Don't want to detract from people who do do useful spade work, in view of the years of evasions and silence from the XEL BoD to try to establish just what is the reality with their investment, behind all the XEL seat warmers bonhomie, smoke and mirrors.
However Stanley's post falls precisely into his own critique of other posters where what he is mentioning is generalised hearsay. Sure the unnamed guys he mentioned will be in the phonebook, and being politicos or their likes will say nothing that can tie them down. What specifically was asked re any tax change, do they want it reduced, and will that goon in finance do it.
And why in the case of OGA not specifically ask about Quad 9, where is it in relation to the now rearview mirror timeline they put out. Their information was not correct, put them on the back foot to come out with a statement as to why, and what is happening now. High time these guys, who put themselves forward as god's gift to solutions to the North Sea energy market, are held publicly responsible for their erroneous statements made.
As mentioned re the rig that information, it the company was to be believed, with the track record they have on action -v- reality, at the time and since was out from 11/14. Linkedin as a source?! The guy's not said anything different to what we all knew this from then and with RC's updates, yet still no charter contract is there for same. For sure w/o that, just how much money is TSO or their backers, even KFELS, going to front up in terms of progress payments. From the evidence of the 11/15 XEL photos they are at about the downpayment stage, and it could yet go anywhere, on any deferred timeline, even as per what was reported to be happening now with Sevan and their FSO, thanks boys and cheerio.
Many thanks for your help 'Stanley', most appreciated . Ugie I see you have something to say on 'Stanleys' answer, such a pity you cannot follow his lead & answer Takestock question put you @ 09:05...the roaring silence from you is typical as ir is hollow Chow
There is another curious issue with the rig and that is it's new projected timeline -v- the other major hardware, the MOPU and FSO. Completion was reportedly moved back to mid 2017 yet there still remains an inconsistency betweeen completion of that unit, the MOPU of which there remains no sign, and particularly the FSO, though that unit if a switch is made from Sevan to Sembmarine may have an improved construction timeline. Whichever is taken however, the rig remains as currently reported to be on a year's leadtime advance of the other two units. This is considering also that the FDP to our knowledge has not even been submitted to DECC as yet, so surely nothing on the hardware side can be confirmed by XEL until after that issue is positively resolved.
Fortunately for the rig however by being a relatively specialised unit by nature of it's leg lengths, the importance of which has been demonstrated by recent North Sea storms and high waves, it willl not be pitched into the general rig market which is abysmal at present, and will be for the foreseeable future. This size of rig will be fit for XEL purpose.
I agree it's frustrating to see so many I "I've heard" facts from folk here, without being backed up by fact.
Over the past few weeks I've had email conversations with an SNP minister regarding the tax change (who was with David Cameron in Aberdeen last week), and the OGA, and both, while obviously not providing insider info, left me feeling reassured that the right focus is being given to the North Sea. These contacts are available for all to use with a bit of searching. As for my rig info, and for transparency, it came from a contact in Singapore, via LinkedIn, who is 100% in the know. That's all I can reveal.
I hope this adds a level of credibility to the original statement.
Cat, specifically Macquarie, this is not IMO their usual bag and direct communications with them have (again IMO) supported my first instincts.
The question of dilution......my expectations for a farm out are based on the $3-4 per barrel mark. I have no idea of what shape any collaboration could be but my Feingold is that there will be multiple partners. JIMO GLA Jam
Mention of the reserves shows another bit of RC double speak. Earlier in 2014 the talk was all about completing the FDP prep. Reserves were enough and not a priority. Then late 2014 OB it became focus on the reserves figures, which seemed to tie in with partner(s) looking at jv. One would presume the more one can boost reserves the better the buy in price would be was the impression given by this change in emphasis, so logical. Now, what, there's been no more on updated reserves figures other than comment now on II by Mike BP that advice from HQ 9/15 was that it will come with the annual RAR. So that sounds once again RC the goalpost mover, hard to know just what to believe.
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