I think you will find in fact it's you who is mistaken.
The production profile we have shows that we are still economic if Brent was $46.1 per barrel (go to 08/04/13 RAR RNS for full details) $700 million is what we need to take us to that production profile.
When you consider that Statoil have delayed the Bressay Field development because our data shows they could develop the field cheaper, their CEO stated in 2009 they needed Brent to be $70 per barrel, they must wonder how the heck we have done it .
Ugiebear, I'm afraid you're mistaken about the $46/bbl threshhold. It does not mean that profitable operations can be made with Brent crude at $46. What they meant is this, if you produced all the 2p reserves at once, then added the operational expense with development expense, plus abandonment expense, it would equal $46.1 per barrel.
Those figures do not include tax, the cost of financing, debt repayment nor does it take into account all expense that is included in earnings. It doesn't even include salaries. Sorry, you don't seem to be aware of any costs and I guess the reason you were promoting $100 X 250 million barrels. Let's be honest here, good companies don't require that kind of false advertising.
Having hung about dockyards in the freezing cold trying to find out when our rig was leaving etc - surely one of you southern softies can reciprocate by doing a bit of investigating on the way back from Waitrose this morning. Answers please :)
Anybody who realises this, will be aware how profits can be made from successful explorative & productive projects such as excite..a winner to piggyback other future projects to cash in on this finite resourseful substance..
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