Sure the question of licence extension with DECC was more or less a given considering the heavyweight principals involved, the cost benefits in prospect, and Statoil's aim for up to 60% OIP recovery with modern technology in play. All well and good if it does eventually extend to the benefit of Statoil's involvement with XEL in Bentley. However there's increasing evidence that blatant stupidity with respect to continuing delays forecast to XEL's startup of oil production from Bentley, the non arrival as yet of any other 3rd party in jv at least with XEL, and the non appearance to date of any other oilco to take up the new XEL 'technology', are not the only reasons behind the pushing back of first oil to 2017 at least as now projected.
In that regard if Statoil are still in the frame as a significant partner, it has to be put down to the consequences to free speech on the part of the BoD that they seemingly willingly have tied themselves into with these NDA's that has allowed this whole matter to drag on to the extent it has, to the detriment of outside stockholders interests as represented by the current sp. I say that in the plural because we have RC's statement that there are more than one, and the gagging effect was clearly demonstrated at the last AGM with the obtuse BoD comments made on various key issues in response to questions from the floor.
They know the background to all this, we clearly don't, but something has to have been going on the justify the release of the fit for purpose rig that was in place at the time of the EWT, complete with the installed subsea offtake pipes that RC does not now wish to replicate the expense of same, with the new projected FSO and system plan B. Was there a belief, implied at least by this projected big brother partner, that forward ops would be part of their domain, with provision by them of equipment and personnel for same. Did a no show to date, for whatever reason they still can't talk about, eventually lead to XEL having to put out the recent spate of MOU's and planned action as an oblique reference to said partner to shape up asap, or ship out.
We should be told after all this tme and delays if any ongoing current thinking or plans revision is going to eventuate in jv particiaption by that party, and who if anyone else has had Bentley on the menu with respect to the data room information given out to attempt to attract same. Why did that seemingly fail, with no-shows as evidence to date. Was it because there was no one, price, or what?
That may well be the case but we have certainly got Statoil thinking! Read this extract from the recent interview with Tom Dreyer:
"When this EWT data was revealed detailing above average production it was Statoil’s duty to investigate.
Following extended conversations with DECC, the business was able to hold onto the license, take into consideration the implications of the test result and will be able to deliver a well development plan again at a later date."
"Above average production" are the three words that jumped out to me, and being as we didn't compromise our IP with the data sale and they (Statoil) have extended their licence I sure as heck think they will be a JV or some form of Statoil/Shell deal which will show it's hand before not too much longer........
Major, re your points: The options were priced in Canadian dollars, so I used today's Google rate CAD/GBP 0.5471 . (This is about 93% of the US rate.) On the second point, I agree that the tranches have the expiry dates you quote, but I believe that it is the Director's right to access those options that will expire 'shortly'; having elected to retire, as RS did earlier, the opportunity to profit is not open indefinitely and the rump of RS's options were in the "total of 1,140,000 options expired unexercised" in 2013. Look for Rog's expired options in the total for this year. Remember also now that they changed the rules last year, and it was approved at the AGM, such that they keep the option if they are in a closed period and have until 10 days after the period ends to take up 'expired' options. All IMO GL joe PS Anybody know if the Bonds are being traded. Reward is better than any ISA product.
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