I had a grip of the finances four years ago in expectation XER were go for phase 1, and subsequently with the unused RBL.. The finances imo have not been the problem, it's been delays and expensive amendments re getting DECC approvals and a partner for what they've wanted to do.
Well, the Plan's in, should work, clock's ticking. We just have to await it's conclusion, and see if in the interim while they can still hope to retain much input or influence on the proceedings, partners or pursuers are flushed out..
Think dispensing with the RBL that was in hand and going for now with the Bonds to cover costs at least until the FDP is accepted by DECC pretty straightforward to understand as several posters have eloquently explained. Even if the Bond funds are used to clear off the West Face loan there's still cash left plus the unused Esousa £31m to cover costs for six months say until the FDP is in and approved. Thereafter the new funding arrangements accepted by DECC, plus hopefully input from a jv partner, plus alliance, plus cash left in the company, will kick in.
With the new grand Plan some distance down the road as yet to implimentation however, an old RBL if that is now the route XEL choose to go, as RC has mentioned other options, would have had to have been re-negotiated/scaled up, as the original though a valuable demonstration of lenders intent, was not fit for purpose for the new FDP. When XEL are able to determine the quantum of same, sure the same Banks, or others, as RC has continually exuded confidence on this, will step up at the right time for the right amount of funding assistance to move forward with the project. In the meantime, the company will save several million $$ by having cancelled what was in place and not now intended to be used.
Reviewing the past and present of Bentley particularly as it now goes back many years, spoken, written, intent against actuality, one can forget, and that of adjacent fields is useful with respect to trying to help build up an understanding and perhaps better confidence as an investor as just to where this may finally, positively be heading for the future.
Not sure if its same for Bressay or not bud, but to be honest its not Bressay or Mariner we're bothered about is it ( tho nice to see both are back on and admin can't throw toys out of pram at me). Dilligent research has brought me back here but I aint gonna make same mistake by posting results of this work as last time it was 7 wks before Rupert told mkt about step out EWT plan....lucky guess that caused a whole lot of bother. Anyway back to my jigsaw, wish I was as good as Rupert at finishing them quietly
2003 P1078 Licence awarded during the 21st Promote Licencing 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 9/3b-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 9/3b-6z well
Q1 2011 Rowan Norway jack-up rig contracted for First Phase Development (”FPD”) programme
Q1 2011 P1760 and P1761 Licences in Blocks 9/3c and 9/3d awarded during the 26th Licensing Round
Q2 2011 Reserves Assessment Report by AGR TRACS – Bentley upgraded to Reserves Status with 28 MMstb of 2P and 87 MMstb Contingent Resources
Q4 2011 Submission of the FDP to DECC
Q1 2012 Reserves upgrade by TRACS to 116MMstb of 2P reserves for Bentley core-area Q1 2012 Phase 1A drilling commenced
Q2 2012 Signing of a US$155 million Reserves Based Lending Facility with a leading group of lending institutions, which shall be used for a substantial part of the overall funding of Phase 1B of the Bentley field development.
Q4 2012 Successful conclusion of Phase 1A
Q2 2013 Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 250MMstb of 2P and 46MMstb of Contingent Resources
Q1 2014 Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 257MMstb of 2P and 48MMstb of Contingent Resources
Q2 2014 Successful issuance of $135 million Senior Secured Bond by XER
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