The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
MissAnthrope: Lowest share price was in January 2009- 3.5p. So way off by 1.5p. Also, let us not forget DECC/OGA, they were/are a major player in all this debacle. If I had any money left I would bet that the Chinese are all over Bentley, and a deal (later this year) will be struck between Statoil and the Chinese to develop Bentley/Bressay together.
And weren't you saying as recently as last Spring how the bondholders were very reassured* with progress? Actually it was December 2015.
Not all the blame should go to Cole and his BOD. Don't forget the invisible ****S at DECC, who (six years this spring) forced Xcite to perform the now nail in the coffin EWT. Mind you. Cole was advised by numerous members of the XEL team not to go down the bond route (you are putting the company at risk). So in a way he is still very much to blame.
Well done Mr Cole. Looks like the rumoured Chinese led consortium is getting Bentley for back pocket change. Why did you think that the rumoured $1 billion offer made by Statoil back in 2013 wasn't good enough? What was the real reason behind TOTAL walking away from a deal also in late summer 2013? Oh that's right, you're an accountant not an oil man. GREED GREED GREED........ Nine years of my life and a six figure sum down the swanny. Let us hope our (the PI's) paths do not cros. All the best in the future to all those who have contributed here over the years.
Will Bressay be one the UK sites planned now that they have secured a further three years license extension. How important is Bentley to the future Heavy Oil Hub? Do Statoil see themselves as the Quad 9 Hub leader? Who will take over Shells % of Bressay? Will there be a Heavy Oil Hub consortium, with the new owner(s) of Bentley playing a massive part?
Norway's Statoil ASA (STO) plans a 30% increase in exploration drilling activity this year, as efficiency gains and lower market costs allow its investment budget to stretch further than previous expected. "Taking advantage of our own improvements and changed market conditions, we have been able to get more wells, more acreage and more seismic data for our exploration investments," said Tim Dodson, executive vice president for exploration at Statoil. Like many oil producers, state-controlled Statoil has gone through a belt-tightening process, including cutting capital expenditure, re-using infrastructure and increasing drilling efficiency. The energy group's drilling program for 2017 will include around 30 exploration wells, where it will be operator and partner, compared with 23 in 2016, and the program will be balanced between proven basins and new opportunities, it added. Between 16 and 18 exploration wells will be completed this year on the Norwegian Continental Shelf, while other sites will include the U.K., U.S. Gulf of Mexico, Indonesia, Suriname, Russia and Turkey, among others. "The 2017 exploration plans demonstrate our long term commitment to the Norwegian Continental Shelf, while we continue to position the company for global opportunities," Mr. Dobson added. "If everything goes to plan, we will this year have exploration drilling activity in 11 countries on five continents."
Good to see that the OGA are still confident about MER EOR in Quad 9. Support and encourage EOR in heavy oil fields, e.g. Quad 9 https://www.ogauthority.co.uk/media/3092/eor_delivery_programme.pdf Still no update from either Statoil/Shell or the OGA regarding Bressay. Got to wonder what is going on there. If Statoil (as rumoured) were prepared to pay a very substantial amount for Bentley in 2013. One wonders what they are prepared to pay now to have Bentley in their safe hands, knowing their is some interest from other heavyweight contenders- 26 potentially interested parties were contacted during the Sales Process. Those parties were identified as follows: • A selection of parties who had previously expressed some interest in the Bentley field, including a significant number of oil majors; • Interested parties with experience of restructuring and insolvency processes of exploration and production companies operating in the North Sea and other oil sector companies; • Interested parties with a known interest in oil companies with significant tax losses; and • The potential buyer list was reviewed by the proposed liquidators.
Nice to see the Chuckle Brothers still have time to post between shows. Toxictit. I work in the oil industry up here in Oilland. I think you will find it is you and roofpussy who are involved with the fund managers. What always amuses me is. You seem to post right after the pussy makes a comment. no matter what time or day it is.
MissAnthrope. You have never been a shareholder in XEL. You stopped posting your vile a long time ago. You only appeared back here after the bondholders announcement. So why are you still posting here, now that XEL no longer exist? I take it you are looking for Liquidators/XER to also fail in their endeavours to sell Bentley. Bentley is a monster HO Field located in the safe UKCS. It also comes with large TAX break incentives. You just need to read the latest shareholder update from FTI to realise why the OGA have Bentley down as a strategic asset- It is important to highlight that prior to commencing the Sales Process the Directors had, for a number of years, pursued a series of processes and strategies to attract an investment partner for XER’s main asset, the Bentley field. Since 2013, the Directors had been in contact with over 80 parties, of which sixteen have been or are currently engaged in diligence, including through access to a dataroom, that contained a significant amount of information to enable a detailed technical, commercial and subsurface due diligence to be undertaken.
HB. The $1 million was to be paid after Bressay FDP approval by DECC. Apparently Statoil wanted Bentley in 2013. Got to wonder just how much they want Bentley now, and how much they are prepared to bid against their competitors for a ready to go, 35 year plus, $2.5 billion HO Field (add in P-1979) next door to their Bressay disaster.
Still no update from Statoil regarding another Bressay license extension from the OGA. Looking at the latest Upstream article, as expected, Statoil are rumoured to be in the bid- http://www.upstreamonline.com/archive/?q=xcite&languages=en&locale=en The question is. How much are the majors willing to spend to secure one of the largest development ready HO fields in the UKCS? Add to that license P-1979. With an estimated 100MMbls located if four surrounding prospects. http://www.xcite-energy.com/news/presentations-and-documents/reserves-assessment-report-as-at-31st-december-2015 A good spot from Zan. P-1979 is no longer listed on AC asset list- http://azinorcatalyst.com/assets-2/ Latest doc regarding XER from companies house- https://beta.companieshouse.gov.uk/company/04560068/filing-history
Good to see the Chuckle Brothers are still getting work and working together. Three years in a row now, and still not been found out...... Wait a minute. It looks like they have a new brother on the bill.
I would suggest you all ignore that poster; like we used to do.
It is important to highlight that prior to commencing the Sales Process the Directors had, for a number of years, pursued a series of processes and strategies to attract an investment partner for XER’s main asset, the Bentley field. Since 2013, the Directors had been in contact with over 80 parties, of which sixteen have been or are currently engaged in diligence, including through access to a dataroom, that contained a significant amount of information to enable a detailed technical, commercial and subsurface due diligence to be undertaken Now you know why I was very upbeat and happy back in the good old days before Q1 2016. Don't forget Bressay and the supposed Quad 9 Hub people... Bentley is still a strategic asset.
highlandsbull. It had nothing to do with insufficient technical data at that time. Xcite were forced to go down the EWT route by DECC because of the BP Gulf of Mexico tragedy- https://www.dosomething.org/facts/11-facts-about-bp-oil-spill A team from Xcite attended a meeting to protest and give a presentation. As part of that presentation, a jar of raw Bentley crude was upturned onto the DECC representatives table. As explained to them. It was impossible for Bentley crude to spill under reservoir conditions. Unfortunately they still bottled it and forced the hugely unnecessary and expensive ETW upon Xcite. Thank's to those ****s. I have lost nine years of my life and a six figure sum. Not to worry. At least our friends from the far east are going to get the fourth largest development ready, UKCS field for a pittance. I can sleep easy knowing that.
http://www.floatingproductionzone.com/zones/fps_advanced_search.aspx
highlandsbull. Exactly what i'm getting at. DECC put up as many hurdles as possible to stop Xcite Energy Ltd developing what is now one of the largest proven Heavy Oil fields in the UKCS. Then as you quite rightly put it. The OGA appear as if by magic, promising the world to all involved in the UKCS. You would almost think that HMG never wanted a minnow like XEL owning 100% of a key UK asset. You would almost think that HMG have had a plan for Bentley and Quad 9 for many years now, that didn't involve minnows getting in the way. You would almost think that HMG have a preferred operator from the far east waiting in the wings. All part of the wider UK PLC deal. We the shafted shareholder will find out soon enough. I never trust an unelected PM........
No Mr Cole or anyone for that matter listed as BOD. http://www.xcite-energy.com/about-xer/management-team
12. Will shareholders receive a return from XEL? In order for XEL's shareholders to receive a distribution from the disposal of XEL’s assets, that sale must realise in excess of all secured and unsecured creditor claims. At this stage, those claims are estimated to be US$152m. We will find out very soon, just how much OUR dear Government have been involved in bringing XEL to its knees, since Bentley was classed as a major UKCS asset. What i'm hinting at is. The forced highly expensive SP killing EWT. The forced: no you cannot continue to use the Rowan Norway to generate revenue after the SP killing EWT. The forced: we require you to submit a full (do it like the big boys but you don't have the funds) FDP. Not long until we find out who HMG prefered owners are of the Monster Bentley Asset. I will hazard a guess. They will come from the east bearing gifts.