Romaron is spot on with his observation. Try as we might, no real flaw has been found.
The company has been found lacking or bombastic with some of its earlier statements, but they have appraised Bentley to a far greater degree than any other comparable company.
I think it's also worthwhile noting that even 7 months ago Edison had pencilled in H2 2015 for FDP.
And yes HB, Bentley does cold flow, although I recall some concerns that warranted some form of heating, probably relating to restarting after maintenance. It's all in the SPE paper that was published last year.
I also considered the possibility than Enquests position relates to sour grapes, but perhaps they too are bound by confidentiality agreements. Statoil has been absolutely silent on Xcite, even when talking about the EWT data they bought they couldn't bring themselves to actually mention Xcite by name.
hindsight is what we need to refer to now in attempting foresight as to what the future holds for this stock, invetment in same, and how much reliability we can place on the wisdom and comments that eminate from XEL Guildford hq.. Most pi's will probably be at least in a hugely relieved frame of mind if their investment ever just comes back to breakeven.
I also recall XEL Bentley crude flows unaided, thought here will be an increasing % water cut. Rememeber the RC beaker video/test?! The issue I though was more safeguarding the flow, velocity, and recovery % of same when the oil exits the well and transfer to the FSO, cold, pipes etc., using heat and/or diluent/chemicals.
The $35 is validated by TRACS so there should be no reason to doubt the figure. Also EDP related to the previous model FDP starting just with the rig and shuttle tanker, which was supposed also to move on to a fixed platform facility, maybe he's a bit behind the times. Sure again TRACS would have commented if there was any perceived flaw in XEL's development plan. Maybe sour grapes?!
Excellent info Porkie, thank you. Its probably irrelevant but RKH are using a similar ice class FPSO for Sea Lion as told to me by Pail Culpin at their AGM. I attended the Enquest AGM to find out more about Xcite, a ploy favoured by the guy from Aberdeen Asset management who I sat next to. Like him, I find that companies are tight lipped about their own company and fears of insider info breaches but quite happy to gossip about other companies. I totally misunderstood a comment about diluents which was cleared up favourably at a later date. I was also told by their Chairman that its 'centipoises' that you have to zero on when considering heavy oil flow. He did mention that the Kraken heavy oil was like champagne compared to what he dealt with in Canada. I also got the impression that Bentley wasn't at the front of their thoughts. The expert there was Neil McCulloch who said there are 5 HO fields in the NS. Alba/Captain - Kraken - Bressay - Mariner - Bentley. Alba/Captain and Kraken flow unaided, the others do not and I am still a bit confused here between unaided, diluents and how Bentley works. He didn't scoff at the $35 break-even but thought Xcite were possibly using an Early Development Plan (EDP) which is a short term (cheap) plan and not suitable for the lifetime (kinda throws a spanner in the works of the “do it like a major” quote?) of a field [c. $50 is Kraken cost of production] NM also said that the reduction in costs by contractors and availability of equipment sooner meant that Enquest is 'vastly ahead of schedule'. The same should apply to Xcite so I wonder if we may get a burst of announcements once finance is in the bag. Xcite continues to frustrate but try as we may no real flaw has been found. Past mistakes for sure but none of us have hindsight.
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