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Xcite Energy Share Chat (XEL)



Share Price: 13.25Bid: 12.50Ask: 14.00Change: 0.00 (0.00%)No Movement on Xcite Energy
Spread: 1.50Spread as %: 12.00%Open: 13.75High: 14.25Low: 13.25Yesterday’s Close: 13.25


Share Discussion for Xcite Energy


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kevkan
Posts: 221
Off Topic
Opinion:No Opinion
Price:13.25
Thoughts
Sun 19:21
With all the ongoing discussion re bond repayments assuming we get an extension whats the possibility the bondholders insist RC and Co step aside and allow an experienced, well connected deal maker cut the deal

I have thought for some time they have done a fantastic job but are now too close (it's my baby syndrome) In no way do I wish to be disingenuous but something has to be done
 
highlandsbull
Posts: 4,406
Observation
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sun 14:43
Quite agree, vgood deal for Maersk.
romaron
Posts: 548
Off Topic
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sun 11:07
Thanks for that Cuchulainn. A lot was in the contract then so wouldn't there have been an incentive for BP/JX Nippon to put in a bid? Or is it the case that they leave the servicing contractors area alone. Don't wish to labour it or look for angles that may not exist but it might shed light on what happens with Xcite. Will the service contractors (the MOU's basically) help get this field to the starting line? It then breaks down to those companies having the leverage and goodwill of their banks and bond holders.
Confusing as ever.
Cuchulainn
Posts: 101
Off Topic
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sat 21:46
You need to read both the Hercules and Maersk releases and the original contract awards. Hercules paid 10% down, then other 10% on a c. $240m contract . 80% was due to the shipyard on completion but Hercules hadn't enough money to pay and has just gone into its second Chapter 11 process.

All Maersk had to do was pay the 80% due to the yard.
romaron
Posts: 548
Off Topic
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sat 21:13
It doesn't say whether Maersk made any other payment on top of the $196 mio but it does show how valuable a contract at higher rates is. In our case it appears none have yet been signed so I don't really know what to make of it. The devil is in the detail as always. Another way of reading it is that BP & JX Nippon expected it to fall into their laps but got gazumped. Big oil can be very greedy and know they have the advantage (usually).
Cuchulainn
Posts: 101
Off Topic
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sat 16:31
That is actually a very clever deal by Maersk and if I were BP or JX Nippon on Culzean I would have been spitting blood.

Maersk get the (now) Maersk Highlander for $196m and a drilling contract with themselves at $225,000/day which BP & JX Nippon pay 50% of. If Hercules had defaulted on the drilling contract the Culzean partnership could have gone to market to pick up a rig a lot cheaper - I would say maybe $100,000/day, maybe even less - the operating cost of a jack-up rig in UK waters is about $65,000/day.

But the partnership had approved the existing contract and when Maersk Drilling stepped into Hercules' shoes there would be nothing Maersk Oil could do about it no matter how hard BP & JX Nippon banged the table. Not that Maersk Oil would care.

So over the next five years Maersk will make $150m out of BP & JX Nippon and they will have a great rig for virtually nothing as a result.

Just shows how much money floats around between parties in these long term contracts.
highlandsbull
Posts: 4,406
Observation
Opinion:No Opinion
Price:13.25
Pity, Maerk picking up the
Sat 14:45
Hercules Highlander on the cheap for Culzean. For bit less than the price of this they could have been into Bentley.

http://www.offshoreenergytoday.com/hercules-offshore-to-file-for-bankruptcy-again-prepares-sale-of-assets/
toxicnerve
Posts: 1,890
Off Topic
Opinion:No Opinion
Price:14.00
$50
Fri 16:11
Would have been nice if this was support by now...maybe Opec meet will change it ?
Topboy1
Posts: 454
Off Topic
Opinion:No Opinion
Price:14.00
RE: No volume
Fri 15:58
Yep. Big spread again. Dont want trades by the look of it. Short of stock? Big buy order? Who knows but strange anyway.
honestbob
Posts: 741
Off Topic
Opinion:No Opinion
Price:14.00
ceiling cat
Fri 15:39
crikey if that rule was enforced some days there wouldnt be very many posts at all




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