well it's been so long now all that's left is to run through the AGM and see what results from that, starting with what goes around comes around, several times over in the case of the ceo, lets see what the excuses are this year.
Calais next week, hopefully there will be more penetrating questions asked than at previous AGMs and the BoD held to account for the disastrous situation of market cap as represented by the current sp and what has been spent by the company to achieve this complete disconnect. Blame should be apportioned exactly where it lies, at the top. Not sure if there will be any radio link, probably not much point unless an ongoing copy can be made to avoid the company doctoring what went into the 2014 AGM web release.
course it could also be the rig was not retained as they realised during it's use it was not ideal for Bentley due to the safety aspect/water depth and should have for l/term reqt needed to be an N Plus or a Noble/Mariner type rig. Another curious reason, though the long timeline it will be now, to re-entry or not of the 7 well, with the expense of that well and it's earlier reported production suitability it's reverted at best now to a water injection well. Was there a leg subsurface penetration by the RN in the area surrounding that well while drilling that might also have aided in the decision not to re-use the well..
""U.S. crude supplies remain at the highest seasonal level in at least a decade, but drillers are still rewarding their top brass when they add to the glut.
Boosting production and reserves accounts for nearly a quarter of bonuses awarded to senior executives at North American exploration and production companies, At some companies, executives’ share of bonuses tied to exceeding output targets is 40 percent or more.
That may explain why output has remained stubbornly high despite a global oversupply... ""
What you neglect to mention is that Exxon are paying $2.5 billion for a company that has a market cap of, er, $2.4 billion.
1.5x it's low earlier this year, but Exxo are still paying less than the company was valued at until it declined in earnest last summer.
Point is they're not paying a particularly large premium for the company, and certainly not an 83x premium on the current market cap, which is what any buyer of xcite would need to do to hit that $2.5B value mark.
If only Bentley was valued at $2.5 billion. Wait a minute-
Confirmed NPV10 (after tax) value of reserves for the Bentley field to be approximately US$2.3 billion, US$2.5 billion and US$2.9 billion on a 1P, 2P and 3P basis, respectively, effective 31 December 2015.
Seriously though. I wonder what the partners are paying for Bentley oil per barrel.
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