They'd sure have been hoping for Bentley jv funds to drill elsewhere, keep the new leases 100% XER. Or if they'd been in production 2012 as stated then cashflow/liquidity would have been sufficient by now to drill further exploratory wells. Let's hope this does not become another casualty of the delay.
It is taking forever. If negotiating, XEL will want to negotiate from a position of (relative) strength. Seems logical that as long as Bentley jv is not materialising, they will continue to negotiate other (partner) options to develop the field. Agree that it might be worth to try in the meantime to farmdown/jv other potential fields in recently acquired blocks. Although I am generally in favour of the long term view and maximum SH value, perhaps the time has come for the XEL BOD to start adding a shorter term line of thinking to the mix. Likely, any deal for any of the other fields would be a short term boost and would definately help moving XEL out of the one-hit-wonder league - if Bentley turns out to be a hit in the end. Will we still be SHs when any of this happens? FWIW & GL
The only trouble is that there has been so much positive comment and analysis (and wishful thinking) on the BB here since the glorious EWT all those years ago. and yet here we are over 50% down from post EWT.
XelBod would not have changed their plans dramatically upwards without the knowledge that funding was secured so presumably that quiet word of assurance came from StatBPShell and in best Germanic fashion the BigBoys have laid their towel on Xel's deckchair. Any bid from outside would result in the PoisonPill being activated making it uneconomic to do so. And then of course the double whammy of the EWT analysis and a rethink of Bressay brought the plans for Bent on it's own to a grinding halt.
I have no doubt that in the fullness of time BresBent will be a resounding success, the only snag being that the years are slipping by and PrivateEquity cannot buy half of BresBent
One might have thought with so many outside interested parties reportedly around, and XER's 26th and 27th Round awards sitting fallow for now, to say nothing of any partner for Bentley, they might have tried for some form of jv on drilling those at least get something moving from the various options to hand, but sadly zero seemingly to date.
Goodmorning all. I have been reading this board for a while - long XEL. Recently, I found an interesting article on Repsol, flush with cash from the YPF 'deal'. Apparently they are now looking for fields in more stable areas - including in the North Sea.
'The North Sea is the other stated option. Repsol is looking in the first instance at Norway, where new fields were recently found, but it is also open to the idea of drilling in U.K. and Irish waters. "New technology has opened up areas in the U.K. North Sea and off the coast of Ireland that were dismissed as little as 10 years ago," said Rix.'
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..
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