Re yr 2, I thought this was one of the bugbears with XEL and mgt in that they'd promoted the EOR technology as more or less proprietary, then when push came to shove recently to elaborate on this, and why no oilcos have stepped up as yet to use the service, turns out not so is the case, it's not patentable.
Agree, 10.25m gone by this weekend should help, but there's been no significant change to the sp in the interim to indicate any closing out of whatever shorts may be in place is underway.
Still hoping for news between now and that August date, bearing in mind SK's early September conference co-host with DECC. If there's still nothing by then, apart from the conflict of interest situation, he's going to look rather ridiculous with his peers if Bentley still shown to be stuck in a rut.
interesting indeed, highlighting as it does Maersk's growing interest in the North Sea.
'Maersk Oil is looking for new long-term growth opportunities in the North Sea, investing heavily in projects and improving the efficiency of operations'.
It may put this from Dec. 2013., when Statoil outlined the risks posed by other competitors, into some form of context...
'If Statoil fails to acquire or find and develop additional reserves, Statoil’s reserves and production will decline materially from their current levels'.
Successful implementation of Statoil's group strategy is critically dependent on sustaining Statoil’s long-term reserve replacement. If upstream resources are not progressed to proved reserves in a timely manner, Statoil will be unable to sustain the long-term replacement of reserves.
'Exploratory drilling involves numerous risks, including the risk that Statoil will encounter no commercially productive oil or natural gas reservoirs'.
This could materially adversely affect Statoil’s results. Statoil is exploring or considering exploring in various geographical areas, including the Norwegian Sea, the Barents Sea and onshore and offshore in the USA. In some of these regions, environmental conditions are challenging and costs can be high.
Statoil's performance could be impeded if competitors were to develop or ACQUIRE INTELLECTUAL PROPERTY RIGHTS TO TECHNOLOGY that Statoil requires or if Statoil's innovation were to lag behind the industry.
Quite agree re your last comment, there should be HMG support to projects of national importance, not just somewhat ludicrous windmills polluting the countryside. Banks they've nationalized or oilcos such as BP, though more US now, should be pushed to become more involved where smalller companies mught have proven up significant assets but be struggling on funding.
I agree, likely more than one, but it could be just one oilco for example plus a greedy bank topping up on top of that, knowing there was substantive industry support to XEL's plans. Does not need to be two oilcos working in concert. Whatever, if they are presumably still holding can't at the current sp be too happy campers at the moment either. Noted re the capex, it's just it also tied in with Liberium's estimate of 2H 2015 for the FDP to be approved. But why pick this particular figure if this RAR report is supposed as it does to reflect accuracy, perhaps the timeline would stall once more but the projected capex should be fairly constant.
you're making an assumption that the bondholder who purchased an additional 4.3 million shares already had enough shares to take them over 9.24M (the requisite amount for a 3% reporting threshold).
I think there's a general assumption that there was one company behind the bonds, I think this would indicate otherwise. Say there were three bondholders, each of whom were allocated approx 4M share. If one of them bought another 4.3M, that's still under the 9.24M ceiling.
and because of that, we have no idea whether they sold on or kept, although given the share price has only gone down since the bond issue, unless they sold at a loss they are still holding.
don't get too hung up on the capex of $143.5m in the 2014 RAR. The 2013 RAR had capex spend allocated in 2014, and that never happened.
And who or why did one of the Bonds subscribers want yet more stock?! For sure though at the current sp, unless they promptly shorted at the time, they can't be too happy with the current level of the sp.
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