Yep no indication in years of substantive outside interest in this company, other than tapping knowledge for relative peanuts is depressing to say the least. Unfortunately by the sound of this article XEL hardly looks to qualify, can't quite be classed as mature, other than the time taken to develop..
Just saw this on HL.com and thought it was interesting in their newspaper review
Some of the biggest names in private equity are set to boost the flagging North Sea industry with a $1 billion swoop on undervalued oil and gas fields. Blackstone, Blue Water and KKR are planning to invest in two new shell companies that will snap up mature fields in Britain and Norway that oil majors and smaller explorers do not want. - The Times
What others can achieve.. Premier's Solan field west of Shetland, two and half years at least from FDP 4/12 approval to facilities installation offshore. Relatively smaller, simpler, and cheaper, than XEL's Bentley facility, at $1.4bn, for example they've gone for undersea storage 300,000 bbls. Interestingly similar oil 11 API, tho at 44m bbls projected recovery huge difference in size. Interesting also they had Awilco pre-drill their wells. Just what has been holding up XEL these past three years, this 'big company' dream, or unspecified manacles the BoD allowed to be put in place from same they seem powerless to advise stockholders about..
Interesting that a number of Blocks surrounding the XER leases, and between Bentley and Mariner appear to be up for bidding this time. XER seem pretty strapped what what they have on their plate at the moment, wonder who will try for them.
Interesting - and could be a big contributing factor to AIM O&G being rubbish all round in recent years - as well as the availability (or rather lack of it) of cheap finance. No trickle down effect.
Having said that, business being business, when push comes to shove I'm sure they'll start picking up stuff at some point. Unless there is widespread deliberate collusion to the detriment of the smallercaps.
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