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Where have all the traders gone? No trades on a Monday morning. Reminds me of Q1 2009....average of about four trades a day.
ceilingcat. Is there a reason for wanting to know?
Let's see what's in Mondays RNS. That's if we get one of course....
Afternoon cyan2. You post: Its alright the OGA publishing lovely prentations; XEL needs someone who is prepared to spend $3.55 Billion on capex in BENTLEY. Have a wee read of the RAR, and get back to me on the real CAPEX figure- http://www.xcite-energy.com/investors/presentations-and-documents/reserves-assessment-report-as-at-31st-december-2015
cyan2: Personally , I would want to move on and forget heavy oil. Better let the OGA know about moving on and forgetting about Heavy Oil. The stupid idiots have only gone and updated their latest publication showing Quad 9 heavy oil has a future- Page 19: To help focus collective efforts the opportunity matrix details the OGA’s most urgent commercial facilitation priorities. Some are designed to tackle immediate risks whilst others will help to make sure opportunities are realised. Successful delivery of these priorities has the potential to deliver an additional three to four billion barrels of oil equivalent. The timings shown in the opportunity matrix are based on information supplied by the relevant operators and may be subject to change. https://www.ogauthority.co.uk/media/2825/oga-overview-october-2016.pdf
Cuchulainn. I never said the blowdown had anything to do with Bentley. You are the first to mention it. Correct. The Quad 9 Heavy Oil matrix is much more interesting.
So the OGA and operator(s) in Quad 9 plan to perform a Gas Blowdown in Q1 2017. Could be related to Kraken or Mariner pre-production- https://www.onepetro.org/conference-paper/SPE-174868-MS Blow-down Condensate and gas is produced simultaneously from the outset of production. http://oilandgasuk.co.uk/glossary.cfm
highlandsbull. Kraken 2017- Kraken represents one of the cornerstones of EnQuest’s long term production portfolio. One of the largest current development projects in the UK North Sea, Kraken has an anticipated production life of up to 25 years and first oil is targeted in 2017. Kraken has exemplified the capabilities of our people to identify and evaluate an opportunity, then move it forward swiftly using an integrated team model. Ownership: EnQuest 70.5%, Cairn Energy Plc 29.5% Key features: Kraken is a large heavy oil accumulation in the UK North Sea, located in the East Shetland basin, to the west of the North Viking Graben; approximately 125 km east of the Shetland Islands First oil production is expected in 2017 The information here was correct as at the time of EnQuest’s December 2015 Operations Update, as further updated by the February 2016 announcement of EnQuest’s acquisition of a further 10.5% interest in Kraken. Updated as per EnQuest's Annual Report, dated 16 March 2016. http://www.enquest.com/our-business/developments/kraken.aspx
https://www.ogauthority.co.uk/news-publications/publications/2016/oil-and-gas-authority-overview-2016/ So Quad 9 Gas Blowdown penciled in for Q1 2017 with a low impact. And now we get to the biggy. Quad 9 Heavy Oil is now showing Q2 2017 with a near significant impact. Something is afoot here. Bentley and Bressay are a major part of the QUAD 9 planned hub. So what the hell is going on, why the radio silence????? Bentley and Xcite are the only field and company to comply with the OGAs MER as of yet. It would have been nice to get invited- https://www.ogauthority.co.uk/news-publications/announcements/2016/oga-and-eeegr-launch-sns-rejuvenation-group/
Cyan. Carla is missing you on ADVFN.
cyan2. Totally agree. Bressay is years and years away from production; if ever.......
Again. There has been no notification of an EGM. Therefore we cannot vote.... cyan2. You post: The big reservation I have after Statoils BRESSAY announcements , is that the value may be much less than my guess. The big difference between Bentley value and Bressay is this- Bentley- ·Mean PIIP for the Bentley field of 885 MMstb. ·1P, 2P and 3P heavy oil reserves for the Bentley field of 236 MMstb, 267 MMstb and 298 MMstb, respectively, based on an initial 35 year production period. .1P, 2P and 3P natural gas reserves for the Bentley field of 23 bcf, 36 bcf and 49 bcf, respectively.(1) ·NPV10 (after tax) value of reserves for the Bentley field of approximately $2.1 billion, $2.5 billion and $2.9 billion on a 1P, 2P and 3P basis, respectively. Bressay- Zero information. Yes I know. If we don't pay the ferry man, we cannot cross to the other side. I'm sure there's a song in there somewhere.
Evening cyan2. This has been discussed here many times prior to your arrival. Bressay was going to be a carbon copy of the Mariner concept. They then purchased the well data- http://www.xcite-energy.com/investors/regulatory-news/rns-news/11586876 They then decided to completely change the Bressay Pre-FEED- https://www.2b1stconsulting.com/xcite-bentley-to-inspire-statoil-bressay-project-in-uk-north-sea/ They then decided to delay the final investment decision untill early 2016- https://www.energyvoice.com/oilandgas/89457/statoil-dusts-off-slimmer-simpler-bressay/ http://www.upstreamonline.com/hardcopy/news/1410279/statoil-working-on-slimmed-down-bressay-solution They then decided to pause the concept in 2016- https://itportal.decc.gov.uk/eng/fox/path/PATH_REPORTS/current-projects What I'm getting at is. They changed their plan to use the Daewoo platform on Bressay a long, long time ago. They even delayed the Mariner Topside from Daewoo- http://www.offshoreenergytoday.com/statoil-reschedules-mariner-start-up-due-to-topside-construction-delay/ They will have to make a final decision on Bressay very soon. Even the Mariner East concept has been delayed due to a so called area-wide plan- Project Summary The Mariner East field is located in block 9/11b. An Environmental Statement for the combined Mariner and Mariner East developments was submitted to DECC in July 2012 and was cleared by DECC in February 2013. At that time the Mariner East development proposal was a four well sub-sea template tied back to the Mariner PDQ platform. This concept is currently being reconsidered as part of an area-wide plan.
paddy1964. Ask yourself this question. Why have Statoil/Shell yet to announce a second Bressay license extension? After all, they only have two months left. Yes. Shell have publicly stated they plan to offload their stake in Bressay. But Statoil have made no noise since Q1 regarding their intentions for Bressay. As you rightly pointed out. So much for the OGAs wonderful Quad 9 heavy oil hub.
cyan2. You post- IMO,Statoil are not in any hurry to acquire BENTLEY with is viscus heavy oil. They have just abandoned development of BRESSAY They have not just abandoned the Bressay development. They paused the concept development in Q1. About the same time the Bentley JV partner backed away. A MASSIVE DIFFERENCE!!!! Project Summary In early 2016 the Bressay licence group (Statoil 81.625%, Shell 18.375%) decided to pause the concept selection process for the Bressay field. Last Updated: 22-AUG-2016 09:15:59 https://itportal.decc.gov.uk/eng/fox/path/PATH_REPORTS/current-projects
Again. We require an EGM to vote on the proposed restructure. Still no EGM. Why????? HB. If you remember last summer. I posted a piece regarding one of our service partners being in serious trouble due to the collapse in the POO. The BOD were in a panic for obvious reasons (pre-FEED would have to start again from scratch). You may recall this article from January, which shows the hard work that was going on behind the scene to ensure the Bentley project stayed on track- Xcite looks to team-up with SSP for Bentley •08 January 2016 01:00 GMT •UK-based junior Xcite Energy is understood to be seeking a partnership with US-based floater technology provider Semb¬marine SSP covering the design and engineering of a cylindrical floating storage and offloading unit to develop its wholly- controlled Bentley heavy oil field in the UK North Sea, write Rob Watts, Steve Marshall and Ole Ketil Helgesen. •If it goes ahead, the new partnership would replace an earlier memorandum of understanding between Xcite and Teekay Shipping, reached in 2014, for the supply of a Sevan Marine- designed cylindrical FSO, said industry sources. Due to the total collapse in the price of oil in Q1. It is now looking like the company were let down (walked away from the deal) in Q1 by one of the JV partners that had completed DD. The rumour at that time pointed towards Petronas. I have absolutely no idea what the hell is going on right now. The jungle drums are silent. The way we, the shareholders are being treated is rather sad at the moment. I will wait for the final outcome before passing judgement.
Jup4it. If King Cole is to be believed. He stated at the AGM that the company were in talks with potential partners. They also stated they thought it very unlikely they would have secured the funding in time to pay of the bonds by 30/09/16. From the AGM- farm out. Then need to alternative approach to funding. Continuing dialogue / diligence with potential partners. Had asset funding for MOPU after 12 months (summer 2014) and then oil price fell. That asset funding required bank guarantee. Still have that source of funding. But cannot currently get bank guarantee. Private equity was supposed to be saviour of North Sea. But no. Not suitable for a project like Bentley. Slide showing discussions with government on alternative approach to funding. Not possible until recently. Also talking with Chinese/ Asia companies since late 2014. Number of options in that area. Different way of working with Chinese. Etc. Dev/asset funding requires partner for guarantee of funding supplied by funder. No one done this before so unknown territory. Making progress on this. Someone will Pay for construction and. Xcite will lease. That's the core gist. China/Asia funding and dev/ asset funding two main initiatives at moment. (Not government ) This part stuck out for me- "Slide showing discussions with government on alternative approach to funding. Not possible until recently". Then we have these bold statements from Andy and Greg, right after the OGA become a GovCo- 1st: Andy Samuel- “What we’re looking for now is pace. If people have got valuable licences, we want to see investment. If there’s investment being blocked that should go ahead, we’ll use our powers. Equally, industry has a right to ask us to use those powers, so it works both ways.” 2nd: Greg Clark- “As a Government Company the Oil and Gas Authority will have the powers it needs to be a strong, independent regulator and act with greater speed and flexibility to attract investment, support jobs and ensure that UK oil and gas remains a major player on the world stage.”
You can only vote if an EGM is called.
Jup4it. Mr Samuel made a very subtle hint regarding North Sea key assets and unblocking blocked finance. He also mentioned an area wide plan getting sorted. On the phone so cannot post the article. I posted the article in two parts on 03/10. See you for a beer soon.
needs to be announced before close of play today.