Well, seemed a possible option sicne they are close to Statoil, and have just had their HO Peregrino contract renewed. Just seem to be more Scandinavians coming out of the woodwork also recently, mihght pay to keep an eye out for them wherever they lurk.
I know, but as you said, that's what it feels like. I think I got involved in AIM when everyone else was getting out. Just a tad frustrated :) I have faith that this will come good in the end, though. Hopefully the end of this year :)
Back to where we were before the blip. I suppose nothing is going to happen here until the English summer holidays are over, that tax changes are in, and the referndum is done and dusted. It still gets me, though, when MMs pull that stunt on a stagnant share - pulling it up or down really quickly to make us all panic. Then when it's over, and we've all bought in or sold up, they very slowly bring it back to around the point where they started before the blip. The money I have lost through the years to these rich jokers. Hey ho. Nothing for it here but to do a Green Day: Wake me up when September ends :)
Worth remembering the original long standing RBL facility was secured against 'just' 116mb reserves (as it was at the time).
Therefore it would be reasonable to expect a significant increase in the RBL could have been achieved - if XEL had required it.
As was reported way back in April 2013;
Mr Cole said: "We've got a $155m facility on what was 22 million barrels of 1p (proved) reserves.
The first phase is now going to be north of 100 million barrels 1p (since then of course, this has now been increased to 198mb of Ip), so you've got something like four or five times the potential borrowing base there.
The constraints here will be the absolute level that banks will ever lend in this scenario, which is probably about 60% or 70% of your funding requirements, the balance being required to be put in either through equity or in our case a farm-out partner."
In light of the above, there must have been some very compelling reasons why they dispensed with the RBL and issued the bonds.
Particularly in view of the fact Statoil and Shell are now openly collaborating with them, and companies of the stature of AMEC, Arup, Aibel and Teekay have revealed their interest in becoming involved in the Bentley Development Group.
Re you point on the RBL, the old unused facility was costing them money to maintain availability, as one reason to cancel. Posssibly additionally another, more economical, alternative funding route might have shown up for consideration as and when they might have been in a position to re-negotiate the quantum of any new RBL, closer to knowing a more definitive revised production start date. RC's mentioned several funding options.
Re-listening to the 2014 AGM webcast and talk of finalising drilling package, shifting facilities off the platform to space available on the adjacent FSO etc., has to make one think again about both the possibility of the rig also being part of a lease purchase, with an operator such as Archer employed for drilling. Alternatively, if XEL could utilize one of their modular rigs off the platform, save the cost of a j/u, or at least shorten the time a j/u might be required for first phase production.
Looking at the Google images of the Maari platform setup in New Zealand, while they drilled the wells using a j/u, then installed a permanent workover rig, both the larger size the XEL ACE looks to be, and the image, including the FPSO in this case in the far distance background, makes one wonder by having the Teekay FSO alongside the platform, drilling the wells directly off the patform might be a viable option.
Other interesting point mentioned there was one of the Maari wells was the longest drilled in NZ, at 8km, and, Maari crude is reportedly 35 degree API.
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