17-Nov-14 07:00 RNS Memorandum of Understanding 21-Oct-14 07:00 RNS Director Share Purchases Directors' Dealings 20-Oct-14 07:00 RNS Memorandum of Understanding with Baker Hughes 10-Sep-14 07:00 RNS Collaboration Agreement with Statoil and EnQuest 09-Jul-14 07:00 RNS Director Share Purchases 04-Jul-14 07:00 RNS Memorandum of Understanding with AIBEL AS 01-Jul-14 07:00 RNS Settlement of Senior Secured Bond 16-Jun-14 07:00 RNS Issue of Senior Secured Bond and New Shares 06-May-14 07:01 RNS Collaboration Agreement with Statoil and Shell 14-Apr-14 07:00 RNS Equity Line Facility Agreement Extension 09-Apr-14 07:00 RNS Memorandum of Understanding with AMEC and ARUP 07-Apr-14 07:59 RNS MOU with Teekay Shipping 26-Feb-14 07:00 RNS Statement of Reserves Data 03-Feb-14 07:00 RNS Appointment of CFO and Director
Thank you for opening a discussion on the matter. Yes indeed I have read the following, which as the article suggests, should send a chill down any oil investor's spine;
The Saudi oil minister al-Naimi’s interview in Argus Global Markets should send chills down the spines of oil producers. He noted that “sooner or later, however much they hold out” high cost oil projects such as wells in Brazil’s sub-salt offshore region, off the coast of west African, and in the forbidding Arctic would have to scale back in response to low prices. “Will this be in six months, in one year, two years, three years? God knows," said Naimi. "I say Gulf countries, and particularly the kingdom, have the ability to hold out.”
Quite scary to think Saudi might keep up production for two years to put some operators out of business.
But there was a nice bounce in POO today. If it breaches $60, I will put out a short term buy on XEL. If XEL does not follow the oil price tomorrow however... we are in BIG trouble IMO.
You write that the engineering section of the FDP requires 'all of this engineering work', implying that the FEED is required prior to FDP submission. At the 2014 AGM Rupert said that traditionally the FEED starts around the time of FDP approval (slide 11 - and about 50 minutes in on the audio presentation). Whilst I do not disagree that the FDP is a detailed document encompassing a wide range of requirements, are you able to highlight the relevant part of the DECC guidance for FDP that states the engineering section requires 'all of this engineering work' ?
You also indicate that RC never issued a PO to AMEC for this work, but AMEC have had engineers working on the bentley project for Xcite since at least January 2013. If AMEC have had engineers working on Bentley for at least 2 years what are you suggesting RC has not paid for?
I agree that financing will be tough. You sound knowledgable, do you work in the oil and gas sector?
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