their friends in OGA react to once again undertakings made and broken. Going back to DECC days of 2011 and how XEL was shafted by them then this does not show huge competence on their part in the intervening years in facilitating Bentley moving to production.
Yes HB you are right about who the only person is to hold that, he appears to have all the qualities of the average leech. I know they used to read these BB's so I hope that that certain person might pop in for a read and remember Tony. As for Fairclough I'm not surprised with all his bluster that he managed to find another pond. He added zero to XEL but then upon reflection I'm not even sure if they ever really intended to do much more than draw their large salaries and perks and it looks pretty much like it "situation normal" at Whalsay. Having said that I'm quite happy to see them working through the bondholders cash. Lets hope that the company he has landed at deserves him :)
Under AIM rules under their appointment notification Serinus had to declare to their shareholders Faircclough's past involvement with a dissolved company, XEL, that owed creditors £125m never mind the additional loss to it's shareholders.
http://serinusenergy.com/wp-content/uploads/2020/01/2020-01-23-Serinus-Energy-CFO-Appointment-Final.pdf
Thats OK Deano , but be prepared for a torrent of abusive as was heaved out towards myself & Ceiling Cat etc when we had the tumerity to question the Bod here!
Serinus are listed on Aim I'm sure their shareholders would love to know how we got on with Fairclough.
Correction, Serinus..