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Xcite Energy Share Chat (XEL)



Share Price: 66.75Bid: 66.50Ask: 67.25Change: 0.00 (0.00%)No Movement on Xcite Energy
Spread: 0.75Spread as %: 1.13%Open: 67.00High: 69.00Low: 66.25Yesterday’s Close: 66.75



Share Discussion for Xcite Energy (XEL)


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tuscanraider
Posts: 107
Off Topic
Opinion:No Opinion
Price:64.75
RC and BOD LIsten !!!!!
20 Jun '14
You can fool some people all of the time . You can fool some people some of the time . BUT YOU CAN'T FOOL ALL OF THE PEOPLE ALL OF THE TIME !!!!!!!!! Your time is running out fast RC and BOD
 
tuscanraider
Posts: 107
Off Topic
Opinion:No Opinion
Price:64.75
fdp xel now please xel
20 Jun '14
and get a move on . You have had more than enough time . The paint has dried and had a further 5 coats that have dried over that . People are beginning to get really annoyed now , even some of the patient pi's . We are not all saints
ugiebear
Posts: 1,292
Observation
Opinion:No Opinion
Price:64.75
View Thread (3)
FDP
20 Jun '14
will finally signify funding is in place and XEL will be capable of developing Bentley - should they choose to do so.
It could also lead to institutional investor's piling in as the path to production will be clearly marked.

It may also prompt a T/O bid, as any potential buyers could see the field 'slipping through their fingers' at that point, or it will cost substantially more further down the line.

Whatever happens it will likely provide some stability to the sp.

Therefore FDP submission is the key to unlocking the next stage.
katnick108
Posts: 2,211
Off Topic
Opinion:No Opinion
Price:64.75
Highland
20 Jun '14
Sorry for my ignorance,but what degree does dilution have on the overall future relevance of the share price,and the final T/O F/O value.
Asking this question as many here have a much higher share price, and some just do not have the funds to average down, and make a dent in their averages.
We know this is a valuable field, but realization of profit will be when?
Are we to believe RC that it will be at FDP?
highlandsbull
Posts: 994
Observation
Opinion:No Opinion
Price:64.75
View Thread (6)
RE: Funding RNS
20 Jun '14
Yep. so much for RC's comment on dilution at the AGM, the truth or otherwise of that lasted all of a month.
JoeSoap
Posts: 865
Off Topic
Opinion:No Opinion
Price:65.25
View Thread (6)
RE: Funding RNS
19 Jun '14
Thanks for your comments, as I said, IMO, and here's how I got there:
stoddman:
I based my timings on the 36months, not the 24months on the basis that all 3 bits of kit are needed at the same time as in the 'video' and to my knowledge there is neither an ACE nor SEVAN1000 available to convert, but they may change the spec before FDP so I agree it could be 24months. I think that 2016 would be extremely optimistic [FDP + 24 = 2017] and XEL PIs have become very aware of the BOD's shortest times to oil.......

Yanchep:
I agree it was a daft question, RC would have had to put his hand in his pocket! They need the Esousa EFT to demonstrate 'going concern' status, so asking if there was to be further dilution would equally have served little purpose. I won't mention 'potential' further options for the boys.
It is the sprinkling of shares and warrants with each funding package that makes it less transparent, they have issued 15.9M this time, I think you will find, 5.4% dilution. The shares were 'free' in the Bond deal as it was at a discount, 10% this time, it was only 2% at the time of the Westface plus a 98p warrant.
So all the SP valuations on here are now down by 5.4%, even though they are all still way north of where we stand today. That is until the next deal of course......

Westface: "refinance the US$ 80 million" has only one interpretation.

GLA
GottaDoSomething
Posts: 345
Off Topic
Opinion:No Opinion
Price:65.75
Buddy12 O/T
19 Jun '14
Good to see you haven't lost your footie watching morale since the Canaries demise. Like you am watching from the side lines after putting my lump sum in here back in March. As always it tanked soon after but this time I can wait it out which I will. Typical that BLVN has started to move again tho, you can bet your last XEL share that had my cash gone in there XEL would be at 3 quid a pop by now...C'est la vie :vD
Yanchep
Posts: 697
Off Topic
Opinion:No Opinion
Price:65.75
Joe
19 Jun '14
A rights issue would be an extreme way to finance Bentley and would involve asking existing investors for more funds - it was a daft question. He should of asked if there would be further dilution. 4 million extra shares is hardly going to effect us when the stock price is discounted by over 80%. It should be noted that these shares were not heavily discounted.

As for the west face loan - it's not clear, my view is it will not be paid off, but the extra funds will go to pay for the cost of an extension
stoddman
Posts: 960
Off Topic
Opinion:No Opinion
Price:66.00
joe Timings
19 Jun '14
Accelerated timelines in the latest investor presentation takes us to 2016 not 2018. Either way xcite will not exist by then as will have been taken over.
JoeSoap
Posts: 865
Off Topic
Opinion:No Opinion
Price:66.00
View Thread (6)
Funding RNS
19 Jun '14
The dilution continued...as recognised by the SP.

At the AGM, a PI asked if there would be a rights issue, RC replied 'I'd rather not if it's all the same to you' as there were other options and he talked of asset financing in particular.
Here we have the opening salvo, he speaks of more to follow before FPD - "The planned work programme will also provide a greater level of cost and schedule definition, enabling us to develop the longer term financing needed for the first phase development of the field, for which we shall continue to evaluate a number of options including asset financing, reserves based lending and additional development partners."

What surprises many is that the majority of this is to repay the Westface unsecured loan (which had the potential for a further one year extension) and it is not only secured by XER and XEL, but at a higher interest rate.
It is much larger than than the Westface and it lasts for 2 years, so perhaps the terms are tied to the time, but more likely the single asset of the company is not yet accessible and therefore high risk prevails.
It is not clear whether the Westface loan will be repaid immediately or when it is due in December, but there would seem little point repaying early when the full term interest has to be paid together with the termination 1%.
Some have suggested closure of the loan by Westface as the FDP route has changed, whatever, the much trumpeted RBL is now cancelled due to the change to the pre-EWT plan (when did they spot that? ;-) eh?).

Pareto Securities acted for the Westface refinancing for $0.5M fee, $1M was paid to a third party for the initial $50M & $0.2 for the extra $10M but no info on Pareto's fees this time, just the gross amount raised.

So, we have $140M less ($80M plus $10.8M interest) less 2 x 12% of $135M ($32.4M) equals $16.8M and there is still the 3% PIK ($8.22M or more bonds) and Pareto's cut so not much left in the kitty to use for anything else, and it has to be repaid in 2 years which is still in advance of production so will need yet another loan to clear it. With the other planned asset financing for the kit and the need to cover future CAPEX from oil income (after the Bentley Group players have had their deserved cut) I wonder just what total RBL is considered affordable, by the Banks? It's not size of the reserves, it's the initial recovery rate that limits it, and that is most likely to be in 2018.....(FDP+36months)

IMO-DYOR-etc-

GLA
joe
PS Production or takeover??



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