One would expect nothing other than a staunch criticism of the market's valuation by any CEO when there appears to be such a wide discount between stated asset value and market value. Events have conspired against timing expectations repeatedly over the past few years allowing investors the opportunity to reassess the situation at regular intervals. The current MV has a lot of bad news baked-into it, perhaps even more than has been announced thus far. If the company can pull this one off in this difficult climate without destroying shareholder value then it will have deserved every penny of remuneration. Nice to see a few more new faces getting into the debate.
Exactly, and the ceo has the temerity to express amazement at this sp. Purely how the market rates XEL w/o any defined funding being obtained or declared by the BoD to take this past FDP. Everyone seems to see this except them.
Year Milestone 2003 P1078 Licence awarded during the 21st Promote Licensing Round 2007 Competent Persons Report (“CPR”) prepared by RPS Energy based on well data from AMOCO and Conoco appraisal programmes XER raises $20 million in private equity raise Initial Public Offering raises $30 million 2008 Successful flow test of 9/03b-5 well 2009 Updated CPR prepared by RPS Energy based on results of 9/3b-5 well test 2010 XER entered into an agreement with BP to market and sell Bentley crude oil in return for an incentive-based fee per barrel Successful commercial flow test on 9/03b-6z well 2011 Reserves Assessment Report by AGR TRACS – Bentley upgraded to Reserves Status with 28 MMstb of 2P and 87 MMstb Contingent Resources 2012 Reserves upgrade by TRACS to 116MMstb of 2P reserves for Bentley core-area Successful conclusion of Phase 1A - production of over 149,000 bbls of Bentley crude oil from the EWT with the 9/03b-7 and 7Z wells 2013 Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 250 MMstb of 2P and 46 MMstb of Contingent Resources 2014 Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 257 MMstb of 2P and 48 MMstb of Contingent Resources Signing of a Collaboration Agreements with Shell, Statoil and EnQuest Signing of MOUs with AMEC, Arup,Teekay, Aibel, Baker Hughes and COSL Successful issuance of $135 million Senior Secured Bond by XER Q2 2015 Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 265 MMstb of 2P, with 21 MMstb of Contingent Resources
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