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Xcite Energy Share Chat (XEL)



Share Price: 42.50Bid: 42.50Ask: 43.50Change: -1.00 (-2.30%)Faller - Xcite Energy
Spread: 1.00Spread as %: 2.35%Open: 44.00High: 43.75Low: 42.50Yesterday’s Close: 43.50


Share Discussion for Xcite Energy (XEL)


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ugiebear
Posts: 1,462
Observation
Opinion:No Opinion
Price:44.00
looks like...
31 Oct '14
there are plenty of rig providers bidding for the gig.
 
CaptainPlunge
Posts: 2,696
Off Topic
Opinion:No Opinion
Price:44.00
Rig- upstream article
31 Oct '14
good post ugie. And some people whinge that the BoD sit around on a fat salary doing jeff-all...
ugiebear
Posts: 1,462
Observation
Opinion:No Opinion
Price:44.00
View Thread (4)
Rig - upstream article
31 Oct '14
UK-listed Xcite Energy is close to signing a memorandum of understanding for drilling services for its Bentley heavy-oil field in the UK North Sea.

Industry sources said signatures could be placed on the preliminary deal within days and that China Oilfield Service Ltd (COSL) is well-placed.

Upstream understands that, if selected, COSL will simultaneously sign a similar preliminary agreement to lease Singapore rig owner TS Offshore’s KFELS N Plus-design jack-up rig being built at Keppel Fels for the possible Bentley work.

The rig, which was ordered in March this year, would be ready for operations in 2017 under a contract that could run for seven years, sources said.

Other bidders Xcite is talking to are understood to be Maersk Drilling and Noble Drilling, said to be offering GustoMSC CJ54 and CJ62-design units respectively.

Another company, Norway’s Ocean Yield, is also understood to have bid a planned E-Class design unit.
An Xcite spokesman declined to comment on the details of the tender, but said: “We have a tender process for the provision of a drilling rig. We have previously said that is the next role in the development group to fulfill, and we are evaluating a number of options.”

Xcite holds a 100% operating stake in Bentley, but is yet to secure funding and is on the hunt for farm-in partners, with the aim of bringing it online in mid-2018.

In the meantime the company has signed a series of MoUs to establish a risk-sharing development group in preparation for delivering a development plant to the UK authorities.

The latest MoU, with Baker Hughes for oilfield services, was announced last week.

The group also consists of Teekay for the project’s floating, storage and offloading vessel and Amec and Aibel for the platform.Xcite has also signed agreements with Statoil and EnQuest to explore sharing a common gas pipeline on their respective Bressay and Kraken fields.

Xcite chief executive Rupert Cole said: “All the MoUs we’ve signed set out the principles on which we are drafting the commercial contracts. So, each one is an important step towards the field development plan.

“The last key part is the drilling rig. And those discussions are also going well.”

Bentley is located in Block 9/3b and contains about 909 million barrels of in-place oil.
ugiebear
Posts: 1,462
Observation
Opinion:No Opinion
Price:43.50
RE: Rig MOU...
31 Oct '14
looks like the announcement is getting closer.

Wonder if they will announce anything else?
Sellhigh
Posts: 5,768
Off Topic
Opinion:No Opinion
Price:43.50
Rig MOU to be signed within days.
31 Oct '14
From ii

Sorry, not a subscriber but this might explain the sp movement.

http://www.upstreamonline.com/hardcopy/news/1382053/Bentley-rig-MoU-is-close-to-being-signed-by-Xcite

Just fyi,

zan
researcher1
Posts: 516
Observation
Opinion:Buy
Price:42.50
sp
31 Oct '14
am pocketing a bit more profit here today - Monday could be a return to earth, so may see you xellers again then
Rivendell666
Posts: 3,879
Observation
Opinion:No Opinion
Price:42.50
Decomm made simple......
31 Oct '14
Sellhigh
Posts: 5,768
Off Topic
Opinion:No Opinion
Price:41.75
Lower oil prices
31 Oct '14
With lower oil prices comes lower costs.

Rates are reducing in the North Sea, the dilution oil will be cheaper to buy, In monetary terms the discount to Brent is less and many of the older fields become less viable - Bentley is just as valuable industry assets when the oil is $130 as it is to when it's $86 per barrel.
ugiebear
Posts: 1,462
Observation
Opinion:No Opinion
Price:41.75
RE:RBL
30 Oct '14
as we know lenders were prepared to offer $155 million on the basis of around 'just' 28mb of the 116mb of the reserves (as they were at the time).

With at least 257 mb now on the books, and companies of the stature of Amec, Aibel, Arup, Teekay and Baker Hughes all looking to take material financial risk in the project, thereby underpinning the development, it would be reasonable to suspect a significant increase in RBL will be available.
Sellhigh
Posts: 5,768
Off Topic
Opinion:No Opinion
Price:41.75
Early revenues
30 Oct '14
Within only a few months of installation the field will be funded from oil revenues "The existing 9/3b-7 and 7Z well, drilled in Phase 1A, will occupy one of the slots and will be re-completed once the platform is in place. Two subsea gas production wells and a subsea water injection well are planned as part of the FPD. Peripheral parts of the field to the far west and north will be added as subsea satellites approximately two years after first oil. The projected peak production rate at P50 is approximately 45,000 stb/d during the FPD."



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