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.
""Majors have increased exploration budget by 3 to 5 times in recent years but they have been very ineffective," said Investec's Charles Whall..... Today we consume 33 billion barrels of oil per year and are discovering 10-20 billion barrels at most. It appears that the biggest single oil discovery in 2013 was less than 1 billion barrels in size...""
Seems the biggies want to find their own fields and don't want to swallow their pride and buy xisting proven fields...
welcome aboard, please ensure you have the patience of a saint for the ride ahead. 2014 could be a rocky road with 2015 hopefully bringing some rational value to this slowly sinking ship (I'm just wishing I had only heard of xel in 2014!) GL
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