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Yes , I was slightly out. Was going from memory. It is not $3.55 Billion; In fact it is $3.535 Billion See April 2016 presentation. Total capex "Total Capex 3,535 " "million USD" ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Evening Toxic; Thanks! Can I have a gold star please ? lol http://www.xcite-energy.com/investors/presentations-and-documents/spe-presentation-april-2016 See Page 28 Unescalated Costs ($MM) 1P 2P 3P Dev Drill Capex 2,267 2,267 2,267 Facilities Capex 1,268 1,268 1,268 Total Capex 3,535 3,535 3,535 Unit CAPEX $/bbl 15.0 13.2 11.9 Opex 4,279 4,253 4,233 Unit OPEX $/bbl 18.14 15.91 14.20 Decommissioning 309 309 309 Unit ABEX $/bbl 1.31 1.16 1.04 Total Cost 8,123 8,098 8,078 Unit COST $/bbl 34.4 30.3 27.1 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Thanks Toxic! Can I have a gold star please? lol
Must congratulate you Cyan2 on your dedication here ...most amusing...
Afternoon cyan2. You post: Its alright the OGA publishing lovely prentations; XEL needs someone who is prepared to spend $3.55 Billion on capex in BENTLEY. Have a wee read of the RAR, and get back to me on the real CAPEX figure- http://www.xcite-energy.com/investors/presentations-and-documents/reserves-assessment-report-as-at-31st-december-2015
Good afternoon LEGENDS. "Successful delivery of these priorities has the potential to deliver an additional three to four billion barrels of oil equivalent. The timings shown in the opportunity matrix are based on information supplied by the relevant operators and may be subject to change." Yes, lots of potential value, IF you commit the enormous capital and develop. We have to work on what we know the credible big oilers are actually doing. Shell has walked away from BRESSAY. Statoil paused BRESSAY and then at the end of July cancelled the rig. As you previously conceded ; maybe years, maybe never for BRESSAY. Time is not on XEL's side. Its alright the OGA publishing lovely prentations; XEL needs someone who is prepared to spend $3.55 Billion on capex in BENTLEY.
cyan2: Personally , I would want to move on and forget heavy oil. Better let the OGA know about moving on and forgetting about Heavy Oil. The stupid idiots have only gone and updated their latest publication showing Quad 9 heavy oil has a future- Page 19: To help focus collective efforts the opportunity matrix details the OGA’s most urgent commercial facilitation priorities. Some are designed to tackle immediate risks whilst others will help to make sure opportunities are realised. Successful delivery of these priorities has the potential to deliver an additional three to four billion barrels of oil equivalent. The timings shown in the opportunity matrix are based on information supplied by the relevant operators and may be subject to change. https://www.ogauthority.co.uk/media/2825/oga-overview-october-2016.pdf
Only game I know of was the 'Over Promotion' game played by you and your gang. Hope you are proud.
Mr cyan thanks for your reply either way xel shareholders are doomed I value your input much appreciated I will be voting no to stop Cole getting 10 mill to pay his wages I am a genuine xel holder there are some on here turning up late with no skin in the game no doubt you will have sussed them out
" cyan what do you propose and why come on let's hear from you" In my opinion XEL's future lies within Statoil. If it was not for Statoil cancelling the BRESSAY rig there may have been a case for keeping XEL ticking over until oil recovers further. Would have required re-financing in placings imo. One could have hoped that Statoil would have rest the BRESSAY 'pause' button, and maybe a deal could be done on better value terms than the market currently suggests. The rig cancellation sets thing back by years at least, imo, and as LEGENDS stated, BRESSAY may never go ahead. Time is no longer on XEL's side. BRESSAY & BENTLEY development together made sense , once and possible joint development cost savings were identified. The volume is there but BENTLEY's oil is so heavy (10-12API), even heavier than BRESSAY (11-14 API). Note Mariner is 12.1-14.6API. Shell walked away from BRESSAY and now all the indications are there is little appetite for these expensive heavy oil developments. Imo , it is highly improbable that another large oiler will want BENTLEY any-time soon. For these reasons the managements valuers must have advised Rupert that BENTLEY's value TODAY has very much diminished. If you vote 'no' you are practically guaranteed to lose every penny. The BH will get BENTLEY and recover something. The best resolution is for the whole company (with any tax breaks ) to surrender to Statoil. The terms will be entirely in Statoils hands. The BH's are in a difficult spot. Imo they will have to take a haircut. Current equity holders , with 1.5% in the ring, will likely get a very nominal amount; maybe cash, maybe a handful of Statoil shares; if BH's haven't forced them out. Imo the share price today has only one way to go......down. I note that some have paid 1.8199p per share today. When over 20 billion shares are trading that would suggest a market value for XEL of £370 million post dilution. Not credible imo. Can equity holders force better terms? You must decide that. It can be hard cutting ones losses; I have been there. Had a total failure in a company years ago. Even as the writing was in large letters that we were doomed people bought. I sold out; got 2 hundred quid and someone got paper that was worthless days later. On the face of it, if you sold today; you might recoup enough cash to buy three times as many shares post dilution. As I said before its the buyers and sellers that drive the SP; so logic goes out the window at times. Personally , I would want to move on and forget heavy oil.
Cyan, do not engage. He and his kind collectively sucked people into this share with their over zealous promotion and defence of the company and BOD.. He can't be trusted.
Mr cyan what do you propose us shareholders do come on nail your colours to the mast Bonny lad
Hi Monkeylegjohn. Welcome to the bb. Here is the email address to add your name and shares for the letter to the bondholders. The letter has already been sent but your No vote and your 40,000 shares are very useful. I will try and post the petition details later. What is your average price? email is: michael-e@orange.net Please send: nickname - name - no of shares owned
Mr cyan what do you propose and why come on let's hear from you
Mr forklifter I don't have to explain anything to a none holder of xel share now jog on day trader
Hi overman "it's obvious a no vote we get nothing Cole gets nothing the BH get nothing also my grandchildren get nothing" I am sorry for the very difficult position you are in. I respectfully have to correct your view that a 'no' vote will mean that the BH will get nothing. The BH's secured their monies with a legal security agreement on the BENTLEY asset; on default they can go to court to recover their monies. In effect, BENTLEY will be theirs.
No, but by referencing Kraken and Mariner you continue to fall into the trap of thinking Quad 9 solely consists of the heavy oil fields such as Kraken Mariner Bressay and Bentley. There are numerous other oil, gas and condensate fields in Quad 9. Coincidentally, Matt Bower was at pains to stress at the AGM earlier this summer that Quad 9 was merely a geographical designation and wasn't solely defined by a few heavy oil fields.
Explain your complete about turn.....you were one of Coles fanboys. You're a sad, pathetic fake.
Mr forklift where have you popped up from one jonjos stooges no doubt are you a holder of xel if not jog on I'm not interested in anything you have got to say it's obvious a no vote we get nothing Cole gets nothing the BH get nothing also my grandchildren get nothing
Cuchulainn. I never said the blowdown had anything to do with Bentley. You are the first to mention it. Correct. The Quad 9 Heavy Oil matrix is much more interesting.
How might I add my name in support of the letter - I know I'm a day or so late but I have also signed the NO petition? As a pensioner I hold more than 40000 shares in the company and have foolishly done so for 5+ years, originally on the retrospectively poor advice of my then FA. I've no doubt lost most of my 'investment' but forlornly hope for either a better deal than 1.5% or the rightful come-upance of the BOD - although It's only in recent weeks that they've lost my trust.
Leg Ends, The Quad 9 gas blowdown is more likely to be related to the Harding gas cap. Nothing to do with Bentley. Of more significance is the change in status of Quad 9 Heavy Oil. It (with the label Bentley attached) first featured on the matrix at High Significance and due to happen imminently (in 4Q 2015 when first published in Sept 2015). Then everything got delayed a year so the Quad 9 Heavy Oil blob appeared with a target date of Q3 2016 but still with high significance. This latest update kicks the ball down the road until Q3 2017 but now the significance is only moderate. That probably reflects when OGA think they will get a development decision out of Statoil on Bressay. But who knows.
Can someone kindly remind me where the petition is?
So the OGA and operator(s) in Quad 9 plan to perform a Gas Blowdown in Q1 2017. Could be related to Kraken or Mariner pre-production- https://www.onepetro.org/conference-paper/SPE-174868-MS Blow-down Condensate and gas is produced simultaneously from the outset of production. http://oilandgasuk.co.uk/glossary.cfm
pe out Share this: Click to email this to a friend (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Reddit (Opens in new window) Xcite Energy Written by Erikka Askeland - 21/10/2016 7:48 am Almost 400 shareholders in Xcite Energy have signed a petition rejecting a bondholder bail out deal that will see their stakes in the North Sea firm almost wiped out. The oil and gas explorer’s lenders last month unanimously agreed a restructuring deal that would see them exchange Xcite’s $135million (£110million) debt pile for 98.5% of the company’s share capital. The online petition had last night attracted 381 signatures of people claiming to be Xcite shareholders just days since it was launched. The petition’s organisers aim to reach 1,000 people who are angry about seeing their shares reduced to just 1.5% of their value. Last night the company’s shares closed over 10% higher to 1.66p. Last month Xcite pledged to call an extraordinary general meeting (EGM) for shareholders to vote on the proposals, but it warned that if they didn’t support the deal the lenders “intend to pursue enforcement action against” Xcite. Investors claimed that Xcite had altered the company’s articles of association to allow them to call an extraordinary general meeting without notice so that they could vote the deal through without shareholders present. In a recent announcement to the stock exchange the firm admitted it had made an “administrative error” and that it had now filed the correct set of articles. Xcite, which is headquartered in Surrey, but has its operations base in Aberdeen, has been struggling to hammer out a deal to support its flagship Bentley project in the UK North Sea. The company has been in negotiations with its lenders since December. It is unlikely the British Virgin Island-registered company would have survived without agreeing a deal with the owners of its debt. The company was unavailable for comment.
highlandsbull. Kraken 2017- Kraken represents one of the cornerstones of EnQuest’s long term production portfolio. One of the largest current development projects in the UK North Sea, Kraken has an anticipated production life of up to 25 years and first oil is targeted in 2017. Kraken has exemplified the capabilities of our people to identify and evaluate an opportunity, then move it forward swiftly using an integrated team model. Ownership: EnQuest 70.5%, Cairn Energy Plc 29.5% Key features: Kraken is a large heavy oil accumulation in the UK North Sea, located in the East Shetland basin, to the west of the North Viking Graben; approximately 125 km east of the Shetland Islands First oil production is expected in 2017 The information here was correct as at the time of EnQuest’s December 2015 Operations Update, as further updated by the February 2016 announcement of EnQuest’s acquisition of a further 10.5% interest in Kraken. Updated as per EnQuest's Annual Report, dated 16 March 2016. http://www.enquest.com/our-business/developments/kraken.aspx
Overman, jonjo opinion of you is right. You and your siamese twin X111 berated posters who criticised this share. You are a disgrace 'bonny lad'. Oh and where is the demented knowledgeable oilfield investor now?