It is impossible to know how the market will react. But the financing is the only risk. Once this is resolved what’s the risk? We do know the undeveloped field is valued over £4 a share, even in a poor market a 50% discount to NAV is not an outrageous suggestion. but didn’t Rupert say the share price would be equal to NAV once the FDP is approved.
He's probably not shedding any tears. Many warrants expire mid year 2015 however, so could be a close run thing if XEL get the FDP in end 2014 and there actually is the bounce RC predicts from same. Questioin of just how much. Upside float reduced, downside less cash, though hopefully with the RBL in place by then not really relevant.
The amount of time XER has been in and out of the DECC office XER's position and intents should be pretty well accepted by now, backed up no doubt with detail drawings and the recent seabed survey for the ACE. Interesting though the Phase 2 PUQ is still shown as a 'regular' jacket/platform that will need to be retrieved at end of use by a crane barge. So with that plus the remote wells and pipe, maybe they should be there.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.