The idea is that the platform and FSO is not fixed in place and can be moved around relatively easily, not being fixed also allows xel to finance these as an asset – another part of the financing strategy
So can all of what they pay-out for these items be clawed back through a long term loan, in effect xel don’t pay anything thing up front
It’s a diminishing asset matched be diminishing repayments on the loan
Well since I've been in the business it's reasonably educated, but don't take my word for sure, just study what XEL have said in the past, what they are now indicating, and what timelines others have actioned for similar ongoing work, such as Maersk, Premier, ENI, etc.
Though you'd mentioned the Petrofac sub guy had taken the job, or was he just a temp? Was wondering if you might have called him in the interim to see how he was settling in, and how long he expected to be around!
Agree, should be once they show they are moving. What they need the farmout partner for is cash to drill the new 27th and 28th Round wells, though it might be nice to reduce some of the loan, depending how much they give away of Bentley.
The SPD "expiry" date for the Xcite Wells Project Manager vacancy is 31st July 2014 (although the vacancy could still be filled "temporarily" as I expect may have been the case, will the stand in man get the job if is the case?:) , there will be some drilling activity sooner than many believe in my opinion.........
Chappi, you need to read the June CP p29, study the timeline to order and construct this stuff, get it on site and working, and remember XEL have a history re expected dates for first production.. Mid 2017, summer, is my best optimistic guess.
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